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| Title: | CEO 自戀與資本投資決策
CEO Narcissism and Capital Investment Decisions |
| Authors: | 蘇容萩
Su, Jung-Chiu |
| Contributors: | 周冠男
Chou, Kuan-Nan
蘇容萩
Su, Jung-Chiu |
| Keywords: | 經理人自戀
ESG 報告書
照片尺寸
風險性投資
營運績效
CEO narcissism
ESG report
Photo size
Risky investment
Performance |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:06:56 (UTC+8) |
| Abstract: | 經理人自戀對企業之影響隨Tesla執行長Elon Musk對Twitter的併購案成為一大話題，故本研究觀察S&P 500成分股中經理人自戀特質對於資本支出、研發支出、併購支出三類決策之影響，以驗證投資人對於經理人自戀行為將導致企業失敗之猜忌。由於過去文獻多透過年報中經理人照片大小作為自戀衡量基準，惟美國法規尚未要求資本額達一定程度之企業必須發布ESG報告書，故本文納入ESG報告書中經理人照片大小作為自戀衡量之依據，且以兩種方式進行經理人自戀程度衡量，此乃本文主要貢獻。方法一：僅觀察ESG報告書或年報中經理人照片大小；方法二：觀察經理人現金薪酬、非現金薪酬高於第二高薪高管之程度，以及ESG報告書或年報中經理人照片大小。結果顯示自戀經理人並不傾向過度投資，且偏好於得以彰顯自我的併購活動，以及較差的營運績效，此結論與過去文獻中自戀經理人將過度投資於研發及併購活動之結論不同。本文認為：(1)風險性投資具替代效果，預算限制下自戀經理人將更偏好於得以增加曝光之併購活動。(2)隨治理機制及外部監管力道健全化，已一定程度地控制自戀下的過度投資，故自戀乃可抑制之特質。(3)自戀經理人若頻繁發起現金收購案，投資人需留意其營運績效之表現。
With the takeover of Twitter, the discussion of Elon Musk is narcissistic and would lead to his downfall has sprung, so we examine the listed companies in the S&P 500 and observe the relation between CEO narcissism and capital investment decisions, including CAPEX, R&D, and M&A activities, to make a confirmation of people’s guessing. The main contribution of this paper is the measurement of CEO narcissism which we found might be a proper way to dig into the photo size of CEOs in the ESG reports than the annual reports because of the voluntary disclosure feature, thus we give priority to the ESG reports if possible. This paper utilizes two kinds of methods for measuring CEO narcissism: method one only considers CEOs’ photos in the ESG reports or the annual reports, and method two further takes cash and non-cash compensation into account. The results suggested that narcissistic CEOs would tend to invest in M&A activities and lead to worse performance, whereas there is no evidence of overinvestment, however, it is not consistent with prior research that narcissistic CEOs would overinvest in both R&D and M&A activities, and several statements could shed light on the matter. Firstly, there would be a tradeoff between risky investment, and narcissistic CEOs prefer M&A which satisfies the need for admiration. Secondly, under a sound governance system which devoting to diminishing the information asymmetry, it is less likely for narcissistic CEOs to misbehave, and narcissism is a controllable characteristic. Finally, people should especially look out for the performance if narcissistic CEOs initiate M&A by cash payment frequently. In a nutshell, the need for admiration would dominate the capital investment decisions in firms with narcissistic CEOs, however, it is controllable. |
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| Description: | 碩士
國立政治大學
財務管理學系
109357012 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109357012 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200540 |
| Appears in Collections: | [Department of Finance] Theses
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