How Does CEO Overconfidence Influence Market Value Through R&D and Financial Performance?

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题名:	How Does CEO Overconfidence Influence Market Value Through R&D and Financial Performance?
作者:	Lin, Ying-Hua
贡献者:	財務金融學系碩士在職專班
关键词:	market value;operating performance;R&D output;manager’s over-confidence level
日期:	2015
上传时间:	2015-10-14 08:50:59 (UTC+0)
出版者:	亞洲大學
摘要:	In recent years, the topic of managers’ irrational behaviors has drawn increasing attention. Related studies mostly focus on discussion about corporate managers, while few shed light on their impact on R&D output. This study measures Taiwan's electronics technology industry managers’ over-confidence level by their prediction of profit in the future and further examines whether difference between R&D outputs influenced and not influenced by manager’s over-confidence is statistically significant. It also discussed the influences of the ratio of R&D expense and equity variable on their operating performance, from which the impacts of their performance on their market value can be reflected. The empirical results showed that: (1) the managers’ over-confidence level has no significant influence on the quantity of patents; (2) the quantity of patents has a significantly positive influence on a company’s operating performance; (3) the operating performance of a company has a significantly positive influence on its market value.
显示于类别:	[財務金融學系] 博碩士論文

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