沉沒成本水準與內外控人格對繼續投資的意願之影響：風險知覺的中介效果

The Impact of Level of Sunk Cost and Locus of Control on the Willingness to Continue Investment: Mediated Effect of Risk Perception

本研究探討決策者面臨未來結果不確定之進退兩難困境時，其繼續投資的意願是否受到已投入沉沒成本水準及決策者內（外）控人格傾向的影響。本研究採用實驗問卷調查法，資料樣本取自於上市櫃公司經理人。研究結果發現：(1)已投入沉沒成本水準對決策者繼續投資意願有顯著的正向影響；台灣上市櫃公司的經理人，決策時存在不理性之沉沒成本效應現象；(2)決策者的內（外）控人格亦是影響決策者繼續投資意願的重要因素，內控人格傾向越高的決策者，越容易產生沉沒成本現象；(3)內（外）控人格不僅直接影響決策者繼續投資意願，且透過風險知覺的中介效果，間接影響決策者繼續投資意願。文中並根據研究發現，提出相關的管理意涵供決策者參考。

The study investigates the impact of locus of control on sunk cost effects by aligning the risk perception of decision makers. The data is generated from an experimental questionnaire survey, and the study subjects are managers of listed companies in Taiwan. The results show the sunk cost effect to be common among managers. The level of sunk cost directly affects the willingness to continue investment projects, and the relationship between these sunk cost levels and the willingness to continue investment projects is not mediated by risk perception. In addition, the locus of control is a determinant factor affecting the sunk cost effect. The locus of control indirectly affects sunk cost effects through the mediating effect of the risk perceptions of decision makers. The findings highlight the importance of locus of control for decision makers with regard to risky decisions.