英文摘要 |
This study examines whether family business characteristics would affect the sensitivity between managerial overconfidence and capital structure decisions. Additionally, we further classify family business management as family CEOs and non-family CEOs to distinguish which type of CEOs mainly affect the sensitivity between managerial overconfidence and capital structure decisions. The sample is comprised of Taiwanese firms and OTC companies listed between 2001 and 2007. A three-stage least squares method is applied. The results indicate that (1) the sensitivity between managerial overconfidence and capital structure decisions is positive; (2) the sensitivity between managerial overconfidence and capital structure decisions reduces because the family business tend to be averse to the risk and the needs of signaling behaviors are relatively low; (3) the reduced sensitivity between managerial overconfidence and capital structure decisions mainly results from the family business with family CEOs. In addition, the sensitivity between managerial overconfidence and capital structure decisions increases insignificantly for the family business with non-family CEOs. |