(3.238.173.209) 您好!臺灣時間:2021/05/12 11:57
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

: 
twitterline
研究生:宋承寧
研究生(外文):Cheng-Ning Song
論文名稱:經理人過度自信對廣告績效影響研究
論文名稱(外文):The effect of CEO overconfidence on the performance of advertisingThe effect of CEO overconfidence on the performance of advertisingThe effect of CEO overconfidence on the performance of advertisingThe effect of CEO overconfidence on the performance of advertisingThe effect of CEO overconfidence on the performance of advertising
指導教授:翁鶯娟翁鶯娟引用關係
指導教授(外文):Ying-Jiuan Wong
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:企業管理系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:101
畢業學年度:100
語文別:中文
論文頁數:47
中文關鍵詞:經理人過度自信事件法總經理雙元性家族控制
外文關鍵詞:CEO overconfidenceEvent StudyCEO DualityFamily Business
相關次數:
  • 被引用被引用:3
  • 點閱點閱:291
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:26
  • 收藏至我的研究室書目清單書目收藏:0
本研究以2007年至2011年台灣的上市和上櫃公司為樣本,以事件研究法探討公司首播廣告宣告之股價異常報酬。利用複迴歸分析總經理過度自信,對首播廣告的股價異常報酬影響,最後,分別加入總經理雙元性和家族控制作為干擾變數,檢視此二干擾變數加入對首播廣告之股價異常報酬的影響。

本研究發現,首播廣告可以帶來正向之公司股價異常報酬,但若該公司之總經理有過度自信傾向時,反而對首播廣告的宣告有負向的影響。再加入總經理雙元性和家族控制探討其干擾效果時,發現總經理過度自信對廣告之負面影響,在總經理雙元性和家族控制的情況下,比非總經理雙元性和非家族控制下還強。
This study focuses on the period of 2007~2011 of the listed companies and GTSM listed companies in Taiwan. First, we used the event study to analyze if the advertisement announcements can bring abnormal returns on stock prices. Furthermore, we adopted multiple the regression to examine whether the overconfident CEO makes any impact on abnormal returns. Finally, we added CEO duality and family control to be the moderator variables to inspect how the moderating effect on the abnormal returns.

We found that the advertisement announcements bring positive abnormal returns on stock prices. But if the CEO is overconfident in the firm, the announcements will bring negative effects on abnormal returns. When we added the moderators of CEO duality and family control in our regression, it shows the negative effect in CEO duality and family control are stronger than the CEOs are not duality and non-family control when the CEOs are over confidence.
第一章 緒論----------------------------------------- 1
第一節 研究背景與動機------------------------------ 1
第二節 研究目的----------------------------------- 4
第二章 文獻探討與假設建立---------------------------- 6
第一節 廣告對公司績效的影響------------------------ 6
第二節 總經理過度自信對公司廣告的影響-------------- 8
第三節 總經理雙元性之干擾效果---------------------- 11
第四節 家族控制之干擾效果-------------------------- 12
第三章 研究設計------------------------------------- 14
第一節 樣本及資料來源------------------------------ 15
第二節 以事件研究衡量公司廣告的股價績效------------ 15
第三節 解釋變數------------------------------------ 18
第四節 干擾變數------------------------------------ 18
第五節 控制變數------------------------------------ 19
第四章 結果分析與討論-------------------------------- 22
第一節 樣本敘述統計-------------------------------- 22
第二節 廣告宣告日後的股價異常報酬分析-------------- 27
第三節 複迴歸分析---------------------------------- 29
第四節 總經理雙元性和家族控制之干擾影響------------ 32
第五章 結論與建議------------------------------------ 36
第一節 研究結論------------------------------------ 36
第二節 研究貢獻------------------------------------ 37
第三節 管理上的建議-------------------------------- 38
第四節 研究限制與未來的研究建議-------------------- 39
Ben-Amar, W. & Andre, P.2006. Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada. Journal of Business Finance and Accounting, 33:517-549.
Billett M. T.and Qian Y. (2008). Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers. Management Science, 54(6), 1037-1051.
Boyd J. H. and Schonfeld E. P. (1977). The Effect of Financial Press Advertising on Stock Prices. Financial Management, 6(2), 42-51.
Brown R. and Sarma N. (2007). CEO Overconfidence, CEO Dominance and Corporate Acquisitions. Journa o Economics and Business, 59(5), 358-379.
Campbell T. C., Gallmeyer M., Johnson A. S., Rutherford J and Brooke W. Stanley (2011). CEO Optimism and Forced Turnover. Journal of Financial Ecomoics, 101(3), p695-712.
Chai D. J. P and Choi D. F. S. (2010). The Investor Recognition Hypothesis: The New Zealand Case. Applied Financial Economics, 20(11), 891-898.
Chang S. C., Wu W. Y. and Wong Y. J. (2010). Family Control and Stock Market Reactions to Innovation Announcements. British Journal of Management, 21(1), 152-170.
Conchar M. P., Crask M. R. and Zinkhan G. M. (2005). Market Valuation Models of the Effect of Advertising and Promotional Spending:A Review and Meta-analysis. Journal of the Aademy of Marketing Science, 33(4), 445-460.
Deleersnyder B., Dekimpe M. G., Steenkamp J. E. M. and Leeflang P. S. H. (2009). The Role of Nataional Culture in Advertising’s Sensitivity to Business Cycles: An Investigation Across Continents. Journal of Marketing Research, 46(5), 623-636.
Diamond D. S (1968). A Quantitative Approach to Magazine Advertisement Format Selection. Journal of Marketing Research, 5(4), 376-386.
Eng L. L. and Keh H. T. (2007). The Effects of Advertising and Brand Value on Future Operating and Market Performance. Journal of Advertising, 36(4), 91-100.
Fehle F., Tsyplakov S. and Zdorovtsov V. (2003). Can Companies Influence Investor Behaviour Through Advertising? Super Bowl Commercials and Stock Returns. European Financial Management, 11(5), 625-647.
Foerster S. R. and Karolyi G. A. (1999). The Efect of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States. The Journal of Finance, 55(3), 981-1013.
Galasso A. and Simcoe S. T. (2011). CEO Overconfidence and Innovation. Management Science, 57(8), 1469-1484.
Goel A. M. and Thakor A. V. (2008). Overconfidence, CEO Selection and Corporate Governance. The Journal of Finance, 64(5), p2737-2784.
Gu F. and Li Q. J. (2010). The Value-Relevance of Advertising: Evidence from Pharmaceutical Industry. Journal of Accounting, Auditing & Finance, 25(1), p85-120.
Ho Y. K., Keh H. T., and Ong J. M. (2005). The Effect of R&D and Advertising on Firm Value: An Examination of Manufacturing and Nonmanufacturing Firms. IEEE Transactions on Engineering Management, 52(1), 3-14.
Joshi A. M. and Hanssens D. M. (2009). Movie Advertising and the Stock Market Valuation of Studios: A Case of “Great Expections?”. Marketing Science, 28(2), 239-250.
Kim J. and Morris J. D. (2003). The Effect of Advertising on the Market Value of Firms: Empirical Evidence from the Super Bowl Ads. Journal of Targeting, Measurement and Analysis for Marketing, 12(1), 53-65.
Malmendier U. and Tate G. (2005). Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited. European Financial Management, 11(5), 649-659.
Malmendier U. and Tate G. (2008). Who Makes Acquisitions? CEO Overconfidence and the Market’s Reaction. Journal of Financial Economics, 89(1), 20-43.
Merton R. C (1987). A simple Model of Capital Market Equilibrium with Incomplete Information. The Journal of Finance, 43(3), 483-510.
Niu J. (2010). The Effect of Overconfidence on the Sensitivity of CEO Wealth to Equity Risk. Journal of Financial Services Research, 38(1), 23-39.
Singh M., Faircloth S. and Nejadmalayeri A. (2005). Capital Market Impact of Product Marketing Strategy: Evidence from the Relationship between Advertising Expenses and Cost of Capital. Journal of the Academy of Marketing Science, 33(4), 432-444.
Wiles M. A. and Danielova A. (2009). The Worth of Product Placement in Succesful Films: An Event Study Analysis. Journal of Marketing, 73(4), 44-63.
Wong Y. J., Chang S. C and Chen L. Y. (2010). Does a Family-controlled Firm Perform Better in Corporate Venturing? Corporate governance: An International Review, 18(3), 175-192.
Yen, G. F. 1994. Bipolar coexistence in the organization system of Taiwanese family enterprises-perspective of system stability. Management Review, 13: 1-12.
Chemmanur T. and Yan A. (2007). Product Market Advertising and New Equity Issue. Unpublished master’s thesis, Carroll School of Management, Boston College.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊
 
系統版面圖檔 系統版面圖檔