- 學位論文
董事長過度自信對公司在金融海嘯時期投資以及員工聘僱決策之影響
The Impact of COB Overconfidence on Investment and Employment Decisions during the 2008 Financial Crisis
摘要
本研究以台灣2004年到2009年一般產業的上市櫃公司為樣本，分析董事長過度自信對公司在金融海嘯時期投資決策和員工聘僱決策的影響。本研究的主要實證結果如下。第一、過度自信之董事長在金融海嘯時期的投資決策由過度投資以及投資對現金流量之敏感度兩種力量共同決定。如果公司內部資金不足，則投資對現金流量敏感度的力量較大，過度自信的董事長會被迫減少投資；而如果內部資金充足，則過度投資的力量較大，過度自信的董事長會增加投資。第二、在金融海嘯時期，無論公司內部資金是否充足，過度自信的董事長都會聘僱較少的員工。本研究認為，當金融海嘯發生時，過度自信的董事長對於是否要減少聘僱員工比較敏感、而對於減少投資比較不敏感，可能是由於投資和員工聘僱這兩種決策在本質上的差異所造成。
並列摘要
Using the data of listed firms in Taiwan from 2004 to 2009, this thesis examines the impact of COB (chairman of the board) overconfidence on firms’ investment and employment decisions during the 2008 financial crisis. It finds the following results. First, the investment decisions of overconfident COBs during the financial crisis were determined jointly by their tendency to overinvest and investment-cash flow sensitivity. For firms with insufficient internal funds, the impact of investment-cash flow sensitivity was greater, so overconfident COBs involuntarily curtailed investment. By contrast, for firms with sufficient internal funds, the impact of the tendency to overinvest was greater, so overconfident COBs increased investment. Second, during the 2008 financial crisis, overconfident COBs hired fewer employees, regardless of the sufficiency of internal funds. The findings in this thesis suggest that overconfident COBs will respond faster to employment decisions than to investment decisions during financial crises. We argue that this result may be caused by the differences in nature between investment and employment decisions.