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研究生:葉維綱
研究生(外文):Wei-KangYeh
論文名稱:經理人過度自信對回應競爭對手速度的影響
論文名稱(外文):The effect of managerial overconfidence on the response speed to attacks
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:27
中文關鍵詞:過度自信回應速度降價公司治理
外文關鍵詞:OverconfidenceResponse SpeedPrice CutCorporate Governance
相關次數:
  • 被引用被引用:1
  • 點閱點閱:328
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  • 下載下載:59
  • 收藏至我的研究室書目清單書目收藏:0
動態競爭的議題中,回應動機扮演了公司在決策是否採取反擊動作的重要因素。在過去的研究多半只考慮了公司層級的影響因素,對於個人層面的探討相對較少。然而,人格特質研究在行為財務學之中所扮演的角色也日漸趨增,例如:經理人過度自信的判斷。
本文將探討經理人過度自信對於回應競爭對手速度的影響,以及加入公司治理的調節變數之下,經理人過度自信會對於回應競爭對手速度有何影響。而本文以寡占市場中的降價行為(如:航空、石油、汽車…等產業)做為實證的探討,因為寡占市場的動態競爭相對於自由競爭市場明顯。
在學術貢獻上,本研究將針對Boyd and Bresser兩位學者於2008年所提出經理人過度自信對於回應競爭對手速度的原因,提供實證探討研究。因此,本篇研究的主軸將是探討在經理人過度自信的影響之下,回應競爭對手的速度會有何影響。
Motivation for firms to consider whether or not respond to rivals is a crucial issue in dynamic competition. Previous studies emphasize more on the effects between firm-specific elements than the individual-related factors. However, personal characteristics such like the CEO overconfidence in judgment play more important roles in field of behavioral finance.
In this study, we focus on the relation between CEO overconfidence and response speed within competitive dynamics perspective. Yet, we also provide the interaction term between overconfidence and corporate governance to examine the effect on response speed. This study adopt price cut events which occur in oligopoly industry as like airlines, petroleum, automobile and etc to test the hypotheses. The major reason for collecting events among oligopoly industry is the obvious competitive pattern.
Contribution of this study is providing the empirical evidence on testifying the relation between overconfidence and response speed that proposed by Boyd and Bresser (2008) who only listed the potential reasons to explain both of the too fast and too slow response speed but no tests. Hence, we clarify how CEO overconfidence influences on response speed.
Chapter 1 Introduction 1
Chapter 2 Literature Review and Hypothesis Development 4
2.1 Response Speed 4
2.1.1. Motivations to Respond 4
2.1.2. Factors Influence on Response Speed 5
2.2 CEO Overconfidence 6
2.2.1. Causes of CEO Overconfidence 6
2.2.2. Investing Behavior of Overconfident CEO 6
2.3. Corporate Governance and CEO Overconfidence 8
Chapter 3 Data and Methodological Approach 9
3.1. Data 9
3.2. Variables 12
3.2.1. Dependent Variable 12
3.2.2. Independent and Moderating Variables 12
3.2.3. Control Variables 13
3.3. Summary Statistics 14
3.4. Regression Models 16
Chapter 4 Results and Discussions 17
4.1. Response speed and CEO overconfidence 17
4.2. Difference of Overconfident and Non-overconfident CEOs 18
4.3. Effects on Response Speed 20
Chapter 5 Conclusion 22
5.1. Conclusion 22
5.2. Limitation 22
5.3 Further Research 23
References 24
Appendix 27
Table 3.1 Event Distribution by Years 10
Table 3.2 Distribution of Industry Category 11
Table 3.3 Summary Statistics for Variables 15
Table 4.1 Mean Difference T-test for Variables 19
Table 4.2 Cross-Sectional Regression Analyses 21
Figure 4.1 Distribution of CEO overconfidence and response speed 17
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