總經理過度自信與企業社會責任

在行為財務學中，過度自信(overconfidence)為一種認知偏差，若企業之經理人有過度自信之特質，可能會高估未來獲利及自身判斷的準確度，且低估決策潛在之風險及變動性，進而使其損害企業價值。根據過去文獻，從事企業社會責任能塑造良好企業形象及獲得外界關注與讚賞，也能累積道德資本使企業面臨負面事件時具有保險作用。因此，基於企業社會責任之避險及塑造聲譽的效果，本研究採取2011年至2020年之臺灣上市櫃公司為樣本，探討有關經理人過度自信之特質與企業社會責任之績效及資訊揭露的關聯性。研究結果顯示，過度自信之經理人可能因較不願為企業營運避險，因此從事企業社會責任的績效較差，但為了獲得關注度及讚賞，較會自願向外界揭露企業社會責任資訊。

關鍵字

經理人特質；過度自信；企業社會責任；社會責任揭露

並列摘要

In behavioral finance, overconfidence is a cognitive bias. If the managers of a company have the characteristics of overconfidence, they may overestimate future profits and the accuracy of their own judgments, and underestimate the potential risks and variability of decision-making, thereby damaging the value of the enterprise. According to past literature, engaging in corporate social responsibility (CSR) can build a good corporate image and gain external attention as well as appreciation. On the other hand, investment in CSR can also accumulate moral capital which could be a hedging tool in the future. Building on the role of corporate social responsibility in hedging and reputation building, this study uses Taiwan listed companies from 2011 to 2020 as the sample to investigate the association between executive overconfidence and CSR performance as well as CSR disclosure. Research results show that CEO overconfidence is negatively related to CSR performance, suggesting that overconfident managers may be more reluctant to hedge their business operations and thus invest less in CSR activities. However, I find that CEO overconfidence is positively related to CSR disclosure, suggesting that overconfident managers are more willing to disclose CSR information in order to gain attention and appreciation.