政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/52731
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113324/144300 (79%)
造訪人次 : 51112175      線上人數 : 900
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/52731


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/52731


    題名: 經理人自信程度與公司績效
    The confidence level of CEOs and the performance of firms
    作者: 李孟玲
    Lee, Mengling Jannies
    貢獻者: 周行一
    Chow, Edward H.
    李孟玲
    Lee, Mengling Jannies
    關鍵詞: 過度自信
    公司績效
    高階經理人持股變化
    Excessively overconfident
    Excessively diffident
    Firm value
    CEO shareholding
    日期: 2011
    上傳時間: 2012-04-17 09:11:17 (UTC+8)
    摘要: Anand M. Goel and Anjan V Thakor 於最近的財務學刊中提出理性且風險趨避的經理人會放棄部分正報酬但風險高的投資，造成投資不足問題，使得公司價值未能極大化。然而，極端過度自信的經理人投資正負報酬皆有的計畫，造成過度投資，使得公司價值遞減。只有中度自信的經理人能為公司價值帶來極大化效果。本篇研究採用台灣上市櫃公司近二十年資料，以公司經理人對公司持股的變化來衡量其過度自信的程度，探討公司經理人自信程度對公司獲利能力與公司價值的影響。實證研究發現，極端過度自信的經理人與極端保守的經理人使公司的績效與成長性減少，降低公司價值。此研究增加我們了解經理人自有特徵對公司價值的影響，並為公司理財課題帶來新的貢獻。
    　　Former literature theorized that excessively overconfident CEOs and excessively diffident CEOs reduce the firm value for underinvestment and overinvestment problems and moderate overconfident CEOs willing to take risky but positive NPV projects increase the firm value. This paper conducts an empirical research by using the change of purchase and sale on own company stocks took by CEOs to measure CEO overconfidence level in Taiwanese listing companies and find that the profitability and stock performance of firms led by excessively overconfident CEOs and excessively diffident CEOs decrease compared to by moderate overconfident CEOs. The result contributes to the understanding of the impact on firm valuation by CEO idiosyncratic characteristics and offers new evidence to behavior finance on corporate management.
    參考文獻: Anand M. Goel and Anjan V Thakor, 2008, Overconfidence, CEO selection, and corporate governance, Journal of Finance 63, 2737-2784.
    Andreas Mueller, Overconfidence and increased corporate investment volatility, Working paper.
    Barber, Brad, and Terrance Odean, 2001, Boys will be boys: Gender, overconfidence and common stock investment, Quarterly Journal of Economics 116, 261–292.
    Ben-David, Itzhak, Campbell R. Harvey and John R. Graham, 2007, Managerial overconfidence and corporate policies, NBER Working Paper, No. W13711.
    Brennan, M. J., T. Chordia, and A. Subrahmanyam, 1998, Alternative Factor Specifications, Security Characteristics, and the Cross-Section of Expected Stock Returns, Journal of Financial Economics 49, 345-373.
    Chia-chen Teng and Victor W. Liu, 2011, CEO overconfidence and pecking order prediction – evidence from Taiwanese Electronics Companies.
    David A. Hirshleifer, Angie Low, Siew Hong Tech, 2010, Are overconfident CEOs better innovators?, Working paper.
    Dirk Hackbarth, 2008, Managerial traits and capital structure decisions, Journal of Financial and Quantitative Analysis 43, 843-882.
    Fama, E, F, and J, D, MacBeth, 1973, Risk, Return, and Equilibrium: Empirical Tests, Journal of Political Economy 81, 607-636.
    Gervais Simon, J.B. Heaton, and Terrance Odean, 2008, Overconfidence, investment policy, and manager welfare, Working paper, Fuqua School of Business, Duke University.
    Gervais, Simon, J.B. Heaton, and Terrance Odean, 2011, Overconfidence, Compensation Contracts, and Capital Budgeting, Journal of Finance 66, 1735–1777.
    Gompers, P A, and A, Metrick, 2001, Institutional Investors and Equity Prices, Quarterly Journal of Economics 114, 229-259.
    Grinblatt, Mark, and Matti Keloharju, 2011, Sensation seeking, overconfidence and trading activity, Journal of Finance 66, 1687–1733.
    Grund, Christian, and Dirk Sliwka, 2006, Performance pay and risk aversion, IZA Discussion paper 2012.
    Jin, Li and S.P. Kothari, 2008, Effect of personal taxes on managers’ decisions to sell their stock, Journal of Accounting and Economics 46, 23-46.
    John R. Graham, Campbell R. Harvey, and Manju Puri, 2010, Managerial attitudes and corporate actions, Working paper.
    Khambata, Dara, and Wei Liu, 2006, Cultural dimensions, risk aversion and corporate dividend policy, Journal of Asia-Pacific Business 6, 31–43.
    Kidd, John B., 1970, The utilization if subjective probabilities in production planning, Acta Psychologica 34, 338-347
    Larwood, L., and W. Whittaker, 1977, Managerial myopia: self-serving biases in organizational planning, Journal of Applied Psychology 62, 94-198.
    Malmendier, Ulrike, and Geoffrey A. Tate, 2005, CEO overconfidence and corporate investment, Journal of Finance 60, 2660-2700.
    Malmendier, Ulrike, and Geoffrey A. Tate, 2005, Does Overconfidence affect corporate investment? CEO overconfidence measure revisited, European Financial Management 5, 649-659.
    Malmendier, Ulrike, and Geoffrey A. Tate, 2008, Who makes acquisition? CEO overconfidence and the market’s reaction, Journal of Financial Economics 89, 20-43.
    Malmendier, Ulrike, Geoffrey A. Tate, and Jon Yan, 2011, Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies, Journal of Finance 66, 1687–1733.
    Moore, P.G., 1977, The manager’s struggle with uncertainty, Journal of The Royal Statistical Society Series A 149, 129-165.
    Paul Hribar, 2010, Does CEO overconfidence affect management forecasting and subsequent earnings management?, working paper.
    Richard Deaves, Erik Lüders, and Michael Schröder, 2010, The dynamics of overconfidence: Evidence from stock market forecasters, Journal of Economic Behavior & Organization 75, 402-412.
    Rüdiger Fahlenbrach, 2009, Founder-CEOs, Investment Decisions, and Stock Market Performance, Journal of Financial and Quantitative Analysis 44, 439-466.
    Schrand, Catherine and Sarah Zechman, 2007, Executive overconfidence and the slippery slope to financial misreporting, Journal of accounting and economics.
    Shin, H, and R, M, Stulz, 2000, Firm Value, Risk, and Growth Opportunities, NBER Working Paper.
    Suto, Megumi, Lukas Menkhoff, and Daniela Beckmann, 2005, Behavioral biases of institutional investors under pressure from customers: Japan and Germany vs. U.S., Waseda University Institute of Finance Working paper WIF-05-006.
    T. Colin Campbell, Michael Gallmeyer, Shane A. Johnson, and Jessica Rutherford, 2011, CEO optimism and forced turnover, Journal of financial economics 101, 695-712.
    Wright, G.N. and L.D. Philips, 1980, Cultural variation in probabilistic thinking: Alternative ways of dealing with uncertainty, International Journal of Psychology 15, 239-257.
    Wright, G.N., L.D. Philips, P.C. Whalley, G.T. Choo, K.O. Ng, I. Tan and A. Wisudha, 1978, Cultural differences in probabilistic thinking, Journal of Cross-Cultural Psychology 9, 285-299.
    描述: 碩士
    國立政治大學
    財務管理研究所
    99357012
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099357012
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    701201.pdf826KbAdobe PDF2710檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋