跳到主要內容

臺灣博碩士論文加值系統

(3.95.131.146) 您好!臺灣時間:2021/07/26 04:14
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:張承德
研究生(外文):Cheng-TeChang
論文名稱:經理人過度自信與科技多角化之關係
論文名稱(外文):CEO Over-confidence and Technological Diversification
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:企業管理學系碩博士班
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:2012
畢業學年度:100
語文別:英文
論文頁數:30
中文關鍵詞:科技多角化過度自信
外文關鍵詞:Technological DiversityOverconfidence
相關次數:
  • 被引用被引用:2
  • 點閱點閱:269
  • 評分評分:
  • 下載下載:81
  • 收藏至我的研究室書目清單書目收藏:0
在國際間近期的研究中發現,一間公司科技多角化的程度會影響其創新績效、多角化績效、股票市場價值等重要績效指標,但只有少數的文獻對於造成科技多角化的原因作探討。近期在行為財務學領域的研究中發現經理人的過度自信會使得經理人越能夠承受風險,並影響經理人的投資決策。這篇論文假設過度自信的經理人有可能會有兩種選擇:一、選擇超出廠商原有科技技術範疇的研發計劃,追求範疇經濟的利益,但面臨較高的未知技術風險,這樣的選擇會造成廠商的科技多角化程度增加;二、選擇投資在已專精的科技領域中的研發計畫,追求技術專精所帶來的優勢,但面臨較高的產業環境變動風險,這樣的選擇會造成廠商的科技多角化程度降低。經過本論文的實證研究後發現,在製造業中越自信的經理人越傾向選擇技術專精的策略;並且高自信水準的經理人會更趨向於技術專精的策略,使得科技多角化程度更為降低。
Technological diversity is a very important leading factor that influences a firm’s innovation performance, diversification performance or market value in recent research. Little researches talked about what factor may influence a firm’s technological diversity. According to recent findings in Behavior finance, over confident CEO may make more risk taking investment decisions to pursue profit. This thesis proposes that over-confident CEO may choose riskier technology development projects to pursue higher performance. Over-confident CEO may chose a specialization strategy and facing a higher risk of environmental dynamism. On the other hand, over-confident CEO may chose a diversification strategy and facing higher risks of unfamiliar technology. These decisions made by an over confident CEO will result a narrower or wider technological diversity of the firm. This research found out that a firm with a more confident CEO will have a narrower technological diversity and this effect is even stronger in high confident CEOs.
Contents
Chapter 1 Introduction 1
Chapter 2 Literature Review 4
2.1. Technological Diversity 4
2.1.1. Technological Specialization 5
2.1.2. Technological Diversification 6
2.2. Over-confidence 7
2.3. Technological Diversity and Over-confidence 9
2.3.1. Over-confident CEO and Technological Specialization 9
2.3.2. Over-confident CEO and Technological Diversification 10
Chapter 3 Methodology 11
3.1. Technology Diversity 11
3.2. Over-confidence 12
3.3. Control Variables 13
3.3.1. Financial Slack 13
3.3.2. Cash Ratio 13
3.3.3. Debt Ratio 14
3.3.4. Competition 14
3.3.5. Firm Size 14
3.3.6. Sales 15
3.6. Regression Model 15
3.7. Sample 16
Chapter 4 Empirical Result 17
4.1. Summary Statistics 17
4.2. Regression result 22
Chapter 5 Conclusion 25
5.1. Contributions 25
5.2. Managerial Implication 25
5.3. Limitation 26
5.4. Future research 27
Reference 28
Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2005). Competition and innovation: An inverted-U relationship. Quarterly Journal of Economics, 120(2), 701-728.
Ahuja, G., & Katila, R. (2004). Where do resources come from? The role of idiosyncratic situations. Strategic Management Journal, 25(8-9), 887-907. doi: 10.1002/smj.401
Amit, R., & Schoemaker, P. J. H. (1993). Strategic Assets and Organizational Rent. Strategic Management Journal, 14(1), 33-46.
Argyres, N. (1996). Capabilities, technological diversification and divisionalization. Strategic Management Journal, 17(5), 395-410.
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120.
Campbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., & Stanley, B. W. (2011). CEO optimism and forced turnover. Journal of Financial Economics, 101(3), 695-712.
Chen, Y. S., & Chang, K. C. (2010). The relationship between a firm's patent quality and its market value - The case of US pharmaceutical industry. Technological Forecasting and Social Change, 77(1), 20-33.
Dranove, D., Peteraf, M., & Shanley, M. (1998). Do strategic groups exist? An economic framework for analysis. Strategic Management Journal, 19(11), 1029-1044.
Farjoun, M. (1998). The independent and joint effects of the skill and physical bases of relatedness in diversification. Strategic Management Journal, 19(7), 611-630.
Galasso, A., & Simcoe, T. S. (2011). CEO Overconfidence and Innovation. Management Science, 57(8), 1469-1484.
Gambardella, A., & Torrisi, S. (1998). Does technological convergence imply convergence in markets? Evidence from the electronics industry. [Article]. Research Policy, 27(5), 445-463. doi: 10.1016/s0048-7333(98)00062-6
Garcia-Vega, M. (2006). Does technological diversification promote innovation? An empirical analysis for European firms. Research Policy, 35(2), 230-246.
Ghemawat, P., & del Sol, P. (1998). Commitment versus flexibility? California Management Review, 40(4), 26-+.
Granstrand, O. (1998). Towards a theory of the technology-based firm. Research Policy, 27(5), 465-489.
Granstrand, O., Patel, P., & Pavitt, K. (1997). Multi-technology corporations: Why they have 'distributed' rather than 'distinctive core' competencies. California Management Review, 39(4), 8-&.
Hall, B. H. (1993). The Stock Markets Valuation of Research-and-Development Investment during the 1980s. American Economic Review, 83(2), 259-264.
Hall, B. H., Jaffe, A., & Trajtenberg, M. (2005). Market value and patent citations. Rand Journal of Economics, 36(1), 16-38.
Huang, Y. F., & Chen, C. J. (2010). The impact of technological diversity and organizational slack on innovation. Technovation, 30(7-8), 420-428.
Lang, L. H. P., & Stulz, R. M. (1994). Tobins-Q, Corporate Diversification, and Firm Performance. Journal of finance, 49(3), 1079-1080.
Lawson, M. B. (2001). In praise of slack: Time is of the essence. Academy of Management Executive, 15(3), 125-135.
Leten, B., Belderbos, R., & Van Looy, B. (2007). Technological diversification, coherence, and performance of firms. Journal of Product Innovation Management, 24(6), 567-579.
Lin, B. W., Chen, C. J., & Wu, H. L. (2006). Patent portfolio diversity, technology strategy, and firm value. Ieee Transactions on Engineering Management, 53(1), 17-26.
Lin, B. W., & Chen, J. S. (2005). Corporate technology portfolios and R&D performance measures: a study of technology intensive firms. [Article]. R & D Management, 35(2), 157-170. doi: 10.1111/j.1467-9310.2005.00380.x
Malmendier, U., & Tate, G. (2005a). CEO overconfidence and corporate investment. Journal of finance, 60(6), 2661-2700.
Malmendier, U., & Tate, G. (2005b). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European Financial Management, 11(5), 649-659.
Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89(1), 20-43.
March, J. G. (1991). Exploration and Exploitation in Organizational Learning. Organization Science, 2(1), 71-87.
Markides, C. C., & Williamson, P. J. (1994). Related Diversification, Core Competences and Corporate Performance. Strategic Management Journal, 15, 149-165.
Martinez-Ros, E., & Orfila-Sintes, F. (2009). Innovation activity in the hotel industry. [Article; Proceedings Paper]. Technovation, 29(9), 632-641. doi: 10.1016/j.technovation.2009.02.004
Miller, D. J. (2004). Firms technological resources and the performance effects of diversification: A longitudinal study. Strategic Management Journal, 25(11), 1097-1119.
Miller, D. J. (2006). Technological diversity, related diversification, and firm performance. Strategic Management Journal, 27(7), 601-619.
Nelson, R. R. (1959). The Simple Economics of Basic Scientific-Research. Journal of Political Economy, 67(3), 297-306.
Nini, G., Smith, D. C., & Sufi, A. (2009). Creditor control rights and firm investment policy. Journal of Financial Economics, 92(3), 400-420. doi: 10.1016/j.jfineco.2008.04.008
Nohria, N., & Gulati, R. (1996). Is slack good or bad for innovation? Academy of Management Journal, 39(5), 1245-1264.
Palich, L. E., Cardinal, L. B., & Miller, C. C. (2000). Curvilinearity in the diversification-performance linkage: An examination of over three decades of research. Strategic Management Journal, 21(2), 155-174.
Pavitt, K., Robson, M., & Townsend, J. (1989). Technological Accumulation, Diversification and Organization in Uk Companies, 1945-1983. Management Science, 35(1), 81-99.
Pianta, M., & Meliciani, V. (1996). Technological specialization and economic performance in OECD countries. Technology Analysis & Strategic Management, 8(2), 157-174.
Prahalad, C. K., & Bettis, R. A. (1986). The Dominant Logic - a New Linkage between Diversity and Performance. Strategic Management Journal, 7(6), 485-501.
Robins, J., & Wiersema, M. F. (1995). A Resource-Based Approach to the Multibusiness Firm - Empirical-Analysis of Portfolio Interrelationships and Corporate Financial Performance. Strategic Management Journal, 16(4), 277-299.
Roll, R. (1986). The Hubris Hypothesis of Corporate Takeovers. The Journal of Business, 59(2), 197-216.
Schumpeter, J. (1947). The creative response in economic history Journal of Economic History, 7.
Silverman, B. S. (1999). Technological resources and the direction of corporate diversification: Toward an integration of the resource-based view and transaction cost economics. Management Science, 45(8), 1109-1124.
Subramaniam, M., & Youndt, M. A. (2005). The influence of intellectual capital on the types of innovative capabilities. Academy of Management Journal, 48(3), 450-463.
Suzuki, J., & Kodama, F. (2004). Technological diversity of persistent innovators in Japan - Two case studies of large Japanese firms. Research Policy, 33(3), 531-549.
Tan, J., & Peng, M. W. (2003). Organizational slack and firm performance during economic transitions: Two studies from an emerging economy. Strategic Management Journal, 24(13), 1249-1263.
Teece, D. J. (1980). Economies of Scope and the Scope of the Enterprise. Journal of Economic Behavior & Organization, 1(3), 223-247.
Wang, H. L., & Chen, W. R. (2010). Is firm-specific innovation associated with greater value appropriation? The roles of environmental dynamism and technological diversity. Research Policy, 39(1), 141-154.
Wiseman, R. M., & Gomez-Mejia, L. R. (1998). A behavioral agency model of managerial risk taking. Academy of Management Review, 23(1), 133-153.

連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top