题名

CEO Overconfidence and Corporate Investment: Evidence from the Industry Deregulation

并列篇名

從法規鬆綁探討CEO過度自信與公司投資之關聯性

DOI

10.6545/JFS.202006_28(2).0001

作者

陳一如(I-Ju Chen)

关键词

CEO overconfidence ； corporate investment ； industry deregulation ； CEO過度自信 ； 公司投資 ； 政府法規鬆綁

期刊名称

財務金融學刊

卷期/出版年月

28卷2期（2020 / 06 / 30）

页次

1 - 47

内容语文

英文
中文摘要

This study examines the relationship between CEO overconfidence and corporate investment after deregulation. Industry deregulation allows deregulated firms more operation freedom, gives managers more discretion over operation strategies, and creates a more competitive environment. Therefore, managerial function or decision quality become more and more important after deregulation. Our empirical findings suggest that overconfident CEOs of deregulated firms are more willing to conduct investment, in particular advertising expense, in the post-deregulation period. Furthermore, the deregulated firms with overconfidence CEOs perform better than other matched firms after complete deregulation.
英文摘要

本研究探討政府法規鬆綁後，公司主要經營者是否會因過度自信而影響到公司投資的效益。一般而言，政府法規鬆綁會讓公司在經營上有更大的彈性與競爭，因此公司的管理效能或決策品質變得越來越重要。研究結果顯示，在法規鬆綁的產業中，過度自信的公司經營者常增加廣告的投資，而投資後的績效確實優於未鬆綁的配對公司。
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
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