經理人過度自信與重建計畫類型之關聯性研究

Abstract

本研究探討經理人的過度自信對重建計畫類型之影響。樣本期間設定為 2002年至2013年，以S&P 1500中處於財務困境的公司為研究對象進行分析。研究結果顯示，過度自信的經理人傾向不選擇營運性重建計畫，其在面臨威脅時較不會有威脅導致僵化之現象。此外，本研究發現過度自信的經理人在短期策略性重建計畫與長期策略性重建計畫的偏好程度並無不同。

This thesis examines the effect of CEO overconfidence on the choice of turnaround initiatives. Using a sample of distressed firms in S&P 1500 from 2002 to 2013, the results show that overconfident CEOs are less likely to implement extensive operating initiatives in response to declining performance; i.e., they are less likely to employ ‘threat-rigidity’ responses. We also find that there is no significant difference of preference between short-term and long-term strategic turnaround initiatives for overconfident CEOs.