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題名 經理人過度自信與企業價值：來自台灣內部人行為與財務政策之實證分析
CEO Overconfidence and Firm Value: Evidence from Insider Behavior and Financial Policy in Taiwan
作者 劉佳諺
Liu, Chia-Yen
貢獻者 車倫周
劉佳諺
Liu, Chia-Yen
關鍵詞 經理人過度自信
公司內部人
財務績效
Managerial overconfidence
Insiders
Economic performance
日期 2025
上傳時間 1-Jul-2025 14:49:50 (UTC+8)
摘要 本研究探討當企業由過度自信經理人領導時，內部人持股淨增加比率是否對公司財務績效產生正向顯著影響。研究樣本涵蓋2011年至2020年間台灣上市櫃公司共11,283筆內部人持股淨增加之交易，並依據Malmendier與Tate（2005, 2008）所提出之經理人過度投資比率衡量經理人是否過度自信，再以資產報酬率（ROA）與權益報酬率（ROE）評估公司績效。研究結果顯示，在過度自信經理人帶領下，內部人持股淨增加比率與公司財務績效之間具有更強的正向顯著關聯。此外，財務政策亦會調節此關係：當公司槓桿較低或現金流量允當比率較高時，過度自信經理人能創造更佳的績效表現。本研究強調經理人過度自信與內部交易訊號之間的交互關係，揭示財務政策如何強化或限制其對公司績效的影響。
This study investigates whether the insiders' net purchase ratio significantly impacts a firm's financial performance when overconfident CEOs lead the firm. Using a sample of 11,283 net insider purchases from Taiwan's listed companies between 2011 and 2020, we measure CEO overconfidence by employing the managerial overinvestment ratio proposed by Malmendier and Tate (2005, 2008) and assess firm performance using ROA and ROE. Our findings indicate that insiders' net purchase ratio is more strongly associated with improved financial performance in firms managed by overconfident CEOs. Furthermore, financial policies moderate this relationship; overconfident CEOs achieve better outcomes under lower leverage or a higher cash flow adequacy ratio. This study emphasizes the interaction between overconfident CEOs and insider trading signals, revealing how financial policy can amplify or constrain their effect on firm performance.
參考文獻 Aktas, N., De Bodt, E., & Roll, R. (2019). Learning from repetitive acquisitions: Evidence from the time between deals. Journal of Financial Economics, 131(1), 36–62. Ben-David, I., Graham, J. R., & Harvey, C. R. (2007). Managerial overconfidence and corporate policies. NBER Working Paper No. 13711. Blank, M., & Alldredge, D. M. (2023). Do insiders at multinational firms earn greater trading profits? Journal of Corporate Finance, 79, 102297. Galasso, A., & Simcoe, T. S. (2011). CEO overconfidence and innovation. Management Science, 57(8), 1469–1484. Gangopadhyay, A., Jacob, J., & Seyhun, H. N. (2019). Insider trading and future return on assets. Journal of Financial Markets, 45, 100513. Hayward, M. L. A., & Hambrick, D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly, 42(1), 103–127. Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial Management, 31(2), 33–45. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The Journal of Finance, 67(4), 1457–1498. Lakonishok, J., & Lee, I. (2001). Are insider trades informative? Review of Financial Studies, 14(1), 79–111. Lee, E., Liu, C., & Strong, N. (2019). Insider trading around share repurchases and SEOs: Real effects and regulations. Journal of Banking & Finance, 105, 1–20. Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661–2700. Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89(1), 20–43. Malmendier, U., & Tate, G. (2015). Behavioral CEOs: The role of managerial overconfidence. Journal of Economic Perspectives, 29(3), 37–60. Sauerwald, S., & Su, W. (2019). CEO overconfidence and CSR decoupling. Corporate Governance: An International Review, 27(4), 283–300. Su, X.-Q., Lin, Y.-C., Chen, C.-M., & Lowe, A. (2019). Are educational managers credible or overconfident? Evidence from share repurchases in Taiwan. Pacific-Basin Finance Journal, 56, 93–112.
描述 碩士
國立政治大學
財務管理學系
112357011
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112357011
資料類型 thesis
dc.contributor.advisor 車倫周zh_TW
dc.contributor.author (Authors) 劉佳諺zh_TW
dc.contributor.author (Authors) Liu, Chia-Yenen_US
dc.creator (作者) 劉佳諺zh_TW
dc.creator (作者) Liu, Chia-Yenen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 14:49:50 (UTC+8)-
dc.date.available 1-Jul-2025 14:49:50 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 14:49:50 (UTC+8)-
dc.identifier (Other Identifiers) G0112357011en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157772-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 112357011zh_TW
dc.description.abstract (摘要) 本研究探討當企業由過度自信經理人領導時，內部人持股淨增加比率是否對公司財務績效產生正向顯著影響。研究樣本涵蓋2011年至2020年間台灣上市櫃公司共11,283筆內部人持股淨增加之交易，並依據Malmendier與Tate（2005, 2008）所提出之經理人過度投資比率衡量經理人是否過度自信，再以資產報酬率（ROA）與權益報酬率（ROE）評估公司績效。研究結果顯示，在過度自信經理人帶領下，內部人持股淨增加比率與公司財務績效之間具有更強的正向顯著關聯。此外，財務政策亦會調節此關係：當公司槓桿較低或現金流量允當比率較高時，過度自信經理人能創造更佳的績效表現。本研究強調經理人過度自信與內部交易訊號之間的交互關係，揭示財務政策如何強化或限制其對公司績效的影響。zh_TW
dc.description.abstract (摘要) This study investigates whether the insiders' net purchase ratio significantly impacts a firm's financial performance when overconfident CEOs lead the firm. Using a sample of 11,283 net insider purchases from Taiwan's listed companies between 2011 and 2020, we measure CEO overconfidence by employing the managerial overinvestment ratio proposed by Malmendier and Tate (2005, 2008) and assess firm performance using ROA and ROE. Our findings indicate that insiders' net purchase ratio is more strongly associated with improved financial performance in firms managed by overconfident CEOs. Furthermore, financial policies moderate this relationship; overconfident CEOs achieve better outcomes under lower leverage or a higher cash flow adequacy ratio. This study emphasizes the interaction between overconfident CEOs and insider trading signals, revealing how financial policy can amplify or constrain their effect on firm performance.en_US
dc.description.tableofcontents 1. Introduction 1 2. Literature Review 4 2.1 Overconfident CEOs 4 2.2 Insider Trading and Firm Financial Performance 5 3. Hypothesis Development 7 3.1 Relationship between Overconfident CEOs and Financial Performance 8 3.2 Financial Performance of Overconfident CEOs depending on Financial Policies 9 3.2.1 Leverage 9 3.2.2 Cash Flow Adequacy Ratio 9 4. Research Design 10 4.1 Data 10 4.2 Variable Description 10 4.2.1 Overconfident CEOs 10 4.2.2 Financial Performance 11 4.3 Summary Statistics 11 4.4 Empirical Models 12 5. Results 14 5.1 Overconfident CEOs and financial performance: Main evidence 14 5.2 Financial performance of overconfident CEOs depending on financial policies 15 6. Conclusion 15 References 19 Appendix 1: Definition of variables 21zh_TW
dc.format.extent 1057263 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112357011en_US
dc.subject (關鍵詞) 經理人過度自信zh_TW
dc.subject (關鍵詞) 公司內部人zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) Managerial overconfidenceen_US
dc.subject (關鍵詞) Insidersen_US
dc.subject (關鍵詞) Economic performanceen_US
dc.title (題名) 經理人過度自信與企業價值：來自台灣內部人行為與財務政策之實證分析zh_TW
dc.title (題名) CEO Overconfidence and Firm Value: Evidence from Insider Behavior and Financial Policy in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aktas, N., De Bodt, E., & Roll, R. (2019). Learning from repetitive acquisitions: Evidence from the time between deals. Journal of Financial Economics, 131(1), 36–62. Ben-David, I., Graham, J. R., & Harvey, C. R. (2007). Managerial overconfidence and corporate policies. NBER Working Paper No. 13711. Blank, M., & Alldredge, D. M. (2023). Do insiders at multinational firms earn greater trading profits? Journal of Corporate Finance, 79, 102297. Galasso, A., & Simcoe, T. S. (2011). CEO overconfidence and innovation. Management Science, 57(8), 1469–1484. Gangopadhyay, A., Jacob, J., & Seyhun, H. N. (2019). Insider trading and future return on assets. Journal of Financial Markets, 45, 100513. Hayward, M. L. A., & Hambrick, D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly, 42(1), 103–127. Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial Management, 31(2), 33–45. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The Journal of Finance, 67(4), 1457–1498. Lakonishok, J., & Lee, I. (2001). Are insider trades informative? Review of Financial Studies, 14(1), 79–111. Lee, E., Liu, C., & Strong, N. (2019). Insider trading around share repurchases and SEOs: Real effects and regulations. Journal of Banking & Finance, 105, 1–20. Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661–2700. Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89(1), 20–43. Malmendier, U., & Tate, G. (2015). Behavioral CEOs: The role of managerial overconfidence. Journal of Economic Perspectives, 29(3), 37–60. Sauerwald, S., & Su, W. (2019). CEO overconfidence and CSR decoupling. Corporate Governance: An International Review, 27(4), 283–300. Su, X.-Q., Lin, Y.-C., Chen, C.-M., & Lowe, A. (2019). Are educational managers credible or overconfident? Evidence from share repurchases in Taiwan. Pacific-Basin Finance Journal, 56, 93–112.zh_TW