题名

CFO異動之價格效果：考慮條件異質之事件研究法

并列篇名

Price Effects of CFO Turnover: Event Study under Conditional Heteroscedasticity

DOI

10.6735/JAFD.200906_2(2).0003

作者

蔡信夫(Hsin-Fu Tsai)；王偉權(Wei-Chuan Wang)

关键词

財務長 ； 一般化自我迴歸異質條件變異數Generalized Autoregressive Conditional Heteroscedasticity ； 異質 ； 異常報酬 ； CFO ； GARCH ； Heteroscedasticity ； Abnormal Return

期刊名称

會計與財金研究

卷期/出版年月

2卷2期（2009 / 06 / 01）

页次

29 - 40

内容语文

繁體中文
中文摘要

本研究探討了1996~2006年間CFO異動宣告前後，對上市電子公司股價之影響。本研究顯示，在CFO異動宣告前，其異常報酬是不顯著的。而市場數據顯示，在CFO異動宣告後，其異常報酬是顯著的。因此，分析結果指出CFO之異動，對組織績效產生正向影響；並且提升財務績效。所以，CFO之異動對於財務績效產生了正向影響。
英文摘要

This study investigated the impact of CFO turnover on stock prices of electronics corporations listed on the Taiwan Stock Exchange during 1996-2006 by analyzing the price of underlying stock before and after the announcement. This study showed that, for CFO turnover, abnormal returns were insignificant before the announcement date. Further, the market data revealed positively abnormal returns after the announcement of CFO turnover. Hence as expected, the analytical results indicate that a change in CFO positively affects organizational performance and improves financial performance. Hence, CFO turnover positively affects financial performance.
主题分类 社會科學 > 財金及會計學
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被引用次数
  1. 李彥賢(2012)。社會責任指數的波動性不對稱與冪級數模型之分析。會計與財金研究，5(1)，61-74。
  2. 梅國忠、徐研展、余惠芳(2011)。借款依存度、公司治理與公司績效之實證研究。會計與財金研究，4(1)，1-14。
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