以CEO所受大學教育地區別與博雅程度作為企業投資特性之解釋變數

Abstract

本研究探討CEO所受大學教育地區別與博雅程度對其企業過度投資與投資不足程度的解釋力，選取美國上市公司1995年到2024年間數據為樣本。實證結果顯示，CEO所受大學教育地區別與博雅程度對企業過度投資 (overinvestment) 有顯著影響；美國一般大學背景的 CEO 傾向短期導向與極端投資行為，更容易過度投資或投資不足；美國軍事大學背景的 CEO具備較高風險承擔能力，更容易過度投資、不容易投資不足；美國博雅大學背景的 CEO 更容易投資不足、不容易過度投資；歐盟大學背景 CEO 的投資決策並非總是保守穩健。

This study examines whether and the extent to which region and liberal arts exposure of a CEO’s undergraduate institution help explain corporate over- and under-investment. Focusing on U.S. publicly listed companies from 1995 to 2024. This study documents that a CEO’s educational region and liberal arts exposure significantly influence corporate overinvestment. Also, CEOs with a U.S. military college degrees exhibit greater mean overinvestment compared to the others. CEOs with a U.S. research university degrees tend to adopt short-term investment strategies. In contrast, those with educational backgrounds from U.S. liberal arts colleges tend to adopt more prudent and conservative investment strategies, resulting in less overinvestment but more underinvestment. Moreover, CEOs with a European Union university degree appear to be more prone to overinvest when interacting with operating cash flow.