經理人樂觀傾向、家族企業特性對投資現金流量敏感度之研究

Abstract

本研究探討家族企業樂觀經理人樂觀傾向對投資現金流量敏感度的影響，並將家族企業內之經理人分為家族CEO與非家族CEO，再將之分別與非家族企業之專業經理人做比較，以進一步瞭解此三類經理人對投資現金流量敏感度是否有不同之影響。實證結果發現：家族企業樂觀經理人相較於非家族企業樂觀經理人具有較高的投資現金流量敏感度，其主因是由於家族企業內的樂觀家族CEO所致，且其具有過度投資的傾向，但並無投資不足問題。

This paper examines the effect of family business and managerial optimism on the investment-cash flow sensitivity. We divide the CEOs in family businesses into family member CEOs and professional CEOs and then investigate whether these two types of CEOs and the third type-CEOs in non-family firms-have different influences on the investment-cash flow sensitivity. The results show that optimistic family businesses, compared with optimistic non-family businesses, have higher investment-cash flow sensitivity and the higher investment-cash flow sensitivity mainly results from optimistic family member CEOs. Finally, we find that this higher investment-cash flow sensitivity is due to overinvestment rather than underinvestment problem.