近年來，在全球化的催化下，新創企業儘管面對新創不利性，仍在創業初期積極國際化成為國際新創企業，希冀創造公司股東價值。CEO是企業策略制訂的靈魂人物，本研究試圖了解CEO創業導向對公司國際策略以及股東價值創造的影響。同時，本研究探討CEO自戀特質對於CEO創業導向與國際新創與股東價值關係所產生的調節效果。最後，外在產業環境會影響CEO人格特質浮現的情境，故本研究加入產業動態度以及產業複雜度，探究在不同環境特徵下，CEO自戀調節效果的變化。
本研究採用台灣經濟新報資料庫(TEJ)，彙整出2013年至2018年702家上市企業為實證對象。研究結果顯示，CEO具有創業導向(1)促成國際新創企業(2)提升公司股東價值；另外，經理人自戀對CEO創業導向與國際新創企業建立之正向關係具有正向調節效果；最後，產業結構調節效果部分，當公司處於高度產業動態時，相較低動態環境，高自戀經理人對CEO創業導向與國際新創企業建立之正向關係具有正向調節效果；當公司處於高產業複雜度，相較低複雜的環境，高自戀經理人對CEO創業導向與股東價值之正向關係具有正向調節效果。
本研究具重要理論意義。首先，本研究連結CEO創業導向及國際新創，為CEO創業導向與企業決策之關連性研究提供直接證據，補足先前研究窗口；第二，本研究探討創業者本身創業導向對於國際新創創立意願的關係，補足先前學者國際新創企業前因主要探討創業者本身的社會資本、教育程度、領導風格、公司所屬產業之結構以及國家層級總體環境制度等因素；第三，本研究將經理人心理面及產業環境面加入研究，完整探討經理人創業導向與公司國際化決策和股東價值提升的關係；最後，本研究方法在CEO創業導向衡量以電腦分析法而非問卷調查法，避免所蒐集的資料是CEO主觀的認知。

Prior studies have seldom discussed how CEO entrepreneurial orientation (EO) affect international new ventures (INV) and the rarely stressed the importance the creation of shareholder value as one of the important missions of a company. In order to figure out a more complete concept, we add the moderation effect of CEO narcissism and industrial environment.
Moreover, this study took 702 Taiwanese IPO firms on the TEJ database from 2013 to 2018 as investigating objects; discovering that CEO EO has a positive impact on both INV and shareholder value. However, for the CEO narcissism moderation portion, the positive relationship between CEO EO and INV has been strengthened. On the other hand, the impact on the relationship between CEO EO and shareholder value is not significant. Finally, with consideration to the industrial environment part, the industrial dynamism moderation effect has been partially supported on the relationship between CEO EO and INV, and the industrial complexity moderation effect has been partially supported on the relationship between CEO EO and shareholder value.
This study provides important theoretical contributions. First, this study provides direct evidence for the relationship between CEO entrepreneurial orientation and corporate decision-making. Second, this study covers both CEO psychological and external environment factors to figure out the relationship of CEO EO on both INV and shareholder value. Third, this study use computer-aided text analysis to measure the extent of CEO EO.

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