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系統識別號 U0026-0708201808132700
論文名稱(中文) The Impact of CEO Overconfidence to Firm’s Financial Flexibility
論文名稱(英文) The Impact of CEO Overconfidence to Firm’s Financial Flexibility
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所
系所名稱(英) Institute of International Management
學年度 106
學期 2
出版年 107
研究生(中文) 曾文慧
研究生(英文) Olivia Tanaya
電子信箱 oliviatanaya16@gmail.com
學號 RA6057515
學位類別 碩士
語文別 英文
論文頁數 56頁
口試委員 指導教授-謝惠璟
召集委員-楊曉瑩
口試委員-張巍勳
中文關鍵字 none 
英文關鍵字 Cognitive bias  Overconfidence bias  CEO overconfidence  Financial flexibility 
學科別分類
中文摘要 none
英文摘要 This research aims to analyze the effect of CEO overconfidence on firm’s financial flexibility. Financial flexibility is the ability to handle negative income shocks and take investment opportunity during positive income shocks. In the presence of recession or investment opportunity in the future, firms may need more money to handle with it. Firms can obtain financial flexibility through several ways such as adopt conservative debt policy or accumulate cash. CEO in the company held the position to determine firm’s strategy. Once they have behavioral bias such as overconfidence, they may have difference perspective and operate firms differently. This research uses US firms as sample with time period start from 1992 until 2016. Using two-stage least squares as the tool to analyze the data, this study found that when there’s expectation regarding recession, they are likely to prepare their financial condition. From the CEO overconfidence, it proves that having overconfident CEOs can increase firm’s financial flexibility. However, when these overconfident CEOs receive the information regarding the recession, they tend to become less prepare. Overconfidence bias makes them underestimate the risk of recession.
論文目次 TABLE OF CONTENTS
ABSTRACT I
ACKNOWLEDGEMENTS II
TABLE OF CONTENTS I
LIST OF TABLES III
LIST OF FIGURES IV
CHAPTER ONE INTRODUCTION 5
1.1 Research Background. 5
1.1.1 The Importance of Financial Flexibility. 6
1.1.2 Recession. 7
1.1.3 The Importance of Overconfidence Bias. 9
1.1.4 CEO Overconfidence and Financial Flexibility. 11
1.2 Research Objective and Motivation. 11
1.3 Research Gaps and Contributions. 12
1.4 Research Structure. 13
CHAPTER TWO LITERATURE REVIEW 14
2.1 Upper Echelons Theory. 14
2.2 Perception of Recession and Financial Flexibility. 16
2.3 CEO Overconfidence. 18
2.4 CEO Overconfidence and Financial Flexibility. 19
2.5 CEO Overconfidence and Perception of Recession. 21
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 23
3.1 Data Collection. 23
3.2 Data Measurement. 23
3.2.1 Dependent Variable. 23
3.2.2 Independent Variable. 25
3.2.3 Control Variables. 27
3.3 Methodology and Regression Model. 30
3.3.1 Model. 30
3.3.2 Methodology. 31
3.4 Result Expectations. 32
CHAPTER FOUR RESEARCH RESULTS 33
4.1 Descriptive Statistics. 33
4.2 Correlation Analysis. 36
4.3 Endogeneity Test. 39
4.4 Weak Instrument Test. 40
4.5 Results. 42
4.6 Robustness Check. 46
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 49
5.1 Research Conclusions. 49
5.2 Research Implications. 50
5.3 Research Limitations and Suggestions. 50
REFERENCES 52
APPENDICES 56
Appendix 1: Variable definitions. 56

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