資本支出一直是公司理財理論及實務上重要的議題，過往研究發現，由於帝國建立傾向，經理人會追求異常的資本支出。長期而言，過度的資本支出會減少公司價值。然而，過往研究並未考慮到經理人的人格特質或社會規範是否也是影響資本支出的原因。近期研究發現過度自信與區域宗教信仰被視為是影響經理人投資行為的重要因素。本研究試圖了解過度自信經理人對資本支出及其長期績效的影響，並以區域宗教信仰為調節變數，試圖了解區域宗教信仰是否會影響過度自信及資本支出的關係。
本研究採用四個美國資料庫（ExecuComp、Compustat、CRSP、ARDA），彙整出1991至2019年共9476筆觀察值為實證對象。本研究實證結果顯示，（1）過度自信經理人會有異常的資本支出。（2）過度自信經理人的資本支出及其長期績效為負報酬。（3）區域宗教信仰並會影響過度自信經理人的資本支出決策。（4）區域宗教信仰會部分影響過度自信經理人長期資本支出的負報酬效果。
本研究在理論上具備之重要貢獻如下：首先，過去研究過度自信經理人主要為積極型重大投資，本研究跳脫以往框架，進一步以美國企業為研究對象，分析過度自信經理人對於資本支出及其長期績效的影響。此外，本研究以區域宗教信仰為調節變數，了解宗教信仰虔誠度是否會影響過度自信經理人的資本支出決策及後續影響。有別於過往，本研究較多著墨於區域宗教信仰與經理人人格特質的影響，以豐富行為對公司理財研究的範疇。

Prior literature reveals capital expenditures are negatively associated with long-term market performance in that managers pursue his or her interest and want to build business empires. Recent studies indicate that managerial overconfidence and local religiosity exert strong influences on corporate finance. To extend to the prior studies, this paper aims to investigate how managerial overconfidence and local religiosity affect capital expenditures and long-term market performance. In addition to an empire-building tendency, this paper would like to provide new insights into abnormal capital expenditures and adverse market performance.
The sample of this study consists of 9,476 observations in the U.S. from 1991 to 2019. Our empirical results show that abnormal capital expenditures and adverse long-term market performance are attributed to managerial overconfidence. In addition, the results find the effect of local religiosity will mitigate the effect of managerial overconfidence on abnormal capital expenditures and partly mitigate the effect of managerial overconfidence on adverse long-term market performance following capital expenditure announcements.

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