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研究生:周怡君
研究生(外文):Yi-ChunChou
論文名稱:過度自信經理人對於選擇國際股權進入模式的影響
論文名稱(外文):The effect of CEO overconfidence on equity-based entry mode choice
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:國際企業研究所碩博士班
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:35
中文關鍵詞:經理人過度自信海外進入模式獨資公司
外文關鍵詞:CEO overconfidenceEntry modeWholly owned subsidiary
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在過去的研究中,海外進入模式一直被視為國際策略的重要議題之一,且在探討影響海外進入模式選擇的因素中,外部環境(如:政治環境、經濟環境等)為被廣泛研究的因子,此外,亦有文獻探討內部環境(如:公司產能、知識等)對於選擇海外進入模式的影響。然而,目前仍未有文獻研究過度自信是否為影響公司進入模式決策之因素之一。
根據過去文獻顯示,過度自信者會傾向於採取高風險性行為、擁有較高的控制權力以及高估自己產生報酬的能力,因此,本研究將兩者結合,並推論:過度自信的經理人在選擇以何種所有權為國際進入模式時,會較傾向選擇以獨資公司之方式進入海外市場。
本篇研究採用二元羅吉斯迴歸測試研究假說。根據實證研究分析,我們得知過度自信經理人與選擇獨資公司間具有正向、顯著關係;相較之下,過度自信經理人確實有選擇獨資公司而非合資公司,做為公司進入海外市場決策的偏好。
Entry mode has been an important issue since the beginning of the research of international expansion strategy, and the external and internal environmental factors have been widely discussed in the past. The former topic includes issues such as political or economic environment, and the latter, firms’ capacity and knowledge. However, still no research uses overconfidence to explain entry mode decision-making.
According to previous literature, overconfident people tend to adopt more risk-taking behaviors, possess higher level of control, and overestimate their ability to generate returns. As a result, they may have higher propensity to choose wholly owned subsidiaries rather than joint ventures as the firms’ international expansion modes to enter their targeted foreign markets.
In this study, we use binary regression analysis to test the hypothesis. According to our empirical analysis, the result is positive and significant, and indicates that overconfident CEOs indeed prefer to choose wholly owned subsidiaries instead of joint venture as mode of foreign market entry.
Content
摘要 I
Abstract II
誌謝 III
Content IV
Table Content VI
Chapter 1. Introduction 1
Chapter 2. Literature Review 4
2.1 Entry Mode 4
2.1.1 Transaction Cost Analysis 5
2.1.2 Resource-based View 6
2.1.3 Institutional Theory 7
2.1.4 Dunning’s Eclectic Framework 7
2.2 Overconfidence 8
2.2.1 Relationship between Overconfidence and Risk 9
2.2.2 Relationship between Overconfidence and Control 10
2.2.3 Relationship between Overconfidence and Commitment 10
Chapter 3. Methodology 12
3.1 Sample and Data Collection 12
3.1.1 Research Sample 12
3.1.2 Data Collection 12
3.2 Variables Measurement 13
3.2.1 Dependent Variable 13
3.2.2 Independent Variable 13
3.2.3 Control Variables 15
3.3 Research Method 20
Chapter 4. Results 21
4.1 Descriptive Statistics and Correlation Matrix 21
4.2 Regression Analysis 24
Chapter 5. Conclusion 27
5.1 Conclusion 27
5.2 Contribution 27
5.2.1 Theoretical Contribution 27
5.2.2 Managerial Implication 28
5.3 Limitations and Suggestions 29
References 30
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