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題名：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
書刊名：臺大管理論叢
作者：洪榮華 引用關係／王文聖／李易政／陳香如 引用關係／張瑋珊
作者(外文)：Hung, Jung-hua／Wang, Wen-sheng／Li, I-cheng／Chen, Hsiang-ju／Chang, Wei-shan
出版日期：2013
卷期：23:2
頁次：頁65-96
主題關鍵詞：家族企業；過度自信；財務危機；Family business；Overconfidence；Financial distress
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(12) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:12
  • 共同引用共同引用:113
  • 點閱點閱:154
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)。
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.
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研究報告
1.Barros, L. A. B. de C.、Silveira, A. D. M. Da.(2007)。Overconfidence, managerial optimism and the determinants of capital structure。  new window
2.Chen, T. Y.(2005)。CEO compensation contract of family firms。  new window
3.Chen, X.、Cheng, Q.、Dai, Z.(2007)。Are US family firms subject to agency problems? Evidence from CEO turnover and firm valuation。  new window
4.Ertugrul, M.、Krishnan, K.(2007)。CEO dismissal timing and costs of delayed action: Do some boards act too late?。  new window
5.Gomes, A.、Novaes, W.(2001)。Sharing of control as a corporate governance mechanism。Washington University in Saint Louis。  new window
6.Gervais, S.、Heaton, J. B.、Odean, T.(2003)。Overconfidence, investment policy, and executive stock options。Philadelphia, Pennsylvania：Rodney L. White Center for Financial Research。  new window
7.Gervais, S.、Heaton, J. B.、Odean, T.(2005)。Overconfidence, investment policy and manager welfare。Berkeley：Rodney White Centre for Financial Research, University of California。  new window
8.Goel, M. A.、Thakor, A. V.(2000)。Rationality, overconfidence and leadership。  new window
學位論文
1.陳晉棻(1997)。保留意見對上市公司發生財務危機之增額解釋能力(碩士論文)。國立政治大學。  延伸查詢new window
2.吳文德(2001)。台灣上市公司財務危機特性分析(碩士論文)。高雄第一科技大學。  延伸查詢new window
 
 
 
 
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