創新或過度投資？過度自信經理人從事企業社會責任活動對公司經營績效的影響

"Innovation or Overinvestment? Overconfident Managers, Corporate Social Responsibility, and Operating Performance"

"研究目的：本文的研究目的是分析過度自信經理人對於公司企業社會責任(corporate social responsibility, CSR)之影響，希望能了解過度自信經理人從事CSR活動是創新抑或是過度投資。研究方法/方法：本文使用選擇權履約行為的方式作為經理人過度自信的衡量方式，並建立衡量公司從事創新CSR績效的分數。研究結果：第一，具有過度自信特質經理人的公司較傾向於去從事CSR的活動。第二，過度自信經理人在從事CSR後，對於公司長期績效會帶來負面的影響。第三，高度過度自信的經理人若將社會責任關注於環境議題、產品創新等方面的CSR活動時，可以增加公司經營績效。研究限制/啟發：本研究僅考慮以選擇權履約行為的方式衡量經理人過度自信的程度，並沒有使用在文獻上常被使用的另一個衡量過度自信的方式(以CEO在媒體上的表現)。理論/實務/社會意涵：高度過度自信的經理人可藉由創新CSR活動來增進公司經營績效。創見/價值：可藉由鼓勵創新的方式，使公司高度過度自信的經理人關注於環境議題、產品創新等方面的CSR活動，不僅能實現企業社會責任永續的精神，也能藉以提升公司價值。"

"Purpose–The objective of this research is to analyze the impact of overconfident managers on corporate social responsibility (CSR) with the aim of understanding whether overconfident managers’engagement in CSR activities is an innovation or an overinvestment.Design/methodology/approach–This research adopted strike price behaviors as the method for measuring managerial overconfidence, and established score criteria for evaluating a firm’s performance in its engagement in innovative CSRs.Findings–Firstly, firms with managers that have characteristics of overconfidence have a relative tendency to engage in CSR activities. Secondly, the engagement of overconfident managers in CSR brings a negative impact to the long-term performance of firms. Thirdly, if managers with a high-degree of overconfidence focus their social responsibilities on CSR activities relating to environmental topics, product innovation, and suchlike, this can enhance the operating performance of firms.Research limitations/implications–This research only adopted the method of strike price behaviors to measure the degree of managerial overconfidence and did not use other methods commonlyused by past literature to measure overconfidence (the self-presentations of CEOs in the media).Practical implications/Social implication–Overconfident managers can engage in innovative CSR activities to enhance the operating performance of firms.Originality/value–The method of encouraging innovation to prompt managers with a high degree of overconfidence to focus on CSR activities in the aspects of environmental topics, product innovation, and suchlike not only helps to realize the sustainable spirit of corporate social responsibility but can also increase the value of firms involved."