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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 廖咸興 | zh_TW |
| dc.contributor.advisor | Hsien-Hsing Liao | en |
| dc.contributor.author | 游芷蔚 | zh_TW |
| dc.contributor.author | Ju-Wee Yeau | en |
| dc.date.accessioned | 2025-07-16T16:13:36Z | - |
| dc.date.available | 2025-07-17 | - |
| dc.date.copyright | 2025-07-16 | - |
| dc.date.issued | 2025 | - |
| dc.date.submitted | 2025-06-21 | - |
| dc.identifier.citation | Aghion, P., Van Reenen, J., & Zingales, L. (2013). Innovation and institutional ownership. American Economic Review, 103(1), 277–304.
Chang, X., Chen, Y., Wang, S. Q., Zhang, K., & Zhang, W. (2019). Credit default swaps and corporate innovation. Journal of Financial Economics, 134(1), 108–130. Fang, V. W., Tian, X., & Tice, S. (2014). Does stock liquidity enhance or impede firm innovation? The Journal of Finance, 69(5), 2085–2125. He, J., & Tian, X. (2013). The dark side of analyst coverage: The case of innovation. Journal of Financial Economics, 109(3), 856–878. Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The Journal of Finance, 67(4), 1457–1498. Hirshleifer, D., Hsu, P. H., & Li, D. (2013). Innovative efficiency and stock returns. Journal of Financial Economics, 107(3), 632–654. Hsu, P.-H., Lee, H.-H., Liu, A. Z., & Zhang, Z. (2015). Corporate innovation, default risk, and bond pricing. Journal of Corporate Finance, 35, 329–344. Kim, J., & Koo, K. J. (2018). Innovation activities and credit risk. Emerging Markets Finance and Trade, 54(10), 2262–2280. Lu, H., Wang, S., & Zhang, Z. (2010). Analyst coverage and corporate investment. Journal of International Financial Markets, Institutions and Money, 20(2), 155-170. Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661–2700. Merton, R. C. (1974). On the pricing of corporate debt: The risk structure of interest rates. The Journal of Finance, 29(2), 449–470. Schrand, C. M., & Zechman, S. L. C. (2012). Executive overconfidence and the slippery slope to financial misreporting. Journal of Accounting Research, 50(5), 1113–1151. Simeth, M., & Wehrheim, D. (2024). On “Innovation and institutional ownership”. Journal of Corporate Finance, 86, 102569. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/97775 | - |
| dc.description.abstract | 本研究探討企業創新對公司違約風險的影響，並分析過度自信 CEO 、機構投資人持股比例及資訊不對稱等因素之調節效果。以 2008 年至 2022 年美國企業為樣本，利用專利數量與被引用數作為創新指標，並採用縱橫斷面迴歸分析。實證結果顯示，企業創新與違約風險呈顯著負相關，惟當 CEO 過度自信或機構持股比例較高時，此負向關係有所削弱；而資訊不對稱程度越高時，創新對降低違約風險的效果則越明顯。穩健性檢定亦支持主要結論。本研究強調企業創新與財務風險管理之間的交互作用。 | zh_TW |
| dc.description.abstract | This study examines the impact of corporate innovation on firms’ probability of default, with a focus on the moderating effects of CEO overconfidence, institutional ownership, and information asymmetry. Using a sample of U.S. firms from 2008 to 2022, innovation is proxied by patent counts and citations, and the analysis is conducted through panel data regressions. The empirical results show that higher innovation is associated with lower default risk. However, this negative relationship is weakened in firms with more overconfident CEOs and higher institutional ownership, while it is strengthened under higher information asymmetry. Robustness checks using patent citations confirm the main findings. This study contributes to a deeper understanding of the interaction between innovation activities and financial risk management. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2025-07-16T16:13:36Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2025-07-16T16:13:36Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | Table of Contents
摘要 i Abstract ii Table of Contents iii List of Tables iv 1. Introduction 1 2. Literature Review and Hypothesis 3 A. Literature Review 3 A.1 Innovation and Default risk 3 A.2 Overconfident CEO 4 A.3 Institutional Investor 4 A.4 Information Asymmetry 5 B. Hypothesis 6 3. Data and Summary Statistics 7 A. Data and sample selection 7 B. Summary statistics and Correlation Matrix 8 4. Methodology 10 A. Empirical model 10 A.1 Baseline Regression Model 10 A.2 Moderating Model 11 A.2.1 Moderating Variable 11 5. Empirical Result 12 A. Regression results analysis 12 A.1 The effect of corporate innovation on default risk (H1) 12 A.2 Moderation Analysis: CEO Overconfidence(H2) 13 A.3 Moderation Analysis: Institutional Ownerships (H3) 14 A.4 Moderation Analysis: Information Asymmetry (H4) 15 B. Robustness checks 16 B.1 The effect of corporate innovation on default risk (H1) 16 B.2 Moderation Analysis: CEO Overconfidence (H2) 16 B.3 Moderation Analysis: Institutional Ownerships (H3) 17 B.4 Moderation Analysis: Information Asymmetry (H4) 18 6. Conclusion 19 Reference 20 | - |
| dc.language.iso | en | - |
| dc.subject | 創新 | zh_TW |
| dc.subject | 資訊不對稱 | zh_TW |
| dc.subject | 機構投資人持股 | zh_TW |
| dc.subject | 過度自信 CEO | zh_TW |
| dc.subject | 違約風險 | zh_TW |
| dc.subject | Default Risk | en |
| dc.subject | Information Asymmetry | en |
| dc.subject | Overconfident CEO | en |
| dc.subject | Institutional Ownership | en |
| dc.subject | Innovation | en |
| dc.title | 企業創新與公司違約風險：不同因子調節效果 | zh_TW |
| dc.title | Corporate Innovation and Default Risk: The Moderating Effects of Various Factors | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 113-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 陳宗岡;盧嘉梧 | zh_TW |
| dc.contributor.oralexamcommittee | Tsung-Kang Chen;Chia-Wu Lu | en |
| dc.subject.keyword | 創新,違約風險,過度自信 CEO,機構投資人持股,資訊不對稱, | zh_TW |
| dc.subject.keyword | Innovation,Default Risk,Overconfident CEO,Institutional Ownership,Information Asymmetry, | en |
| dc.relation.page | 43 | - |
| dc.identifier.doi | 10.6342/NTU202501246 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2025-06-23 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 財務金融學系 | - |
| dc.date.embargo-lift | N/A | - |
| 顯示於系所單位： | 財務金融學系 | |
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|---|---|---|---|
| ntu-113-2.pdf 未授權公開取用 | 1.22 MB | Adobe PDF |
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