报告题目：Innovation or Overinvestment? Overconfident Managers, Corporate Social Responsibility, and Firm Performance
This paper investigates how overconfident managers and corporate social responsibility (CSR) performance impact on corporate performance. Literature has shown that overconfidence would influence shareholder value by increasinginvestment in risky projects. In this paper, CSR performance is measured from different perspectives of corporate stakeholders (including community, diversity, employee relations, environment, human rights, product, and innovation). Using options-based proxies for CEO overconfidence, we find that, in the period between 1993 and 2012, firms with overconfident CEOs are more inclined to engage in CSR activities, but that brings significant negative impacts on corporate financial performance. However, we find some CSR activities still have positive impacts on corporate performance if a firm can focus its CSR activities on environment protection and product innovation.
Hsiang-Hsuan Chih教授是台湾东华大学财务系教授、博士生导师，在中央大学获得博士学位，主要研究领域为公司理财、行为财务学和企业社会责任，在Journal of Financial Studies，Journal of Business Ethics, Annals of Financial Economics等SSCI期刊发表论文20余篇。