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題名:經理人樂觀傾向、家族企業特性對投資現金流量敏感度之研究
書刊名:管理與系統
作者:洪榮華 引用關係蔡盈如郭怡萍江佳妮
作者(外文):Hung, Jung-huaTsai, Ying-juKuo, Yi-pingChiang, Chia-ni
出版日期:2013
卷期:20:1
頁次:頁89-117
主題關鍵詞:樂觀傾向投資現金流量敏感度家族企業過度投資投資不足Managerial optimismInvestment-cash flow sensitivityFamily businessOverinvestmentUnderinvestment
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(3) 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:3
  • 共同引用共同引用:89
  • 點閱點閱:79
本研究探討家族企業樂觀經理人樂觀傾向對投資現金流量敏感度的影響,並將家族企業內之經理人分為家族CEO與非家族CEO,再將之分別與非家族企業之專業經理人做比較,以進一步瞭解此三類經理人對投資現金流量敏感度是否有不同之影響。實證結果發現:家族企業樂觀經理人相較於非家族企業樂觀經理人具有較高的投資現金流量敏感度,其主因是由於家族企業內的樂觀家族CEO所致,且其具有過度投資的傾向,但並無投資不足問題。
This paper examines the effect of family business and managerial optimism on the investment-cash flow sensitivity. We divide the CEOs in family businesses into family member CEOs and professional CEOs and then investigate whether these two types of CEOs and the third type-CEOs in non-family firms-have different influences on the investment-cash flow sensitivity. The results show that optimistic family businesses, compared with optimistic non-family businesses, have higher investment-cash flow sensitivity and the higher investment-cash flow sensitivity mainly results from optimistic family member CEOs. Finally, we find that this higher investment-cash flow sensitivity is due to overinvestment rather than underinvestment problem.
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