經理人過度自信對企業發生財務危機之影響：以家族企業特性為調節效果

The Impact of Managerial Overconfidence on Financial Distress and Moderating Effect of Family Business Characteristics

洪榮華(Jung-Hua Hung) ； 王文聖(Wen-Sheng Wang) ； 李易政(I-Cheng Li) ； 陳香如(Hsiang-Ju Chen) ； 張瑋珊(Wei-Shan Chang)

《臺大管理論叢》 23卷2期 (2013/06) Pp. 65-96

https://doi.org/10.6226/NTURM2013.SEP.R10043

摘要

本文探討經理人過度自信及家族企業特性對於企業發生財務危機的影響，並以家族企業特性做為調節變數。樣本包含2002至2007年的台灣上市櫃公司，利用Logit迴歸來檢測。結果發現，過度自信的非家族企業經理人與不具過度自信的家族企業經理人分別可降低企業發生財務危機的可能性。然而，經理人過度自信與企業發生財務危機間之關係會受到家族企業特性的正向調節，亦即過度自信的家族企業發生財務危機的可能性升高，本研究更進一步發現，此一調節效果主要來自於家族企業所聘用的家族成員經理人（家族CEO）。

關鍵字

家族企業 ； 過度自信 ； 財務危機

並列摘要

This study examines the effect of managerial overconfidence and family business characteristics on financial distress. We then investigate whether family characteristics can moderate the effect of managerial overconfidence on financial distress. Finally, we try to clarify whether there is a moderating effect related to family or non-family CEOs. The sample includes Taiwanese listed and OTC companies, and Logit regression is used for analysis. The empirical results show that overconfident CEOs in non-family businesses and non-overconfident CEOs in family businesses are significantly and negatively correlated with financial distress, respectively. However, the relationship between managerial overconfidence and financial distress is positively moderated by family business characteristics and this moderating effect is mainly caused by family CEOs.

並列關鍵字

family business ； overconfidence ； financial distress

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