跳到主要內容

臺灣博碩士論文加值系統

(18.97.14.86) 您好!臺灣時間:2025/01/14 18:01
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

我願授權國圖
: 
twitterline
研究生:張耘庭
研究生(外文):Yun-Ting Chang
論文名稱:探討CEO過度自信對公司表現的正面與負面影響
論文名稱(外文):Exploring the Bright Side and Down Side of CEO Overconfidence on Firm Performance
指導教授:林嬋娟林嬋娟引用關係陳坤志陳坤志引用關係
指導教授(外文):Chan-Jane LinKun-Chih Chen
口試日期:2017-06-02
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:英文
論文頁數:49
中文關鍵詞:CEO過度自信CEO雙重性CEO任期公司表現調節效果
外文關鍵詞:overconfidencedualitytenurefirm performancemoderating effect
相關次數:
  • 被引用被引用:1
  • 點閱點閱:461
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
過去文獻發現CEO過度自信與公司價值間有非直線性關係,本文的實證結果證明此非線性關係存在,且受到CEO的權力及經驗調節,實證結果顯示,當CEO不具雙重性或有較短任期時,CEO過度自信對公司表現有正面影響,而當CEO具雙重性或有較長任期時,CEO過度自信對公司表現則有負面影響,在考量過度自信程度及內生性問題後,此調節效果仍存續,本文根據實證結果提出建議,公司藉由可限制CEO雙重性及長任期,使CEO過度自信有利於公司。
Prior literature reveals that a CEO’s overconfidence enhances firm performance up to a point but the effect is nonmonotonic. We demonstrate the non-linearity of CEO overconfidence and show that the non-linearity is affected by CEO’s power and experience. More specifically, we show that CEO overconfidence will be harmful to firm performance when the CEO is more powerful or more experienced. Our results are valid regardless of CEO overconfidence level. Based on our results, we suggest that a firm can make CEO overconfidence beneficial to firm performance by restricting CEO duality and long term tenure.
Table of Content
I. Introduction……………………………………………………………………....1
II. Motivation……………………………………………………………………......4
III. Literature Review…………………………………………………......5
A. CEO Overconfidence……………………………………………....5
B. CEO Duality…………………………………………………………….....6
C. CEO Tenure……………………………………………………………….....8
IV. Hypothesis Development……………………………………......8
H1……………………………………………………………………………...........9
H2……………………………………………………………………………..........11
H3……………………………………………………………………………..........12
V. Data Sources and Variables……………..........12
A. Data Sources……………………………………………………………...12
B. Variables…………………………………………………………………....14
1. CEO Overconfidence………………………………………………..14
2. CEO Duality………………………………………………………….....17
3. CEO Tenure…………………………………………………………......17
4. Firm Performance……………………………………………………..17
5. Control Variables…………………………………………………….18
VI. Empirical Results and Analysis……………………………………19
A. The Non Linearity of CEO Overconfidence……20
B. The Moderating Effect of CEO Duality and Tenure on Overconfidence…..................................20
1. Duality……………………………………………………………….......20
2. Tenure………………………………………………………………........22
C. Implications……………………………………………………………….....25
VII. Sensitivity Analysis…………………………………………………………..25
A. Overconfidence Threshold 67%.................................................26
B. Overconfidence Threshold 100%................................................27
VIII. Endogeneity Problem………………………………………………………....28
IX. Regression Tables……………………………………………………………....29
X. Conclusion……………………………………………………………………........46
XI. Reference…………………………………………………………………….........47
Ben-David, Gramham, and Harvey, 2007, Managerial Overconfidence and Corporate Policies, The National Bureau of Economic Research, working paper no. 13711
Boyd, 1995, CEO Duality and Firm Performance: A Contingency Model, Strategic Management Journal, Vol.16, no.4, 301-312
Campbell, Gallmeyer, Johnson, Rutherford, and Stanley, 2011, CEO Optimism and Forced Turnover, Journal of Finance and Economics, Vol.101, No. 3, 695-712
Chen and Wang, 2012, Financial Constraints and Share Repurchase, Journal of Financial Economics, Vol 105, no. 2, 311-331
Cochran, Wood, and Jones, 1985, The Composition of Boards of Directors and Incidence of Golden Parachutes, Academy of Management Journal, Vol.28, no.3, 664-671
Deshmukh, Goel, and Howe 2013, CEO Overconfidence and Dividend Policy, Journal of Financial Intermediation, Vol.22, No. 3, 440-463
Donaldson and Davis, 1991, Stewardship Theory and Agency Theory: CEO Governance and Shareholder Returns, Australian Journal of Management, Vol.16, no.1
Fama and Jensen, 1983, Separation of Ownership and Control, The Journal of Law and Economics, Vol.26, no.2, 301-325
Finkelstein and D’Aveni, 1994, CEO Duality as a Double-Edged Sword: How Boards of Directors Balance Entrenchment Avoidance and Unity of Command, Academy of Management, Vol.37, no. 5, 1078-1108
Goel and Thakor, 2008, Overconfidence, CEO Selection, and Corporate Governance, The Journal of Finance, Vol. 63, No.6, 2737-2784
Hambrick and Fukutomi, 1991, The Seasons of CEO’s Tenure, Academy of Management Journal, Vol.16, no.4, 719-742
Henderson and Fredrickson, 2001, Top Management Team Coordination Needs and the CEO Pay Gap: A Competitive Test of Economic and Behavior Views, Academy of Management Journal, Vol. 44, no. 1, 96-117
Henderson, Miller, Hambrick, 2006, How Quickly Do CEO Became Obsolete? Industry Dynamisn, CEO Tenure, and Company Performance, Strategic Management, Vol.27, No.5,447-460
Hirshleifer, Low, and Teoh, 2012, Are Overconfident CEO Better Innovators? The Journal of Finance, Vol. 67, no.4, 1457-1498
Malmendier and Tate, 2005, CEO Overconfidence and Corporate Investment, The Journal of Finance, Vol. 60 No. 6, 2661-2700
Miller and Shamsie, 2001, Learning Across the Life Cycle: Experimentation and Performance among the Hollywood Studio Heads, Strategic Management, Vol.22, no. 8, 725-745
Morck, Schwartz, and Stangeland, 1989, The Valuation of Forestry Resources under Stochastic Price and Inventories, Journal of Financial and Quantitative Analysis, Vol.24, no. 4, 473-387
Pi and Timme, 1993, Corporate Control and Bank Efficiency, Journal of Banking and Finance, vol.17, no.2-3, 510-535
Peng, Zhang, and Li, 2007, CEO Duality and Firm Performance during China''s Institutional Transitions, Management and Organization Review, vol.3, no. 2, 205-225
Rechner and Dalton, 1991, CEO Duality and Organizational Performance: A Longitudinal Analysis, Strategic Management, Vol.12, No.2, 155-160
Simon and Houghton 2003, The Relationship Between Overconfidence and the Introduction of Risky Products: Evidence from a Field Study, Academy of Management, Vol.46, no. 2, 139-149
Westphal and Zajac, 1995, Who Shall Govern? CEO/Board Power, Demographic Similarity, and New Director Selection, Administrative Science Quarterly, Vol. 40, No. 1, 60-83
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top