總經理過度自信與會計穩健性之交互作用對公司績效的影響

Abstract

過去文獻探討總經理過度自信與公司績效之間的關聯，大多呈現兩者為負相關，而過去文獻探討會計穩健性與公司績效之間的關聯，也大多呈現兩者為負相關，但會計穩健性與公司績效之間為負相關不代表會計穩健性會負面影響公司，會計穩健性反而會透過對投資活動的監督進而正面影響公司。透過會計穩健性對投資活動的監督之下，過度自信的總經理是否能執行對公司有正面影響的投資活動？因此，本篇研究將兩者同時放入模型當中去探討兩者的交互作用與公司績效之間的關聯，探討是否兩者的交互作用與公司績效呈現正相關，研究樣本以台灣經濟新報資料庫裡上市櫃公司2000年至2012年的資料為對象。 實證結果發現，公司具有過度自信的總經理及會計制度較穩健時，兩者的交互作用對公司績效會造成顯著的正面影響。當公司企業風險較高或融資限制程度較大時，總經理過度自信與會計穩健性的交互作用對公司績效的正面影響會更顯著，另外，相對於金融風暴前與金融風暴後，金融風暴期間總經理過度自信與會計穩健性的交互作用對公司績效正面的影響更為顯著。

Many researches document that CEO overconfidence is negatively related to firm performance. Many researches also document that accounting conservatism is negatively related to firm performance. But the negative correlation of accounting conservatism and firm performance doesn’t indicate that accounting conservatism will negatively affect firms, instead accounting conservatism will positively affect firms by supervising investment activities. Under the supervision of investment activities through accounting conservatism, can overconfident CEOs perform investment activities that have positive impacts on firms? Therefore, this study will put both of them and their interaction term into the model and examine the joint effect of CEO overconfidence and accounting conservatism on firm performance. The results show that, the joint effect of CEO overconfidence and accounting conservatism on firm performance is significantly positive. For firms with higher firm risk or more stringent financing constraints, the joint effect of CEO overconfidence and accounting conservatism on firm performance is stronger, compared to firms with lower firm risk or less stringent financing constraints. In addition, the joint effect of CEO overconfidence and accounting conservatism on firm performance is stronger during the financial crisis, compared to the periods before and after the financial crisis.