經理人過度自信、公司治理對企業創新的影響

Abstract

本研究以臺灣2016年至2023年所有上市櫃公司為研究樣本，欲了解經理人過度自信、公司治理、兩者交互作用對臺灣企業創新投入與產出之影響。本研究共分四個階段，前兩階段分別驗證經理人過度自信與公司治理對企業創新投入與產出之影響；第三階段為本文之主研究，欲了解兩者交互作用是否對企業創新投入與產出有影響；第四階段則研究該影響在電子產業與非電子產業中是否存在差異。 實證結果顯示，經理人過度自信與公司治理皆分別對企業創新投入與產出具有顯著正向影響，為企業帶來更多研發投入、專利權數量與專利引用次數。主研究結果則顯示，兩者交互作用同樣會影響企業創新投入與產出，顯示當公司治理程度提高時，治理機制能有效發揮監督作用，使經理人過度自信之特質轉化為推動企業創新發展的助力。最後，本文也發現經理人過度自信與公司治理之交互作用僅在電子產業中對企業創新產出具有影響，顯示產業特性在其中扮演著重要角色。

Using all listed companies in Taiwan from 2016 to 2023, this paper examines the effects of CEO overconfidence, corporate governance, and their interaction effect on firms’ innovation. The research is conducted in four stages. The first two stages respectively analyze the individual impacts of CEO overconfidence and corporate governance on innovation input and output. The third stage, which serves as the core of this study, explores whether the interaction between the two factors influences corporate innovation. The fourth stage examines whether such effects differ between the electronics and non-electronics industries. The empirical results show that both CEO overconfidence and corporate governance independently have significant positive effects on firms’ innovation input and output, leading to greater R&D investment, more patents, and higher citation counts. The main findings also reveal that the interaction between CEO overconfidence and corporate governance significantly affects innovation input and output. This suggests that when corporate governance improves, its monitoring mechanisms can effectively transform the traits of CEO overconfidence into a driving force for innovation. Finally, this study finds that the interaction effect is significant only in the electronics industry with respect to innovation output, highlighting the crucial role of industry characteristics.