本研究主要探討高階主管異動與企業投資效率之關聯性，並探討過度自信人格特質的調節效果。過去相關文獻對於高管異動將對投資效率帶來正面或負面影響始終無一定論，本篇研究以臺灣高管異動資料作為樣本，以深入瞭解臺灣的高管大多將站在長期職涯考量抑或是短期職涯考量。此外，高管具備過度自信之人格特質將使投資效率提高或下降亦是值得深入探討的議題，故本研究將研究異動後前後任高管過度自信程度之變動，是否會影響高管異動與投資效率之關聯性。
本研究以2009年至2022年臺灣上市、上櫃公司樣本進行研究。實證結果顯示，當經理人異動時，將會顯著提升企業之投資效率，故本研究之結果將支持臺灣經理人大多將站在長期職涯考量之觀點，此外，本研究之額外測試亦發現高階財務主管異動亦將提高企業投資效率。而本文亦發現，當高階主管具備過度自信之人格特質時，將能顯著提高投資效率，然而，在其他條件不變下，前任、繼任經理人過度自信程度的變化，並不會顯著改變經理人異動與投資效率之關聯性。

This study investigates the relationship between executive turnover and corporate investment efficiency and consider the moderating roles of change in overconfidence. Given the inconclusive findings in prior literature on whether executive turnover positively or negatively impacts investment efficiency, this study uses Taiwan's executive turnover data to explore whether executives tend to prioritize long-term or short-term career considerations. Additionally, the study further examines how the personality trait of overconfidence among executives affects investment efficiency. The study investigates whether changes in the degree of overconfidence influence the relationship between executive turnover and investment efficiency.
The research uses the sample of Taiwan listed companies from 2009 to 2022 to investigates the relationship between executive turnover and corporate investment efficiency and consider the moderating roles of change in overconfidence. Empirical results indicate that executive turnover significantly enhances investment efficiency, supporting the perspective that Taiwanese executives prioritize long-term career considerations. Additional tests reveal that turnover among chief financial officers also improves investment efficiency. Moreover, the study finds that when executives exhibit overconfidence, it significantly enhances investment efficiency. However, changes in the degree of overconfidence between predecessors and successors do not significantly alter the relationship between executive turnover and investment efficiency under unchanged conditions.

一、中文文獻
張幸惠、姚名麗。（2015）。董事會組成、財報品質與財務主管異動宣告效果。兩岸金融季刊，第三卷第二期，27-67
二、英文文獻
Ahmad, W., Farag, H., & Wang, Y. (2024). Do new CEOs really care about innovation? European Financial Management, 30(1), 230-283.
Alicke, M. D. (1985). Global self-evaluation as determined by the desirability and controllability of trait adjectives. Journal of Personality and Social Psychology, 49(6), 1621.
Ben-David, I., Graham, J. R., & Harvey, C. R. (2007). Managerial overconfidence and corporate policies (No. w13711). National Bureau of Economic Research.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112-131.
Brown, R., & Sarma, N. (2007). CEO overconfidence, CEO dominance and corporate acquisitions. Journal of Economics and Business, 59(5), 358-379.
Camerer, C., & Lovallo, D. (1999). Overconfidence and excess entry: An experimental approach. American Economic Review, 89(1), 306-318.
Chen, C. X., Nasev, J., & Wu, S. Y. C. (2022). CFO overconfidence and cost behavior. Journal of Management Accounting Research, 34(2), 117-135.
Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259-271.
Chu, Z., Wang, Z., Xiao, J. J., & Zhang, W. (2017). Financial literacy, portfolio choice and financial well-being. Social Indicators Research, 132, 799-820.
Clayton, M. C., Hartzell, J. C., & Rosenberg, J. (2005). The impact of CEO turnover on equity volatility. The Journal of Business, 78(5), 1779-1808.
DeAngelo, L. E. (1988). Managerial competition, information costs, and corporate governance: The use of accounting performance measures in proxy contests. Journal of Accounting and Economics, 10(1), 3-36.
Elliott, J. A., & Shaw, W. H. (1988). Write-offs as accounting procedures to manage perceptions. Journal of Accounting Research, 91-119.
Englmaier, F. (2010). Managerial optimism and investment choice. Managerial and Decision Economics, 31(4), 303-310.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Geiger, M. A., & North, D. S. (2006). Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review, 81(4), 781-809.
Goel, A. M., & Thakor, A. V. (2008). Overconfidence, CEO selection, and corporate governance. the Journal of Finance, 63(6), 2737-2784.
Hackbarth, D. (2008). Managerial traits and capital structure decisions. Journal of Financial and Quantitative Analysis, 43(4), 843-881.
He, Y., Chen, C., & Hu, Y. (2019). Managerial overconfidence, internal financing, and investment efficiency: Evidence from China. Research in International Business and Finance, 47, 501-510.
Heaton, J. B. (2002). Managerial optimism and corporate finance. FINANCIAL MANAGEMENT-TAMPA-, 31(2; SEAS SUM), 33-46.
Holmes, T. J., & Schmitz Jr, J. A. (1995). On the turnover of business firms and business managers. Journal of Political Economy, 103(5), 1005-1038.
Huson, M. R., Malatesta, P. H., & Parrino, R. (2004). Managerial succession and firm performance. Journal of Financial Economics, 74(2), 237-275.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics, 112(1), 169-215.
Lang, L. H., Stulz, R., & Walkling, R. A. (1991). A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics, 29(2), 315-335.
Lang, L., Ofek, E., & Stulz, R. (1996). Leverage, investment, and firm growth. Journal of Financial Economics, 40(1), 3-29.
Lang, L., Poulsen, A., & Stulz, R. (1995). Asset sales, firm performance, and the agency costs of managerial discretion. Journal of Financial Economics, 37(1), 3-37.
Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661-2700.
March, J. G., & Shapira, Z. (1987). Managerial perspectives on risk and risk taking. Management Science, 33(11), 1404-1418.
Marris, R. (1963). A model of the “managerial” enterprise. The Quarterly Journal of Economics, 77(2), 185-209.
Moore, D. A., & Healy, P. J. (2008). The trouble with overconfidence. Psychological Review, 115(2), 502.
Moore, D. A., Tenney, E. R., & Haran, U. (2015). Over precision in judgment. The Wiley Blackwell Handbook of Judgment and Decision Making, 2, 182-209.
Murphy, K. J., & Zimmerman, J. L. (1993). Financial performance surrounding CEO turnover. Journal of Accounting and Economics, 16(1-3), 273-315.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Narayanan, M. (1985). Managerial incentives for short‐term results. The Journal of Finance, 40(5), 1469-1484.
Peress, J. (2010). Product market competition, insider trading, and stock market efficiency. The Journal of Finance, 65(1), 1-43.
Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189.
Salehi, M., Zimon, G., Arianpoor, A., & Gholezoo, F. E. (2022). The impact of investment efficiency on firm value and moderating role of institutional ownership and board independence. Journal of Risk and Financial Management, 15(4), 170.
Sun, S., & Jiang, H. (2022). CEO turnover and corporate innovation: What can we learn from Chinese listed companies. Frontiers in Psychology, 13, 874907.
Svenson, O. (1981). Are we all less risky and more skillful than our fellow drivers? Acta Psychologica, 47(2), 143-148.
Taylor, S. E., & Brown, J. D. (1988). Illusion and well-being: a social psychological perspective on mental health. Psychological Bulletin, 103(2), 193.
Von Hippel, W., & Trivers, R. (2011). The evolution and psychology of self-deception. Behavioral and Brain Sciences, 34(1), 1-16.
Weisbach, M. S. (1995). CEO turnover and the firm's investment decisions. Journal of Financial Economics, 37(2), 159-188.
Williamson, O. E. (1963). Managerial discretion and business behavior. The American Economic Review, 53(5), 1032-1057.
Xie, J. (2015). CEO career concerns and investment efficiency: Evidence from China. Emerging Markets Review, 24, 149-159.