併購是企業成長的主要策略，在過去二十年間，全球交易筆數已超過79萬筆，價值也超過了57兆美元，並且持續成長中。而執行併購策略的經理人是制定決策的關鍵，本研究以帝國建立觀點為基礎，嘗試透過實證研究以個人特質為出發點，探討自戀型人格的經理人與併購規模、同業和異業併購之關係。此外，本研究試圖了解產業、企業、個人層級影響下，對於自戀經理人的決策之調節效果，其原因為王朝建構過程中，經理人所面對的產業環境、網絡人脈資源、董事警覺與自身職場生涯都會間接影響自戀管理者是否有資源與權力能恣意建構王朝，以及是否有更強的動機推動併購決策，因此主要以產業動態、產業複雜、董事警覺、董事網絡、經理人年資因素來探討其調節效果。
本研究取自於台灣經濟新報資料庫(TEJ)所彙整2013年至2018年企業財務年度資料，不含金融業的企業，並且以此六年度篩選出共264件併購案例為研究樣本。研究結果顯示，經理人自戀程度越高，其併購規模將會越大，且也更趨向於異業的併購策略；再者，研究結果顯示，年資與董事網絡對經理人與併購的交易規模之正向關係具弱化的調節效果。
本研究在理論上具備其重要意涵，首先，過去理論對於併購前因鮮少以個人層級做為出發點，而本研究以自戀特質與併購規模和同業異業之關係，透過個人特質來更加了解個人層級面對併購策略的前因，第二，更進一步以自戀的特質來推進帝國建立觀點，了解特質如何驅使經理人的帝國建立行為，最後，有別於過去以組織層級來討論年資與認同感，本研究結合個人的心理層面與公司策略層級來討論年資對於併購策略的影響，利用更為完整的角度來豐富組織認同理論。

The manager who executes the M&A strategy is the key to implement strategies, and their personality traits play a vital role as well. Therefore, this study is based on the empire building perspective, and attempts to understand the relationship between M&A deal size, cross-industry M&A and narcissistic CEO. Next, for the moderator effect, the industrial environment, network resources, and directors’ alertness will indirectly affect narcissistic managers. Therefore, the moderators are industry dynamics, industry complexity, director alertness, director network, and manager seniority. Utilizing 246 M&A cases in Taiwan for the period 2013-2018. The results show that the higher degree of managerial narcissism, the larger the scale of M&A. The high degree of narcissism manager will tend to merger in different industries; Moreover, the results of the study shows that the positive relationship has a moderating effect, that is, the high board network and the seniority of managers will weaken the positive relationship between narcissistic managers and the scale of M&A transactions.

王育偉、鄭揚耀、尤涵星與吳慧珍，2014。經理人過度自信與股票購回關
係之研究。中山管理評論，第22期4卷：759-791。
林婷鈴，2000。銀行業國際化併購整合性觀念模式之探討。中華管理評論，第3期3卷：29-52。
曾真真，2010。範疇擴張，區位擴張與創新績效：以高科技公司之併購活動為例。管理與系統，第17期3卷：449-466。

Adams, R. B., Hermalin, B. E., & Weisbach, M. S. 2010. The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economic Literature, 48(1): 58-107.
Aggarwal, R. K., & Samwick, A. A. 2003. Why do managers diversify their firms? Agency reconsidered. The Journal of Finance, 58(1): 71-118.
Amihud, Y., & Lev, B. 1981. Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 12(2): 605-617.
Antia, M., Pantzalis, C., & Park, J. C. 2010. CEO decision horizon and firm performance: An empirical investigation. Journal of Corporate Finance, 16(3): 288-301.
Armstrong, C. S., Guay, W. R., & Weber, J. P. 2010. The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics, 50(2-3): 179-234.
Ashforth, B. E., & Mael, F. 1989. Social identity theory and the organization. Academy of Management Review, 14(1): 20-39.
Baldenius, T., Melumad, N., & Meng, X. 2014. Board composition and CEO power. Journal of Financial Economics, 112(1): 53-68.
Basu, N., Paeglis, I., & Rahnamaei, M. 2016. Multiple blockholders, power, and firm value. Journal of Banking & Finance, 66, 66-78.
Belk, R. W. 1988. Possessions and the extended self. Journal of Consumer Research, 15(2): 139-168.
Bergh, D. D., Johnson, R. A., & Dewitt, R. L. 2008. Restructuring through spin‐off or sell‐off: Transforming information asymmetries into financial gain. Strategic Management Journal, 29(2): 133-148.
Bruton, G. D., Peng, M. W., Ahlstrom, D., Stan, C., & Xu, K. 2015. State-owned enterprises around the world as hybrid organizations. Academy of Management Perspectives, 29(1): 92-114.
Buyl, T., Boone, C., & Wade, J. B. 2019. CEO narcissism, risk-taking, and resilience: An empirical analysis in US commercial banks. Journal of Management, 45(4): 1372-1400.
Cai, J., Garner, J. L., & Walkling, R. A. 2009. Electing directors. The Journal of Finance, 64(5): 2389-2421.
Cassiman, B., Colombo, M. G., Garrone, P., & Veugelers, R. 2005. The impact of M&A on the R&D process: An empirical analysis of the role of technological-and market-relatedness. Research Policy, 34(2): 195-220.
Chandler, D., Haunschild, P. R., Rhee, M., & Beckman, C. M. 2013. The effects of firm reputation and status on interorganizational network structure. Strategic Organization, 11(3): 217-244.
Chatterjee, A., & Hambrick, D. C. 2011. Executive personality, capability cues, and risk taking: How narcissistic CEOs react to their successes and stumbles. Administrative Science Quarterly, 56(2): 202-237.
Chatterjee, A., & Pollock, T. G. 2017. Master of puppets: How narcissistic CEOs construct their professional worlds. Academy of Management Review, 42(4): 703-725.
Coles, J. L., Daniel, N. D., & Naveen, L. 2008. Boards: Does one size fit all? Journal of Financial Economics, 87(2): 329-356.
Collins, J. D., Holcomb, T. R., Certo, S. T., Hitt, M. A., & Lester, R. H. 2009. Learning by doing: Cross-border mergers and acquisitions. Journal of Business Research, 62(12): 1329-1334.
Croci, E., & Petmezas, D. 2015. Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions. Journal of Corporate Finance, 32(1): 1-23.
Cycyota, C. S., & Harrison, D. A. 2006. What (not) to expect when surveying executives: A meta-analysis of top manager response rates and techniques over time. Organizational Research Methods, 9(2): 133-160.
Da Costa, Y. C. L., & Martins, O. S. 2019. CEO Duality and Corporate Performance: Evidence in the Brazilian capital market. Brazilian Journal of Management/Revista de Administração da UFSM, 12(3): 403-417.
Daft, R. L. 2001. Essentials of organization theory and design: South Western Educational Publishing.
Davis, J. P., Eisenhardt, K. M., & Bingham, C. B. 2009. Optimal structure, market dynamism, and the strategy of simple rules. Administrative Science Quarterly, 54(3): 413-452.
Delios, A., & Beamish, P. W. 1999. Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8): 711-727.
Dess, G. G., & Beard, D. W. 1984. Dimensions of organizational task environments. Administrative Science Quarterly, 29(1): 52-73.
Eisenhardt, K. M., & Brown, S. L. 1998. Competing on the edge: Strategy as structured chaos. Long Range Planning, 31(5): 786-789.
Eisenhardt, K. M., & Martin, J. A. 2000. Dynamic capabilities: what are they? Strategic Management Journal, 21(10‐11): 1105-1121.
El-Khatib, R., Fogel, K., & Jandik, T. 2015. CEO network centrality and merger performance. Journal of Financial Economics, 116(2): 349-382.
Engelen, A., Neumann, C., & Schmidt, S. 2016. Should entrepreneurially oriented firms have narcissistic CEOs? Journal of Management, 42(3): 698-721.
Ferrier, W. J. 2001. Navigating the competitive landscape: The drivers and consequences of competitive aggressiveness. Academy of Management Journal, 44(4): 858-877.
Filatotchev, I., & Piesse, J. 2009. R&D, internationalization and growth of newly listed firms: European evidence. Journal of International Business Studies, 40(8): 1260-1276.
Finkelstein, S., Cannella, S. F. B., Hambrick, D. C., & Cannella, A. A. 2009. Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards: USA: Oxford University Press.
Finkelstein, S., & D'aveni, R. A. 1994. CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, 37(5): 1079-1108.
Garfinkel, J. A., & Hankins, K. W. 2011. The role of risk management in mergers and merger waves. Journal of Financial Economics, 101(3): 515-532.
Goerzen, A., & Beamish, P. W. 2007. The Penrose effect:“Excess” expatriates in multinational enterprises. Management International Review, 47(2): 221-239.
Ham, C., Seybert, N., & Wang, S. 2018. Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies, 23(1): 234-264.

Hambrick, D. C., & Abrahamson, E. 1995. Assessing managerial discretion across industries: A multimethod approach. Academy of Management Journal, 38(5): 1427-1441.
Hambrick, D. C., & Fukutomi, G. D. 1991. The seasons of a CEO's tenure. Academy of Management Review, 16(4): 719-742.
Haunschild, P. R., & Beckman, C. M. 1998. When do interlocks matter?: Alternate sources of information and interlock influence. Administrative Science Quarterly, 43(4): 815-844.
Henderson, A. D., Miller, D., & Hambrick, D. C. 2006. How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal, 27(5): 447-460.
Herrmann, P., & Datta, D. K. 2006. CEO experiences: Effects on the choice of FDI entry mode. Journal of Management Studies, 43(4): 755-778.
Hope, O. k., & Thomas, W. B. 2008. Managerial empire building and firm disclosure. Journal of Accounting Research, 46(3): 591-626.
Humphery-Jenner, M. 2012. The impact of the EU takeover directive on takeover performance and empire building. Journal of Corporate Finance, 18(2): 254-272.
Iaquinto, A. L., & Fredrickson, J. W. 1997. Top management team agreement about the strategic decision process: A test of some of its determinants and consequences. Strategic Management Journal, 18(1): 63-75.
Iskandar-Datta, M. E., & Jia, Y. 2014. Investor protection and corporate cash holdings around the world: New evidence. Review of Quantitative Finance and Accounting, 43(2): 245-273.
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2): 323-329.
Johnson, J. L., Daily, C. M., & Ellstrand, A. E. 1996. Boards of directors: A review and research agenda. Journal of Management, 22(3): 409-438.
Jones, G. R. 2013. Organizational Theory, Design, and Change: Upper Saddle River, NJ: Pearson.
Kim, Y. 2005. Board network characteristics and firm performance in Korea. Corporate Governance: An International Review, 13(6): 800-808.
Kind, A., & Twardawski, T. 2016. Board overconfidence in mergers & acquisitions: A self-attribution bias. Academy of Management Journal, 2016(1).
Kor, Y. Y., & Misangyi, V. F. 2008. Outside directors' industry‐specific experience and firms' liability of newness. Strategic Management Journal, 29(12): 1345-1355.
Kroll, M., Walters, B. A., & Wright, P. 2008. Board vigilance, director experience, and corporate outcomes. Strategic Management Journal, 29(4): 363-382.
Krug, J. A., Wright, P., & Kroll, M. J. 2014. Top management turnover following mergers and acquisitions: Solid research to date but still much to be learned. Academy of Management Perspectives, 28(2): 147-163.
Kuusela, P., Keil, T., & Maula, M. 2017. Driven by aspirations, but in what direction? Performance shortfalls, slack resources, and resource‐consuming vs. resource‐freeing organizational change. Strategic Management Journal, 38(5): 1101-1120.
Lai, J.-H., Lin, W.-C., & Chen, L.-Y. 2017. The influence of CEO overconfidence on ownership choice in foreign market entry decisions. International Business Review, 26(4): 774-785.
Larcker, D. F., So, E. C., & Wang, C. C. 2013. Boardroom centrality and firm performance. Journal of Accounting and Economics, 55(2-3): 225-250.
Li, J., & Tang, Y. 2010. CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Management Journal, 53(1): 45-68.
Li, S., & Xia, J. 2008. The roles and performance of state firms and non-state firms in China’s economic transition. World Development, 36(1): 39-54.
Lin, W.-T., Liu, Y., & Cheng, K.-Y. 2011. The internationalization and performance of a firm: Moderating effect of a firm's behavior. Journal of International Management, 17(1): 83-95.
Lu, J. W., & Beamish, P. W. 2004. International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4): 598-609.
Maccoby, M. 2004. Narcissistic leaders: The incredible pros, the inevitable cons. Harvard Business Review, 82(1): 92-92.
Mailhos, A., Buunk, A. P., & Cabana, Á. 2016. Signature size signals sociable dominance and narcissism. Journal of Research in Personality, 65, 43-51.
Malhotra, S., Reus, T. H., Zhu, P., & Roelofsen, E. M. 2018. The acquisitive nature of extraverted CEOs. Administrative Science Quarterly, 63(2): 370-408.
Martynova, M., & Renneboog, L. 2008. A century of corporate takeovers: What have we learned and where do we stand? Journal of Banking & Finance, 32(10): 2148-2177.
Matta, E., & Beamish, P. W. 2008. The accentuated CEO career horizon problem: Evidence from international acquisitions. Strategic Management Journal, 29(7): 683-700.
Musteen, M., Datta, D. K., & Herrmann, P. 2009. Ownership structure and CEO compensation: implications for the choice of foreign market entry modes. Journal of International Business Studies, 40(2): 321-338.
Namitha, C., & Shijin, S. 2016. Managerial discretion and agency cost in Indian market. Advances in Accounting, 35, 159-169.
Neter, J., Kutner, M. H., Nachtsheim, C. J., & Wasserman, W. 1996. Applied linear statistical models.
Nevicka, B., De Hoogh, A. H., Van Vianen, A. E., Beersma, B., & McIlwain, D. 2011. All I need is a stage to shine: Narcissists' leader emergence and performance. The Leadership Quarterly, 22(5): 910-925.
Nielsen, B. B., & Nielsen, S. 2011. The role of top management team international orientation in international strategic decision-making: The choice of foreign entry mode. Journal of World Business, 46(2): 185-193.
Nohria, N., & Gulati, R. 1996. Is slack good or bad for innovation? Academy of Management Journal, 39(5): 1245-1264.
Öberg, C., & Holtström, J. 2006. Are mergers and acquisitions contagious? Journal of Business Research, 59(12): 1267-1275.
Oesterle, M.-J., Elosge, C., & Elosge, L. 2016. Me, myself and I: The role of CEO narcissism in internationalization decisions. International Business Review, 25(5): 1114-1123.
Oesterle, M.-J., Richta, H. N., & Fisch, J. H. 2013. The influence of ownership structure on internationalization. International Business Review, 22(1): 187-201.
Palmer, T. B., & Wiseman, R. M. 1999. Decoupling risk taking from income stream uncertainty: A holistic model of risk. Strategic Management Journal, 20(11): 1037-1062.
Picone, P. M., & Dagnino, G. B. 2016. Revamping research on unrelated diversification strategy: Perspectives, opportunities and challenges for future inquiry. Journal of Management & Governance, 20(3): 413-445.
Prezas, A. P. 2009. Internal capital markets, empire building, and capital structure. Journal of Economics and Business, 61(3): 173-188.
Puranam, P., Singh, H., & Zollo, M. 2006. Organizing for innovation: Managing the coordination-autonomy dilemma in technology acquisitions. Academy of Management Journal, 49(2): 263-280.
Quigley, T. J., & Hambrick, D. C. 2012. When the former CEO stays on as board chair: Effects on successor discretion, strategic change, and performance. Strategic Management Journal, 33(7): 834-859.
Raskin, R., & Terry, H. 1988. A principal-components analysis of the Narcissistic Personality Inventory and further evidence of its construct validity. Journal of Personality and Social Psychology, 54(5), 890.
Rosenthal, S. A., & Pittinsky, T. L. 2006. Narcissistic leadership. The Leadership Quarterly, 17(6): 617-633.
Schumpeter, J. A. 1934. The theory of economic development, translated by Redvers Opie. Harvard: Economic Studies, 46, 1600-0404
Sedikides, C., Campbell, W. K., Reeder, G., Elliot, A. J., & Gregg, A. P. 2002. Do others bring out the worst in narcissists? The “others exist for me” illusion. Self and Identity: Personal, Social, and Symbolic: 103-123.
Seo, J., Gamache, D. L., Devers, C. E., & Carpenter, M. A. 2015. The role of CEO relative standing in acquisition behavior and CEO pay. Strategic Management Journal, 36(12): 1877-1894.
Shi, W., Zhang, Y., & Hoskisson, R. E. 2017. Ripple effects of CEO awards: Investigating the acquisition activities of superstar CEOs' competitors. Strategic Management Journal, 38(10): 2080-2102.
Shin, D., Seidle, R., & Okhmatovskiy, I. 2016. Making the foreign familiar: The influence of top management team and board of directors characteristics on the adoption of foreign practices. Journal of World Business, 51(6): 937-949.
Silberzahn, C., & Arregle, J.-L. 2018. The career-horizon problem in capital investments for lone-founder and long-tenure acquirer CEOs in their final career stage. Strategic Organization, 17(3): 1-29.
Simsek, Z. 2007. CEO tenure and organizational performance: An intervening model. Strategic Management Journal, 28(6): 653-662.
Sundaram, R. K., & Yermack, D. L. 2007. Pay me later: Inside debt and its role in managerial compensation. The Journal of Finance, 62(4): 1551-1588.
Tan, J., & Peng, M. W. 2003. Organizational slack and firm performance during economic transitions: Two studies from an emerging economy. Strategic Management Journal, 24(13): 1249-1263.
Taylor, M., & O'Sullivan, N. 2009. How should national governing bodies of sport be governed in the UK? An exploratory study of board structure. Corporate Governance: An International Review, 17(6): 681-693.
Thomas, D. E., & Eden, L. 2004. What is the shape of the multinationality-performance relationship? Multinational Business Review, 12(1): 89-110.
Trautwein, F. 1990. Merger motives and merger prescriptions. Strategic Management Journal, 11(4): 283-295.
Westphal, J. D. 1999. Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of Management Journal, 42(1): 7-24.
Westphal, J. D., Boivie, S., & Ming Chng, D. H. 2006. The strategic impetus for social network ties: Reconstituting broken CEO friendship ties. Strategic Management Journal, 27(5): 425-445.
Wojahn, O. W. 2012. Why does the airline industry over-invest? Journal of Air Transport Management, 19, 1-8.
Yim, S. 2013. The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1): 250-273.
Zhu, D. H., & Chen, G. 2015. CEO narcissism and the impact of prior board experience on corporate strategy. Administrative Science Quarterly, 60(1): 31-65.
Zhu, J. J., Caleb, H. T., & Li, X. 2019. Unfolding China’s state-owned corporate empires and mitigating agency hazards: Effects of foreign investments and innovativeness. Journal of World Business, 54(3): 191-212.
Zhu, Y., & Zhu, X. 2012. Impact of the share structure reform on the role of operating related party transactions in China. Emerging Markets Finance and Trade, 48(6): 73-94.