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題名：S&P 1500 CEO與CFO從事高爾夫運動之球技、頻率及社交活動對公司R&D投資績效表現之影響
書刊名：企業管理學報
作者：林岳喬／李季洋／劉福運／許美滿
作者(外文)：Lin, George Y. C.／Lee, Chi-yang／Liu, Fu-yun／Hsu, Mei-man
出版日期：2019
卷期：44:3
頁次：頁1-32
主題關鍵詞：高爾夫運動；研發績效；研發投資績效；過度自信；Golfing；R&D performance；R&D investment efficiency；Overconfidence
原始連結：連回原系統網址new window
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本研究檢驗了公司研發績效與公司高階主管（CEO及CFO）從事高爾夫運動之關聯。並以S&P 1500公司為樣本及根據來自美國高爾夫球協會之GHIN資料庫之高爾夫資料，本研究發現有從事高爾夫運動之CEO及CFO之公司擁有較好的研發投資績效。此外，當CEO打球頻率越高，公司研發投資績效也越好。結果意味著高爾夫球場可作為一個給高階主管交換投資資訊及與其他公司建立有效率之溝通管道的平台。另一方面，本研究發現CEO之球技對公司之研發投資績效有負面之顯著影響，意味球技較佳之CEO可能較為過度自信，導致較差之研發投資績效。本研究並無發現CFO之球技及打球頻率對公司研發投資績效之顯著影響，表示CFO在公司研發投資之決策中扮演之角色較不如CEO重要。
This study examines the association between the firm's R&D investment efficiency and the golfing activities of corporate top executives (CEOs and CFOs). Based on a sample of S&P 1500 firms and golfing data obtained from GHIN (Golf Handicap and Information Network), this study find that golfer-CEOs and golfer-CFOs tend to yield better R&D investment efficiency than their non-golfer counterparts. Furthermore, the more frequently CEOs play golf, the better their firms' R&D investment efficiency. These interesting results seem to suggest that golf court may serve as a useful platform for top executives to exchange investment information and establish efficient communication channel with other firms. On the other hand, this study also find CEOs' golfing skill has significant negative impact on firms' R&D investment efficiency, implying that better-skilled CEOs may tend to be overconfident, resulting poor R&D investment efficiency. This study does not find significant impact of both CFOs' golfing skill and golfing frequency on firms' R&D investment efficiency, indicating that CFOs may not play as important role as CEOs when it comes to R&D investment decisions.
期刊論文
1.Lev, B.、Petrovits, C.、Radhakrishnan, S.(2010)。Is doing good good for you? How corporate charitable contributions enhance revenue growth。Strategic Management Journal，31(2)，182-200。  new window
2.Gervais, Simon、Heaton, James B.、Odean, Terrance(2011)。Overconfidence, compensation Contracts, and capital budgeting。Journal of Finance，66(5)，1735-1777。  new window
3.Franzoni, F.(2009)。Underinvestment vs. overinvestment: Evidence from price reactions to pension contributions。Journal of Financial Economics，92(3)，491-518。  new window
4.Malmendier, U.、Tate, G.、Yan, J.(2011)。Overconfidence and Early Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies。Journal of Finance，66(5)，1687-1733。  new window
5.Galasso, A.、Simcoe, T. S.(2011)。CEO overconfidence and innovation。Management Science，57(8)，1469-1484。  new window
6.Goel, Anand M.、Thakor, Anjan V.(2008)。Overconfidence, CEO selection, and corporate governance。The Journal of Finance，63(6)，2737-2784。  new window
7.Bebchuk, Lucian A.、Stole, Lars A.(1993)。Do Short-Term Objectives Lead to Under or Overinvestment in Long-Term Projects?。Journal of Finance，48(2)，719-729。  new window
8.Cain, Matthew D.、McKeon, Stephen B.(2016)。CEO Personal Risk-Taking and Corporate Policies。Journal of Financial and Quantitative Analysis，51(1)，139-164。  new window
9.Hirshleifer, David A.、Low, Angie、Teoh, Siew Hong(2012)。Are overconfident CEOs better innovators?。Journal of Finance，67(4)，1457-1498。  new window
10.Morbey, G. K.(1988)。R&D: Its relationship to company performance。Journal of Product Innovation Management，5(3)，191-200。  new window
11.Aboody, David、Lev, Baruch(2000)。Information Asymmetry, R&D, and Insider Gains。Journal of Finance，55(6)，2747-2766。  new window
12.Hribar, Paul、Yang, Holly(2016)。CEO overconfidence and management forecasting。Contemporary Accounting Research，33(1)，204-227。  new window
13.Chatterjee, A.、Hambrick, D. C.(2007)。It's All About Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance。Administrative Science Quarterly，52(3)，351-386。  new window
14.Schrand, C. M.、Zechman, S. L.(2012)。Executive Overconfidence and the Slippery Slope to Financial Misreporting。Journal of Accounting and Economics，53(1/2)，311-329。  new window
15.Officer, M. S.(2011)。Overinvestment, corporate governance, and dividend initiations。Journal of Corporate Finance，17(3)，710-724。  new window
16.Stein, J. C.(2003)。Agency,information and corporate investment。Handbook of the Economics of Finance，1(Part A)，111-165。  new window
17.Bharati, R.、Doellman, T.、Fu, X.(2016)。CEO Confidence and Stock Returns。Journal of Contemporary Accounting and Economics，12(1)，89-110。  new window
18.Jing, N.、Runtian, J.(2009)。An empirical study on the relationships between CEO characteristics, R&D intensity, and external environment。Science Research Management，30(5)，178-186。  new window
19.Malmendier, U.、Tate, G.(2005)。Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited。European Financial Management，11(5)，649-659。  new window
20.Shen, C. H. H.、Zhang, H.(2013)。CEO Risk Incentives and Firm Performance Following R&D Increases。Journal of Banking & Finance，37(4)，1176-1194。  new window
21.Malmendier, Ulrike、Tate, Geoffrey A.(2005)。CEO Overconfidence and Corporate Investment。The Journal of Finance，60(6)，2661-2700。  new window
22.Hackbarth, Dirk(2008)。Managerial traits and capital structure decisions。Journal of Financial and Quantitative Analysis，43(4)，843-882。  new window
23.Larwood, L.、Whittaker, W.(1977)。Managerial myopia: Self-serving biases in organizational planning。Journal of Applied Psychology，62(2)，194-198。  new window
24.Chan, Louis K. C.、Lakonishok, Josef、Sougiannis, Theodore(2001)。The stock market valuation of research and development expenditures。Journal of Finance，56(6)，2431-2456。  new window
25.Eberhart, Allan C.、Maxwell, William F.、Siddique, Akhtar R.(2004)。An Examination of Long-Term Abnormal Stock Returns and Operating Performance following R&D Increases。The Journal of Finance，59(2)，623-650。  new window
26.Malmendier, Ulrike、Tate, Geoffrey A.(2008)。Who Makes Acquisitions? CEO Overconfidence and The Market's Reaction。Journal of Financial Economics，89(1)，20-43。  new window
27.Barker, Vincent L. III、Mueller, George C.(2002)。CEO characteristics and firm R&D spending。Management Science，48(6)，782-801。  new window
28.Bernardo, A. E.、Welch, I.(2001)。On the Evolution of Overconfidence and Entrepreneurs。Journal of Economics and Management Strategy，10(3)，301-330。  new window
研究報告
1.Ben-David, Itzhak、Graham, John R.、Harvey, Campbell R.(2007)。Managerial overconfidence and corporate policies。National Bureau of Economic Research。  new window
2.Biggerstaff, L.、Cicero, D. C.、Puckett, A.(2014)。FORE! An Analysis of CEO Shirking。Miami University of Ohio。  new window
3.Chidambaran, N. K.、Kedia, S.、Prabhala, N. R.(2010)。CEO-Director Connections and Fraud。University of Maryland。  new window
4.Cohen, L.、Diether, K. B.、Malloy, C. J.(2012)。Legislating Stock Prices。  new window
5.Ham, C.、Seybert, N.、Wang, S.(2013)。Narcissism is Bad Sign: CEO Signature Size, Investment, and Performance。Chapel Hill：University of Maryland：UNC。  new window
6.Khanna, V. S.、Kim, E. H.、Lu, Y.(2015)。CEO Connectedness and Corporate Frauds。  new window
圖書論文
1.Dosh, K.(2016)。Golfers Make Better Business Executives。Forbes。  new window
2.Packham, C.(2016)。Trump's Golf Buddy Norman Pitches Australia to Head of Diplomatic Queue。Reuters。  new window
3.The Economist(2011)。Why Golfers Get Ahead。The Economists。  new window
 
 
 
 
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