本研究主要探討當公司所在國家文化與經理人文化背景存在差異時，究竟何者對於公司決策的影響較深？透過控制公司所處環境的國家文化之後，觀察經理人文化背景是否仍對公司現金持有政策有顯著的影響。將經理人文化分為經理人生涯三階段逐一探討，並試圖找出經理人出生地(幼年時期)、就讀大學(後青少年時期)、前一份工作(工作時期)三階段中，影響經理人行為之文化認同形成於哪一階段，藉此研究文化認同是否存在不變性。 透過Hofstede以及Schwartz等人所提出之九種文化價值分數來計算經理人與公司之文化差距。本研究證實在控制公司所處環境文化之後，經理人文化對公司現金持有比率有顯著的影響效果，顯示經理人文化背景確實為影響公司決策的重要因子，並發現經理人生涯三階段的文化認同皆顯著影響經理人行為決策。其中個人主義及縱容主義在經理人生涯三階段皆呈現顯著負相關，不確定性規避與和諧主義呈現顯著正相關，保守主義則是三階段都呈現不顯著的結果。 為了強化本研究的結果，再使用工具變數、重新計算公司現金持有比率以及對樣本進行調整等穩健性測試後，我們發現前一份工作(工作時期)的文化對經理人的影響效果較小，但出生地(幼年時期)、就讀大學(後青少年時期)仍有顯著的影響，因此我們無法獲得文化具有不變性的結論。 ;In this paper, I investigate whether CEO’s cultural identity has impact on firm’s cash holdings level after controlling for firm’s cultural identity. By using three different stages of CEO’s lifetime: the country of the birthplace (childhood period), the university (late adolescent period) and the last job working place (working period), we wonder that when the CEO’s cultural background differs from the national culture, which one will be more powerful and which stage of the CEO’s cultural identity affects the CEO′s behavior most. Utilizing cultural dimensions proposed by Hofstede and Schwartz to identify the CEO and the firm’s cultural identity, I confirm that CEO’s cultural identity does affect firm’s cash holdings level after controlling for firm’s cultural identity. I also find that all the cultural identity formed in three stages of CEO’s lifetime have significant impact on firm’s cash holdings level: individualism, indulgence and harmony are negatively related to firm’s cash holdings level decisions at all three stages, uncertainty avoidance and harmony reveal a positive relation, while embeddedness are all insignificant in three stages. To check the robustness of our results, we employing instrumental variables, redefining the cash holdings level and adjusting our sample for our robustness tests. The results show that the cultural identity formed in the childhood period and late adolescent period, but not in working period, affects the CEO’s decision of firm’s cash holdings level, which means the culture identity will be changed due to the change of the environment. Thus, I conclude that the effect of CEO’s cultural identity on firm’s cash holding is not time-invariant.
