| DC 欄位 |
值 |
語言 |
| DC.contributor | 企業管理學系 | zh_TW |
| DC.creator | 張胤唯 | zh_TW |
| DC.creator | CHANG,YIN-WEI | en_US |
| dc.date.accessioned | 2017-10-13T07:39:07Z | |
| dc.date.available | 2017-10-13T07:39:07Z | |
| dc.date.issued | 2017 | |
| dc.identifier.uri | http://ir.lib.ncu.edu.tw:444/thesis/view_etd.asp?URN=994401001 | |
| dc.contributor.department | 企業管理學系 | zh_TW |
| DC.description | 國立中央大學 | zh_TW |
| DC.description | National Central University | en_US |
| dc.description.abstract | 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。 | zh_TW |
| dc.description.abstract | 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. | en_US |
| DC.subject | 家族股權 | zh_TW |
| DC.subject | 經理人過度自信 | zh_TW |
| DC.subject | 經理人退休前短視行為 | zh_TW |
| DC.subject | 研發投入行為 | zh_TW |
| DC.subject | 短期動能 | zh_TW |
| DC.subject | 長期反轉 | zh_TW |
| DC.subject | family ownership | en_US |
| DC.subject | overconfidence | en_US |
| DC.subject | CEO’s horizon | en_US |
| DC.subject | R&D investment behavior | en_US |
| DC.subject | momentum | en_US |
| DC.subject | reversion to the means | en_US |
| DC.title | 經理人過度自信與退休前短視近利的行為 | zh_TW |
| dc.language.iso | zh-TW | zh-TW |
| DC.title | Overconfidence Applied to CEO Career Horizon on Myopic R&D Investment Behavior | en_US |
| DC.type | 博碩士論文 | zh_TW |
| DC.type | thesis | en_US |
| DC.publisher | National Central University | en_US |