The Influence of CEO Overconfidence on IPO underpricing & Long-term performance - Moderator by Environment and Board capitals

• Main Authors: Lai,Chun-Yeh, 來君曄
• Other Authors: Jung-Ho Lai
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/g578p4

碩士 === 國立臺北商業大學 === 財務金融研究所 === 106 === Past behavioral finance research mostly pointed out that managerial overconfidence (MOC) had a bad effect on the firm, but recent studies report positive effect of MOC on the outlines of R&D and innovation. This study used IPO companies as samples to discuss that what kind of situation, MOC can improve the performance of IPO firms. Our evidence suggests that MOC is negatively correlated with initial return and long-term performance of IPO firms. Environmental dynamism and environmental complexity aggravate the negative effect on the elationship between MOC and long-term performance of IPO firms. On the other hand, environmental munificence, education background and occupations background of broad members have no significant moderator effect on the relationship between MOC and long-term performance of IPO firms.