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。 ;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.