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台灣上市櫃公司經理人過度自信與公司股利決策 = The Relation...

國立高雄大學金融管理學系碩士班

台灣上市櫃公司經理人過度自信與公司股利決策 = The Relationship Between Taiwanese CEO Overconfidence and Dividend Policy

紀錄類型:	書目-語言資料,印刷品 : 單行本
並列題名:	The Relationship Between Taiwanese CEO Overconfidence and Dividend Policy
作者:	歐守峰,
其他團體作者:	國立高雄大學
出版地:	[高雄市]
出版者:	撰者;
出版年:	2014[民103]
面頁冊數:	38面圖，表 : 30公分;
標題:	過度自信
標題:	Managerial Overconfidence
電子資源:	http://handle.ncl.edu.tw/11296/ndltd/13027164590568440883
附註:	參考書目：面30-32
附註:	103年12月16日公開
摘要註:	本篇研究以三種管理者過度自信指標探討公司管理當局過度自信的心理對公司股利決策的影響。參考Malmendier 與 Tate(2005)中的二項指標：一，若經理人持有股份百分比為所有經理人當中的前百分之二十且當年度較前一年度增加百分之十以上，則經理人為過度自信。其次，以中庸新聞報導對公司管理當局的描寫以區分管理當局是否為過度自信。並輔以Ben-David et al.(2007)當年度相同產業中資本支出是否大於產業中位數之指標。得出結論：在2008年到2012年間，過度自信傾向會使經理人發放較少之股利，而公司的盈餘越多、市值淨值比越高、規模越大，會使得公司的股利發放率越多。根據Campello et al.(2010)，由於2008年金融海嘯之後，市場上外部資金取得成本較高，因此推測過度自信的經理人為了保留公司來年投資的能力，選擇降低當年度股利的發放。 In this paper, we investigate the effects of psychological overconfidence on dividend policy by employing three managerial overconfidence proxies measuring managerial overconfidence. The first tow proxies used in Malmendier and Tate (2005,2008) are：First, the CEO is overconfident if the percentage of shares held by the manager are in the top quintile of the distribution and those purchases increase their ownership in the ﬁrm more than 10% during the ﬁscal year. Second, we use neutral media reports which describe the CEO’s psychology to identify whether the CEO is overconfident. Further, based on Ben-David et al. (2007), we use another overconfidence measure that the capital expenditures deﬂated by lagged total assets in a given year is greater than the median level of the industry. Our result indicates that overconfident CEO may pay less dividend. Moreover higher dividend payout is driven by higher company earnings, higher MB ratios, and larger company size. According to the resulted founded in Campello et al. (2010), because of higher cost in obtaining external funds since 2008 Global Financial Crisis, overconfident CEO may reduce the annual dividend payment in order to save the capital to invest in the coming year.

台灣上市櫃公司經理人過度自信與公司股利決策 = The Relationship Between Taiwanese CEO Overconfidence and Dividend Policy
歐, 守峰

台灣上市櫃公司經理人過度自信與公司股利決策 = The Relationship Between Taiwanese CEO Overconfidence and Dividend Policy / 歐守峰撰 - [高雄市] : 撰者, 2014[民103]. - 38面 ; 圖，表 ; 30公分.
參考書目：面30-32103年12月16日公開.
過度自信Managerial Overconfidence

台灣上市櫃公司經理人過度自信與公司股利決策 = The Relationship Between Taiwanese CEO Overconfidence and Dividend Policy
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