探討CEO過度自信對公司表現的正面與負面影響

Exploring the Bright Side and Down Side of CEO Overconfidence on Firm Performance

張耘庭(Yun-Ting Chang)

指導教授 ： 林嬋娟 ； 陳坤志

國立臺灣大學/管理學院/會計學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201701741

摘要

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。

關鍵字

CEO過度自信 ； CEO雙重性 ； CEO任期 ； 公司表現 ； 調節效果

並列摘要

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.

並列關鍵字

overconfidence ； duality ； tenure ； firm performance ； moderating effect

參考文獻

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