本研究探討CEO過度自信對人力成本僵固性之影響。本文以2014年至2025年台灣上市櫃公司為研究對象，檢驗CEO過度自信是否會影響公司在營收下降期間之人力成本調整行為。實證結果顯示，CEO過度自信與人力成本僵固性呈顯著正向關係，表示當公司營收下降時，過度自信CEO較可能延後調降人力成本，使人力成本下降幅度相對較小。此結果可能反映過度自信CEO對未來需求較為樂觀，並傾向將營收下滑視為暫時性現象，因而較不願意立即縮減人力。此外，過度自信CEO亦可能基於維持組織規模或追求企業擴張之考量，在營運逆風時保留較多人力資源。進一步橫斷面分析顯示，上述關係在自由現金流量較高及研發密集度較高之公司中較為明顯。此結果表示，當公司具有較充足之內部資金，或人力資本具有較高策略價值時，CEO過度自信對人力成本僵固性之影響較容易被觀察到。整體而言，本研究補充CEO心理特質與成本行為之相關文獻，並進一步說明管理者過度自信可能影響企業人力成本調整決策。

CEO overconfidence has been widely recognized as an important managerial trait that influences corporate decision making. While prior studies have documented its effects on investment, innovation, and mergers and acquisitions, relatively little attention has been devoted to its impact on labor cost adjustment decisions. This study examines whether CEO overconfidence affects labor cost stickiness among Taiwanese listed firms from 2014 to 2025. The empirical results show that CEO overconfidence is positively associated with labor cost stickiness, indicating that overconfident CEOs are less likely to reduce labor costs when revenues decline. Additional analyses reveal that this relationship is more pronounced in firms with higher free cash flow and higher R&D intensity. Overall, the findings suggest that managerial overconfidence influences firms' labor adjustment decisions by encouraging managers to retain employees during temporary downturns.

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