摘要
在CEO过度自信的层面上研究CEO两职合一、独立董事比例与公司业绩的关系。以经理人持股比例变化作为衡量CEO过度自信的代理变量,通过建立全样本和CEO过度自信匹配样本两个样本组,在控制公司特征变量和治理结构变量的基础上,用2007年和2008年中国A股上市公司的数据,对两个样本组分别做回归分析。实证结果表明,在CEO过度自信的前提下,董事长与CEO两职分离有助于提高公司经营业绩,而在CEO非过度自信时则不存在这样的关系,这说明两职分离能够纠正由于CEO过度自信而导致的非理性决策行为,有利于改善公司的经营绩效;不论CEO是否过度自信,独立董事比例对公司业绩都没有显著影响。针对CEO过度自信衡量方法和样本容量的稳健性检验都表明研究结论具有较好的稳定性。
Take CEO overconfidence into account to study how the CEO duality and independent directors ratios affect firm performance.Through using the change of CEO holding his own firm stocks to measure CEO overconfidence,the study built two research samples,full companies,overconfident CEO companies and its matched companies.After controlling the necessary variables,the empirical results show that there is a significant negative relationship between CEO duality and firm performance in firms with overconfident CEOs,while such relationship doesn′t exist in firms with non-overconfident CEOs,which indicates that splitting of CEO and chairman has positive effect on the irrational decisions caused by CEO overconfidence.However,there isn′t a significant relationship between ratio of independent directors and firm performance in both sample groups.At last,the study made two robust tests.At first we use acquisition to measure CEO overconfidence,then we use match sample to run the regression,and the results keep still in both tests.
出处
《管理科学》
CSSCI
北大核心
2010年第5期2-13,共12页
Journal of Management Science
基金
国家自然科学基金(70872111
70672106)~~
关键词
公司治理
过度自信
CEO两职合一
独立董事
corporate governance
overconfidence
CEO duality
independent directors
