管理者過度自信對企業社會責任績效的影響

本研究從行為財務學的過度自信為研究方向，探討管理者過度自信對於企業執行企業社會責任的績效與加入公司治理機制後對企業社會責任績效的影響。以2015年至2017年《天下雜誌》「天下企業公民」獲選公司扣除外商、金融保險與無法配對公司，3年共177家原始樣本，經考慮公司規模後配對同產業未入選公司，共計354家樣本一起分析。實證結果發現公司治理變數與企業社會責任績效呈顯著正相關，表示健全的公司治理能提高企業社會責任績效。管理者過度自信與企業社會責任績效呈顯著負相關，顯示當管理者有過度自信時，投入企業社會責任的績效相對較低。進一步發現即使在管理者有過度自信的情況下，透過公司治理機制監督管理者決策與運作，能改善企業社會責任績效。本文另外將企業社會責任報告書分類為9個項目評分後進行敏感性測驗，所得到的結果與上述一致，顯示結果的穩健性。

關鍵字

過度自信；企業社會責任；公司治理；獨立董事；機構投資人

並列摘要

The purpose of this study is to examine the relationship manager overconfidence and corporate social responsibility(CSR) performance. In addition, we add independent director(ID) and institutional investor holdings(InsH) into the regression separately as corporate governance moderate variables , and examine their influences on the relationship between overconfidence and corporate social responsibility. We collect the empirical data from the Excellence in CSR from 2015-2017 proposed by the CommonWealth Magazine .After deleting the foreign companies, financial companies and disable matching companies.This study collects 177 companies in the period of three years and use asset size to select another 177 companies as the comparing companies. Totally 354 as sample. We find that corporate governance has a significantly positive association with CSR, and the manager overconfidence has a significantly negative relationship with CSR.The result suggests that corporate governance is proved to be positive moderators between overconfidence and CSR. After all , we use CSR Report to classify 9 items, and the sensitivity analysis result is same as above.