經理人過度自信與退休前短視近利的行為

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：20

、訪客IP：3.145.84.47

姓名

張胤唯(CHANG,YIN-WEI) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

經理人過度自信與退休前短視近利的行為
(Overconfidence Applied to CEO Career Horizon on Myopic R&D Investment Behavior)

相關論文

★ 我國中小企業貸款門檻操縱行為分析 -以某銀行授信戶為例	★ 董事會結構與自願性財務預測之關聯性
★ 國際化、創新活動與公司績效：台灣上市公司董事會結構論析	★ 國際化對公司經營績效的影響：資訊透明度的中介效果
★ 內部人持股與會計師選擇關聯性之研究-以馬來西亞上市公司為例	★ 利用吸引力因子進行嚴重服務失誤補救之成效
★ 提升企業價值之永續發展策略－以H公司資源回收為例	★ 組織變革對業務人員銷售力的影響-以電子零組件通路商為例
★ 會計保守性與法說會的關聯性	★ 探索產品品牌、品牌個性與人格特質的對應關係
★ 復徵證券交易所得稅對台灣股市之影響	★ 法人說明會對國際化績效與創新的影響
★ 投資人情緒與資訊透明度關聯性之研究	★ 公司股權結構與內部人交易關聯性之研究
★ 分析師是否高估應計項目的價值-兼論其對現金增資偏低訂價之影響	★ 分析師預測與新上市公司新股折價關聯性之研究

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

經理人過度自信與退休前短視近利的行為
摘要
過去的研究認為家族企業可以用家族指標中的社會情緒財富的力量減緩因為經理人退休前短視而影響研發投入的盈餘操作的行為。本文認為:一、社會情緒財富固然有減緩經理退休前短視的盈餘操做的行為，然而，社會互動及經理人的心理框架才是公司治理中更能影響經理人退休前的行為的原因。當經理人過度自信時會造成經理人退休前過度投資研發費用。這種過度的投資縱然減緩了經理人退休前盈餘操作的機率卻也埋下高估投資報酬的因子。二、企業也是社會結構與資本市場互動的一部分，本文檢定了台灣四個高科技產業，發現比起上市、櫃的非家族企業，台灣的上市、櫃家族企業經理人過度自信所引發過度投入研發的行為更為頻繁。最後，本文發現在行為財務學上短期動能與長期反轉的行為是由於經理人的過度自信所引發的過度投資造成股票報酬的下跌而引發投資人的過度反應所造成，這些發現都將有利於公司治理的實務與學術的研究。

關鍵詞:家族股權，經理人過度自信，經理人退休前短視行為，研發投入行為，短期動能，長期反轉。

摘要(英)

Overconfidence applied to the CEO’s Career Horizon on Myopic R&D Investment Behavior
Abstract
This paper challenges the predominant view that “Family Identity” dimension of SEW mitigates the horizon problem and instead argues that family CEOs are influenced by social interactions and their mind frame reflects an “optimistic or overconfidence identity”. In other words, except under socioemotion Wealth (SEW), overconfidence can affect CEOs’ R&D investment decisions as they approach retirement. Near-retirement family CEOs differs from nonfamily-firm CEOs in that they are willing to continue to engage in R&D investment as they approach retirement. Therefore, CEOs in public family firms behave differently from CEOs in public nonfamily firms. Finally, drawing on the behavioral finance literature, this study argues that family firms’ financial performance is influenced by momentum and reversion to the mean, which results from investors’ overconfidence as manifested in the stock market; However, investors’ overconfidence as seen in the stock market results from family CEO overconfidence in terms of R&D investment behavior.

Keywords: family ownership, overconfidence, CEO’s horizon, R&D investment behavior, momentum, reversion to the means.

關鍵字(中)

★ 家族股權
★ 經理人過度自信
★ 經理人退休前短視行為
★ 研發投入行為
★ 短期動能
★ 長期反轉

關鍵字(英)

★ family ownership
★ overconfidence
★ CEO’s horizon
★ R&D investment behavior
★ momentum
★ reversion to the means

論文目次

摘要 .. i
Abstract .. ii
Acknowledgements ... iii
Table of Contents .. iv
List of Tables .. v
1. Introduction ... 1
2. Theoretical Framework and Hypothesis Development 15
2-1 Overconfidence Theoretical Framework ... 15
2-2 Family CEOs versus Nonfamily-firm CEOs . 18
2-3 Founder CEOs, Descendant CEOs, and Family Hired CEOs . 20
2-4 Financial Performance, Momentum and Reversal to Mean 23
3. Empirical Methods and Research Design . 27
4. Empirical Results . 30
4-1 Sample Selection and Descriptive Statistics .. 30
4-2 Main Findings 33
5. Supplementary Analyses and Additional Checks . 43
5-1 Family Firms with High Levels of Accumulated Discretionary Accruals ... 43
5-2 Family Firms with Institutional Investors and Nonfamily Insiders 46
6. Conclusion and Directions for Future Research ... 50
Appendix A - Variable Definitions .. 56
References . 57

參考文獻

References
〔1〕 Abbes, M.B, Boujelbène Y., and Bouri A. “Disposition Effect and Momentum:Prospect Theory and Mental Accounting Framework”.Journal of Behavioral Finance. Vol. 6 Issue 2, pp.52-64, 2009.
〔2〕 Achleitner A-K., Günther,N., Kaserer ,C.and Siciliano,G.. “Real Earnings Management and Accrual-based Earnings Management in Family Firms”. European Accounting Review.Vol. 23. No. 3, pp. 431-461, 2014.
〔3〕 Adebambo .B.N.,and Yan .X. “Momentum, Reversals, and Fund Manager Overconﬁdence. Financial Management”. Fall 2016. pp. 609 – 639, 2016.
〔4〕 Anderson, R.C., Mansi, S.A., & Reeb, D.M.. “Founding family ownership and the agency cost of debt”. Journal of Financial Economics, 68(2), pp. 263–285, 2003.
〔5〕 Anderson, R.C., & Reeb, D.M. “Founding-family ownership and firm performance: Evidence from the S&P 500”. Journal of Finance, 58(3), pp. 1301–1328, 2003.
〔6〕 Antia, M., Pantzalis, C. and Park, J.C. “ CEO decision horizon and firm performance: an empirical investigation” Journal of Corporate Finance, 16, pp. 288-301, 2010.
〔7〕 Asem. E.,and Tian.G.Y. “Market Dynamics and Momentum Proﬁts”. Journal of Financial and Quantitative Analysis Vol. 45, No. 6, pp. 1549–1562, Dec. 2010.
〔8〕 Berns K .V. D. and Klarner P. “A Review of the CEO Succession Literature and A Future Research Program. Academy of Management Perspectives”, Vol. 31, No. 2,

pp.83–108, 2017.
〔9〕 Boling J.R, Pieper T.M. and Covin J.G. “CEO Tenure and Entrepreneurial Orientation Within Family and Nonfamily Firms”, Entrepreneurship Theory and Practice, pp.891-913, 2016.
〔10〕 Brickley, J. A., Linck, J. S. and Coles, J. L. “What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and CEO incentives”. Journal of Financial Economics, 51, pp.341–77, 1999.
〔11〕 Brown, J.R., Fazzari, S.M., & Petersen, B.C. “ Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom”. Journal of Finance, 64(1), pp.151–185, 2009.
〔12〕 Byun S.J, Lim S.S, and Yun S.H. “Continuing Overreaction and Stock Return Predictability”, Journal of Financial and Quantitative Analysis Vol. 51, No. 6, pp. 2015–2046, 2016.
〔13〕 Cannella, A .A .J .,&Shen ,W.. “Socloseandyetsofar: Promotion versus exit for CEO heirs apparent”. Academy of Management Journal, 44(2), pp.252–270, 2001.
〔14〕 Certo, S. T., Connelly, B. L., & Tihanyi, L. “Managers and their not-so rational decisions. Business Horizons”, 51, pp.113-119, 2008.
〔15〕 Chakravarty.A., and Grewal.R. “Analyst Earning Forecasts and Advertising and R&D Budgets: Role of Agency Theoretic Monitoring and Bonding Costs”. Journal of

Marketing Research Vol. LIII, pp.580-596, 2016.
〔16〕 Chui, A., S. Titman, and K. Ii. “Individualism and Momentum Around the World,” Journal of Finance 65, pp.361–392, 2010.
〔17〕 Cooper, M., R. Gutierrez, and A. Hameed. “Market States and Momentum,” Journal of Finance 59, pp.1345–1365, 2004.
〔18〕 Chen S.S, Ho K.U., and Ho P. “CEO Overconfîdence and Long-Term Performance Following R&D Increases”, Financial Management, pp. 245-269, 2014.
〔19〕 Chirsman, J.J and Patel, P.C. “Variations in R&D investments of family and nonfamily firms: behavioral agency and myopic loss aversion perspectives”. Academy of Management Journal. 55, pp. 976-997, 2012.
〔20〕 Cheng, S. “R&D Expenditure and CEO Compensation”. Accounting Review 79, pp. 305-328, 2004.
〔21〕 Coughlan, A., and R. Schmidt. “Executive Compensation, Management Turnover, and Firm Performance: An Empirical Investigation”. Journal of Accounting and Economics, 7. pp. 43–66, 1985.
〔22〕 Daniel, D, Hirshleifer D., and A Subrahmanyam (1998). Investor psychology and security market under-and overreactions. Journal of Finance, 53, 1839–1885.
〔23〕 Daniel D, and Hirshleifer D. “Overconfident Investors, Predictable Returns, and Excessive Trading”, Journal of Economic Perspectives—Vol 29, No. 4. pp. 61–88,

2015.
〔24〕 Dechow P.M., and Sloan R.G. “Executive incentives and the horizon problem, an empirical investigation”. Journal of Accounting and Economics 14, pp. 51-89, 1991.
〔25〕 Dimitropoulos .P.E, and Asteriou D. “The Relationship between Earnings and Stock Returns: Empirical Evidence from the Greek Capital Market”. International Journal of Economics and Finance. Vol.1 No.1 pp. 40-50, 2009.
〔26〕 Dumontier P. and Labelle R. “Accounting earnings and firm valuation: the French case”. The European Accounting Review, 7 (2), pp. 163-183, 1998.
〔27〕 Eichholtz P., and Yőnder E. “CEO Overconﬁdence, REIT Investment Activity and Performance”. Real Estate Economics, Vol 43 1: pp. 139–162, 2015.
〔28〕 Fan, P.H.J. Jian. J.Li and Y. Yeh. “Succession: The Role of Specialized Assets and Transfer Costs”. Working Paper. The Chinese University of Hong Knog, 2008.
〔29〕 Fan, P.H.J. “The importance to entrust, family firm succession”. The Oriental Press. First edition, August, 2014.
〔30〕 Fan, P.H.J., Wang, T.J., and Zhang,T. “Founder Succession and Accounting Properties”.Contemporary Accounting Research, vol 29. No.1, pp. 283-311, 2012.
〔31〕 Galasso, A., & Simcoe, T. “CEO overconﬁdence and innovation”. Working Paper, Boston University, 2010.
〔32〕 Galasso A. and Simcoe T.S. “CEO Overconﬁdence and Innovation”. Management

Science Vol. 57, No. 8, pp. 1469–1484, 2011.
〔33〕 Grifﬁn, Dale, and Amos Tversky. “The weighing of evidence and the determinants of conﬁdence”. Cognitive Psychology 24, 411–435, 1992.
〔34〕 Gao H., Harford J., and Li K. “CEO Turnover–Performance Sensitivity in Private Firms”. Journal of Financial and Quantitative Analysis, Vol. 52, No. 2, pp. 583–611, 2017.
〔35〕 Gervais, S and T Odean. “Learning to be overconﬁdent”. Review of Financial Studies, 14, pp. 1–27, 2001.
〔36〕 Gomez-Mejia, L. R., Cruz, C., Berrone, P., & De Castro, J. “The bind that ties: Socioemotional Wealth preservation in family firms”. Academy of Management Annals, 5(1), pp. 653–707, 2011.
〔37〕 Graham, J. R., Harvey, C. R., & Puri, M. “Managerial attitudes and corporate actions”. Journal of Financial Economics, 109, pp. 103–121, 2013.
〔38〕 Hirshleifer, D. “Investor psychology and asset pricing”. Journal of Finance, 64, pp. 1533–1597, 2001.
〔39〕 Hirshleifer, D. and G.Y. Luo. “On the Survival of Overconﬁdent Traders in a Competitive Securities Market”. Journal of Financial Markets 4(1): pp. 73–84, 2001.
〔40〕 Hirshleifer, D., Low, A., & Teoh, S. “Are overconﬁdent CEOs better innovators”? The Journal of Finance, 67, pp.1457–1498, 2012.

〔41〕 Hitt, M. A. and Tyler, B. B. “Strategic decision models: integrating different perspectives”. Strategic Management Journal, 12, pp. 327–51, 1991.
〔42〕 Hofstede, G. “Culture consequences: International divergences in work-related values”. London: Sage Publications, 1980.
〔43〕 Holmstrom, B. “Agency costs and innovation”. Journal of Economic Behavior and Organization, 12(3), pp. 305–327, 1989.
〔44〕 Hong, H., Kubik. J.D., and Stein, J.C. “Social Interaction and Stock-Market Participation”. The Journal of Finance, Vol LIX. No.1. pp. 137-163, 2004.
〔45〕 Hoshi, T., Kashyap, A., & Scharfstein, D. “Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups”. Quarterly Journal of Economics, 106(1), pp. 33–60, 1991.
〔46〕 Jegadeesh, N. and Titman, S. “Returns to buying winners and selling losers: Implication for stock market efficiency”. Journal of Finance 48(1): pp. 65–91, 1993.
〔47〕 Kalyta, P. “Accounting discretion, horizon problem, and CEO retirement benefits”. The Accounting Review, 84, pp. 1553–1573, 2009.
〔48〕 Kothari, S. P., Zimmerman, J. L. “Price and return models”. Journal of Accounting and Economics, 20, pp. 155-192, 1995.
〔49〕 Krause R. “Being the CEO’s Boss: An Examination of Board Chair Orientation”. Strategic Management Journal, 38: pp. 697–713, 2017.

〔50〕 Lin, M.C. “Returns and Investor Behavior in Taiwan: Does Overconﬁdence Explain this Relationship”? Review of Paciﬁc Basin Financial Markets and Policies, Vol. 8, No. 3 . pp. 405–446, 2005.
〔51〕 Malmendier, U., & Tate, G. “CEO overconﬁdence and corporate investment”. The Journal of Finance, 60, pp. 2661–2700, 2005.
〔52〕 Malmendier, U., & Tate, G. “Who makes acquisitions? CEO overconﬁdence and the market’s reaction”. Journal of Financial Economics, 89, pp. 20-43, 2008.
〔53〕 Mariano. H.L.M, Marko.R. and Sebastiaan.V.D. “Innovating Beyond the Horizon: CEO Career Horizon, Top Management Composition, and R&D Intensity”. Human Resource Management, Vol. 56 Issue 2, pp. 205-224, 2017.
〔54〕 Martikainen, T., Kallunki, J. and Perttunen, J. “Finnish earnings response coefficients: the information content of losses”. The European Accounting Review, 6 (1), pp. 69-81, 1997.
〔55〕 Matta, E. and Beamish, P. W. “The accentuated CEO career horizon problem: evidence from international acquisitions”. Strategic Management Journal, 29, pp. 683–700, 2008.
〔56〕 McClelland, P. L., Barker, V. L. III and Oh, W. Y. “CEO career horizon and tenure: future per- formance implications under different contingencies”. Journal of Business Research, 65, pp. 1387–93, 2012.

〔57〕 Minton, B.A., & Schrand, C. “The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing”. Journal of Financial Economics, 54(3), pp. 423–460, 1999.
〔58〕 Noguera M. “The Effect of Founder CEOs on the Structure of REIT Board of Directors and REIT Performance”. Real Estate Finance, winter, pp. 123-132, 2015.
〔59〕 Nofsinger J.R. “Social Mood and Financial Economics”. The Journal of Behavioral Finance, Vol.6 No.3, pp. 144-160, 2005.
〔60〕 Odean,T. “Are investors reluctant to realize their losses”? Journal of Finance, 53, pp. 1775–1798, 1998b.
〔61〕 Pan Y., Wang T.Y., and Weisbach M.S. “Learning About CEO Ability and Stock Return Volatility”. Review of Financial Studies, 28 (6) pp.1623-1666, 2015.
〔62〕 Petersen, M.A. “Estimating standard errors in finance panel data sets: Comparing approaches”. Review of Financial Studies, 22(1), pp.435–480, 2009.
〔63〕 Pindado, J., De Queiroz, V., & De la Torre, C. “How do firm characteristics influence the relationship between R&D and firm value”? Financial Management, 39(2), pp. 757–782, 2010.
〔64〕 Prencipe, A., & Bar-Yosef, S. “Corporate governance and earnings management in family-controlled companies”. Journal of Accounting, Auditing and Finance, 26(2), pp. 199–227, 2011.

〔65〕 Shefrin,H. and Statman, M. “The disposition to sell winners too early and ride losers too long: Theory and Evidence”. Journal of Finance, 40(3), pp. 777-790, 1985.
〔66〕 Shweller, R.J. “Social Security and Individual Accounts as Elements of Overall Risk-Sharing”. The Implications of Financial and Nonfinancial Risk for Public Pension Reform, Vol 93. No.2, pp. 343-347, 1993.
〔67〕 Stockmans, A., Lybaert , N., and Voordeckers, W. “Socioemotional Wealth and Earnings Management in Private Family Firms”. Family Business Review, 23(3) . pp. 280-294, 2010.
〔68〕 Strike V.M., Berrone P., Sapp S.G. and Congiu L. “A Socioemotional Wealth Approach to CEO Career Horizons in Family Firms”. Journal of Management Studies, 52(4), pp. 555-583, 2015.
〔69〕 Tsao S.M., Chang Y.W. and Koh K. “Founding Family Ownership on Myopic R&D Investment Behavior”. Journal of Accounting Auditing and Finance, Accepted on Feb 28, 2017.
〔70〕 Tate, G. M, U., and Yan, J. “Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies”. The Journal of Finance, 66, pp. 1687-1733, 2011.
〔71〕 Vancil, R. F. “Passing the baton: Managing the process of CEO succession”. Cambridge, MA: Harvard University Press, 1987.

〔72〕 Villalonga, B., & Amit, R. “How do family ownership, control and management affect firm value”? Journal of Financial Economics, 80(2), pp. 385–417, 2006.
〔73〕 Wang, D. “Founding family ownership, control and management affect firm value”? Journal of Financial Economics, 80(2), pp. 675-703, 2006.
〔74〕 Wang, FA. “Overconﬁdence, investor sentiment, and evolution”. Journal of Financial Intermediation, 10(2), pp. 138–170, 2001.
〔75〕 Warner, J. B.; R. L. Watts; and K. H. Wruck. “Stock Prices and Top Management Changes”. Journal of Financial Economics, 20, pp. 461–492, 1988.
〔76〕 Yang, M.L. “The impact of controlling families and family CEOs on earnings management”. Family Business Review, 23, pp. 266-279, 2010.
〔77〕 Yates, JF, J-W Lee and JG Bush. “General knowledge overconﬁdence: Crossnational variations, response style, and reality”. Organizational Behavior and Human Decision Processes, 70, pp. 87–94, 1997.
〔78〕 Yates, JF, Y Zhu, DL Ronis, DF Wang, H Shinotsuka and W Toda. “Probability, judgment accuracy: China, Japan, and the United States”. Organizational Behavior and Human Decision Processes, 43, pp.147–171, 1989.
〔79〕 Dianne D. Murphy University of Wisconsin–Milwaukee, Milwaukee, WI, USA See all articles by this author Search Google Scholar for this author
〔80〕 Ynlu. D.G., and Murphy .D.D.. “R&D Intensity and Economic Recession

Investigating the Moderating Role of CEO Characteristics”. Journal of Leadership & Organizational Studies, vol. 19, 3: pp. 284-293, 2012.
〔81〕 Yung.K., Li. D.D.Q., and Sun. Q.S. “CEO overconﬁdence and ﬁnancial policies of real estate investment trusts (REITs)”. Journal of Property Research, Vol. 32, No. 4, pp. 384–406, 2015.

指導教授

曹壽民

審核日期

2017-10-13

推文