過度自信經理人對於企業社會責任與財務績效之影響 — 台灣科技業與金融業之跨業比較

Abstract

本研究的主要目的在於探討過度自信的經理人與企業社會責任與財務績效之間的相關性，並探討台灣科技業與金融業之間的結果差異。企業社會責任在當今日益重要，已成為企業發展策略中不可或缺的一環，因其能夠創造良好的企業聲譽並吸引投資者和利害關係者的關注，提升公司品牌形象，進而對公司財務績效產生影響。過度自信的經理人常常對公司前景持樂觀態度，高估未來的現金流量，並認為公司有足夠的資源來增加投資。因此，本研究以過度自信的經理人為出發點，探討其與企業社會責任之間的關聯性，進一步驗證過度自信的經理人是否會增加企業社會責任的投入，並進一步探討過度自信的經理人是否對企業社會責任與財務績效產生調節影響，最後再比較科技業與金融業兩項台灣重要產業間的差異。經實證分析顯示，過度自信的經理人與企業社會責任之間存在顯著的正相關性，這意味著若經理人具有過度自信的傾向，會增加企業社會責任的投入。此外，過度自信的經理人對企業社會責任與財務績效之間存在顯著的負向調節效果，與假設不符。最後，研究亦顯示科技業經理人的過度自信程度對企業社會責任相較金融業具有更大顯著的正向邊際解釋力。

This study explores the relationship between overconfident managers and corporate social responsibility (CSR) as well as financial performance, with a specific focus on comparing the technology and financial industries in Taiwan. CSR has become essential for businesses, contributing to their development strategies by creating a positive reputation and attracting stakeholders and investors. Overconfident managers tend to be optimistic about the company`s prospects, overestimating cash flows, and assuming the ability to increase investments. The study investigates whether overconfident managers increase CSR investments and whether their overconfidence moderates the impact of CSR on financial performance. Lastly, a comparison is made between the technology industry and the financial industry, two vital sectors in Taiwan. Empirical analysis shows a significant positive correlation between overconfident managers and CSR, indicating a tendency to invest more in CSR. However, contrary to expectations, overconfident managers negatively moderate the relationship between CSR and financial performance. Moreover, the study reveals that overconfidence has a more pronounced positive impact on CSR in the technology industry compared to the financial sector.