過去不少學者提出一些會影響新產品上市的成功因素，其中來自管理層面的因素包括：高階管理者的支持及有效領導、最高管理階層的承諾及最高管理團隊的特徵等等，但卻很少自經理人的名聲來探討之。此外，新產品上市具有高度的不確定性及某種程度的資訊不對性，使得資本市場無法正確去評估新產品上市的價值。基於經理人名聲所具備的認證效果，亦即名聲較佳的經理人所隱含的公司價值，對外部投資人而言是可信賴的，因此，本研究想探討：外部投資人是否會自經理人的名聲去評價公司新產品上市活動的市場價值。故本研究的假設為:公司若有較好的經理人名聲，則公司宣告新產品上市會有正的財富效果。此外，我們尚欲探討公司資訊不對稱的程度是否會加強經理人名聲對於公司宣告新產品上市的正向影響。
本研究自Wall Street Journal (WSJ)及LexisNexis兩個資料庫中，收集1994年至2004年公司宣告新產品上市的樣本，並採用事件研究法去檢測新產品上市的財富效果。本研究實證結果發現，經理人名聲對於公司宣告新產品上市具有正向的財富效果之影響。亦即，在資訊不對稱之下，外界投資人會依賴經理人的名聲去評價公司的新產品上市宣告的價值。然而，資訊不對稱的程度並沒有正向加強這樣的關係。

There are some scholars had examined the success factors of new product introduction (NPI) such as the senior management support, effective leadership, top management commitment and team characteristics. However, nearly no study linked manager reputation and NPI. Additionally, considering the high uncertainty and information asymmetry of NPI, it is hard for investors to evaluate a firm’s NPI announcement. Since manager reputation has a certifying effect on firm value, a reputable manager can convey the value of their firm more credibly to outsiders. Therefore, we want to investigate whether investors will assess NPI by the indicator of manager reputation. Our first hypothesis is: firms with greater CEO reputation will have positive wealth effect of new product introduction. Besides, we also want to examine whether the degree of information asymmetry positively moderates the effect of CEO reputation on the market reactions to NPI announcements.
We collect data from the Wall Street Journal (WSJ) and LexisNexis databases in public-traded sample firms which had announced new product introductions. The sample period is from 1994 to 2004. Our finding suggests that firms with greater CEO reputation will have positive wealth effect of NPI announcements. In other word, under an information asymmetry environment, outsiders will rely on manager reputation to measure of firm’s announcements of NPI. However, our finding does not support the hypothesis about the effect of the degree of information asymmetry has significantly positively influence on the effect of CEO reputation on the market reactions to NPI announcements.

Acs, Z. J., and D. B. Audretsch, 1988, Innovation in Large and Small Firms: An Empirical Analysis, The American Economic Review 78, 678-690.
Bantel, K. A., and S. E. Jackson, 1989, Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference?, Strategic Management Journal 10, 107-124.
Barclay, M. J., and C. W. Smith Jr, 1995, The Maturity Structure of Corporate Debt, The Journal of Finance 50, 609-631.
Barczak, G., and Wilemon D., 2001, Factors influencing product development team satisfaction, European Journal of Innovation Management 4, 32-36.
Barker, V. L., and G. C. Mueller, 2002, CEO Characteristics and Firm R & D Spending, Management Science 48, 782-801.
Barney, J., 1991, Firm Resources and Sustained Competitive Advantage, Journal of Management 17, 99-120.
Beard, C., and C. Easingwood, 1996, New Product Launch-Marketing Action and Launch Tactics for High-Technology Products, Industrial Marketing Management 25, 87-103.
Becker, G. S., 1993, Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, New York: Columbia University Press, (2nd edition).
Bernardo, A. E., and B. Chowdhry, 2002, Resources, real options, and corporate strategy, Journal of Financial Economics 63, 211-234.
Boeker, W., 1997, Strategic Change: The Influence of Managerial Characteristics and Organizational Growth, The Academy of Management Journal 40, 152-170.
Booz, Allen & Hamilton, Inc., 1980. New Products Management for the 1980s New York: Booz, Allen & Hamilton, Inc.
Boulding, W., R. Morgan, and R. Staelin, 1997, Pulling the Plug to Stop the New Product Drain, Journal of Marketing Research 34, 164-176.
Brown, S. J., and J. B. Warner, 1985, Using Daily Stock Returns: The Case of Event Studies, Journal of Financial Economics 14, 3-31.
Brown, S. L., and K. M. Eisenhardt, 1995, Product Development: Past Research, Present Findings, and Future Directions, The Academy of Management Review 20, 343-378.
Buchholtz, A. K., and B. A. Ribbens, 1994, Role of Chief Executive Officers in Takeover Resistance: Effects of CEO Incentives and Individual Characteristics, The Academy of Management Journal 37, 554-579.
Chan, S. H., J. D. Martin, and J. W. Kensinger, 1990, Corporate research and development expenditures and share value, Journal of Financial Economics 26, 255-276.
Chaney, P. K., T. M. Devinney, and R. S. Winer, 1991, The Impact of New Product Introductions on the Market Value of Firms, The Journal of Business 64, 573-610.
Chemmanur, T. J., and P. Fulghieri, 1994, Investment Bank Reputation, Information Production, and Financial Intermediation, The Journal of Finance 49, 57-79.
Chemmanur, T. J., and I. Paeglis, 2005, Management quality, certification, and initial public offerings, Journal of Financial Economics 76, 331-368.
Chen, S., and K. Ho., 1997, Market response to product-strategy and capital-expenditure announcements in Singapore: Investment opportunities and free cash flow., Financial Management 26, 82-88.
Chen, S. S., K. W. Ho, K. H. Ik, and C. Lee, 2002, How Does Strategic Competition Affect Firm Values? A Study of New Product Announcements, Financial Management 31, 67-84.
Child, J., 1974, Managerial and organizational factors associated with company performance, Journal of Management Studies 11, 175-189.
Cohen, M. A., J. Eliashberg, and T. H. Ho, 1996, New Product Development: The Performance and Time-to-Market Tradeoff, Management Science 42, 173-186.
D'Aveni, R. A., 1990, Top Managerial Prestige and Organizational Bankruptcy, Organization Science 1, 121-142.
Denis, D. J., 1994, Investment Opportunities and the Market Reaction to Equity Offerings, The Journal of Financial and Quantitative Analysis 29, 159-177.
Deutsch, Y., and T. W. Ross, 2003, You are Known by the Directors You Keep: Reputable Directors as a Signaling Mechanism for Young Firms, Management Science 49, 1003-1017.
Dollinger, M. J., P. A. Golden, and T. Saxton, 1997, The Effect of Reputation on the Decision to Joint Venture, Strategic Management Journal 18, 127-140.
Dougherty, D., and C. Hardy, 1996, Sustained Product Innovation in Large, Mature Organizations: Overcoming Innovation-to-Organization Problems, The Academy of Management Journal 39, 1120-1153.
Dowling, g. R., 1986, Managing your corporate images, Industrial Marketing Management 15, 109-115.
Eccles, R. C., and H. Kahn, 1998, Pursuing Value: The Information Reporting Gap in the US Capital Markets (PriceWaterhouse and Coopers LLP).
Elenkov, D. S., W. Judge, and P. Wright, 2005, Strategic Leadership and Executive Innovation Influence: an International Multi-Cluster Comparative Study, Strategic Management Journal 26, 665–682.
Fama, E. F., L. Fisher, M. C. Jensen, and R. Roll, 1969, The Adjustment of Stock Prices to New Information, International Economic Review 10, 1-21.
Finkelstein, S., and B. K. Boyd, 1998, How Much Does the CEO Matter? The Role of Managerial Discretion in the Setting of CEO Compensation, The Academy of Management Journal 41, 179-199.
Finkelstein, S., and D. C. Hambrick, 1996, Strategic Leadership: Top Executives and Their Effects on Organizations, West Publishing Company.
Fisher, A., and R. Heinkel, 2003, Reputation and Managerial Truth-Telling as Self-Insurance, Unpublished Manuscript.
Fombrun, C., and M. Shanley, 1990, What's in a Name? Reputation Building and Corporate Strategy, The Academy of Management Journal 33, 233-258.
Gotsi, M., and A. M. Wilson, 2001, Corporate reputation: seeking a definition, Corporate Communications: An International Journal 6, 24-30.
Gupta, A. K., 1984, Contingency Linkages between Strategy and General Manager Characteristics: A Conceptual Examination, The Academy of Management Review 9, 399-412.
Haleblian, J., and S. Finkelstein, 1993, Top Management Team Size, CEO Dominance, and Firm Performance: The Moderating Roles of Environmental Turbulence and Discretion, The Academy of Management Journal 36, 844-863.
Hambrick, D. C., and R. A. D'Aveni, 1992, Top Team Deterioration As Part of the Downward Spiral of Large Corporate Bankruptcies, Management Science 38, 1445-1466.
Hambrick, D. C., and P. A. Mason, 1984, Upper Echelons: The Organization as a Reflection of Its Top Managers, The Academy of Management Review 9, 193-206.
Hendricks, K. B., and V. R. Singhal, 1997, Delays in New Product Introductions and the Market Value of the Firm: The Consequences of Being Late to the Market, Management Science 43, 422-436.
Herrmann, C. C., 1962, Managing New Products in a Changing Market, Journal of Marketing 26, 23-27.
Hill, C. W. L., and S. A. Snell, 1988, External Control, Corporate Strategy, and Firm Performance in Research-Intensive Industries, Strategic Management Journal 9, 577-590.
Hirshleifer, D., 1993, Managerial Reputation and Corporate Investment Decisions, Financial Management 22, 145-160.
Jensen, M. C., 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, The American Economic Review 76, 323-329.
Jenson, M., and K. J. Murphy, 1990, Performance pay and top management incentives, Journal of Political Economy 98, 225-264.
Kelm, K. M., V. K. Narayanan, and G. E. Pinches, 1995, Shareholder Value Creation during R&D Innovation and Commercialization Stages, The Academy of Management Journal 38, 770-786.
Kleinschmidt, E. J., and R. G. Cooper, 1991, The impact of product innovativeness on performance, Journal of Product Innovation Management 8, 240-251.
Kor, Yasemin Y., 2006, Direct and Interaction effects of Top Management Team and Board Compositions on R&D Investment Strategy, Strategic Management Journal 10.
Lane, V., and R. Jacobson, 1995, Stock Market Reactions to Brand Extension Announcements: The Effects of Brand Attitude and Familiarity, Journal of Marketing 59, 63-77.
Lang, L., E. Ofek, and . R. Stulz, 1996, Leverage, investment and firm growth, Journal of Financial Economics 40, 3-30.
Lang, L., and R. Stulz, 1992, Contagion and competitive intra-industry effects of bankruptcy announcements, Journal of Financial Economics 32, 45-60.
Lang, L., R. Stulz, and R. Walkling, 1989, Managerial Performance, Tobin’s q, and the Gains from Successful Takeovers, Journal of Financial Economics 24, 315-335.
Langerak, F., and E. J. Hultink, 2006, The Impact of Product Innovativeness on the Link between Development Speed and New Product Profitability, Journal of Proudct Innovation Mangement 23, 203.
Levenson, A. R., W. A. Van der Stede, and S. G. Cohen, 2006, Measuring the Relationship Between Managerial Competencies and Performance, Journal of Management 32, 360.
Martell, K., and S. J. Carroll, 1995, Which executive human resource management practices for the top management team are associated with higher firm performance, Human Resource Management 34, 497-512.
Milbourn, T., 2003, CEO reputation and stock-based compensation, Journal of Financial Economics 68, 233-262.
Narayanan, M. P., 1985, Managerial Incentives for Short-Term Results, The Journal of Finance 40, 1469-1484.
Norburn, D., and S. Birley, 1988, The Top Management Team and Corporate Performance, Strategic Management Journal 9, 225-237.
Papadakis, V., and D. Bourantas, 1998, The CEO as corporate champion of Technological innovation: an empirical investigation, Technology Analysis and Strategic Management 10, 89–109.
Papadakis, V. M., and P. Barwise, 2002, How Much do CEOs and Top Managers Matter in Strategic Decision-Making?, British Journal of Management 13, 83-95.
Pardue, J. H., E. Higgins, and T. Biggart, 2000, The Impact of New Product Announcements on Firm Value in Information Technology Producing Industries: An Examination of Industry-Level Evolutionary Eras, The Engineering Economist 45, 144-157.
Pauwels, K., J. Silva-Risso, S. Srinivasan, and D. M. Hanssens, 2004, New Products, Sales Promotions and Firm Value, With Application to the Automobile Industry, Journal of Marketing 68, 142-156.
Pfeffer, J., 1983, Organizational demography. , In L. L. Cummings & B.M. Staw (Eds.), Research in organizational behavior Greenwhich, CT: JAI Press 5, 299-357.
Porter, M. E., ed., 1998. Competitive strategy Free Press New York.
Rajagopalan, N., and D. K. Datta, 1996, CEO Characteristics: Does Industry Matter?, The Academy of Management Journal 39, 197-215.
Saxton, T., and M. Dollinger, 2004, Target Reputation and Appropriability: Picking and Deploying Resources in Acquisitions, Journal of Management 30, 123.
Srinivasan, S., 2004, Staying Ahead in the Innovation Race: New-Product Introductions and Relative Firm Value, School of Management, University of California.
Swink, M., 2000, Technological innovativeness as a moderator of new product design integration and top management support, Journal of Product Innovation Management 17, 208-220.
Taylor, R. N., 1975, Age and Experience as Determinants of Managerial Information Processing and Decision Making Performance, The Academy of Management Journal 18, 74-81.
Thomas, A. S., and K. Ramaswamy, 1994, Matching Managers to Strategy: An Investigation of Performance Implications and Boundary Conditions, Australian Journal of Management 19, 73-94.
Twedt, D. W., 1965, How Long Does It Take to Introduce New Products?, Journal of Marketing 29, 71-72.
Waldman, D. A., G. G. Ramirez, R. J. House, and P. Puranam, 2001, Does leadership matter? CEO leadership attributes and profitability under conditions of perceived environmental uncertainty, Academy of Management Journal 44, 134-143.
Weigelt, K., and C. Camerer, 1988, Reputation and Corporate Strategy: A Review of Recent Theory and Applications, Strategic Management Journal 9, 443-454.
Weiss, A. M., E. Anderson, and D. J. MacInnis, 1999, Reputation Management as a Motivation for Sales Structure Decisions, Journal of Marketing 63, 74-89.
Wernerfelt, B., 1984, A resource-based view of the firm, Strategic Management Journal 5(2), 171-181.
Wetphal, J. D., and E. J. Zajac, 1994, Substance and Symbolism in CEO's Long-Term Incentive Plans, Administrative Science Quarterly 39.
Wiersema, M. F., and K. A. Bantel, 1992, Top Management Team Demography and Corporate Strategic Change, The Academy of Management Journal 35, 91-121.
Woolridge, J. R., 1988, Competitve Decline and Corporate Restructuring: Is a Myopic Stock Market to Blame?, Journal of Applied Corporate Finance 1, 26-36.
Woolridge, J. R., and C. C. Snow, 1990, Stock Market Reaction to Strategic Investment Decisions, Strategic Management Journal 11, 353-363.