本計畫為兩年期計畫，探討過度自信經理人與環境汙染的關係，氣候風險近年來對人類影響日益重大，使得企業環保議題越來越受到重視，由於環境污染具有外部性，過度自信經理人傾向不理會外部性的負面影響；此外，履行企業社會責任具有避險的優點，但由於對自身經營能力具有信心，過度自信經理人不會採取避險行為，因此會較少投入社會責任活動與關注環境議題。在第一年計畫中，以公司碳排放與罰款作為環境汙染指標，探討過度自信經理人是否生產過程中會產生較多污染物質，我們認為經理人過度自信會與公司碳排放及相關罰款有正向關係。當公司財務限制較少時，此現象應該會更為明顯，此外，當公司有較佳的公司治理結構時，則可以抑制此正向關係。在第二年計畫中，我們進一步探討公司是否會參加CDP 碳排放揭露專案來檢驗過度自信經理人對於環境永續議題的重視程度，由於過度自信經理人不認為需要揭露碳排放與重視環境相關社會責任議題，我們預測過度自信經理人比較不會接露公司的碳排放狀況，此外，我們也研究經理人過度自信是否與股東會中有關環境議題相關提案有關，如股東要求揭露碳排放、減少碳排放或發布企業永續報告等提案進行探討，我們認為過度自信經理人與股東會中有關環境議題相關提案為正相關。 ;The research proposal is a two-year project – it focuses on the relation between overconfident CEOs and the environmental pollutions. The climate risks these days have impacted human beings a lot that has made people pay more attention to corporate environmental responsibility. Although the environmental pollutions cause negative externalities, we consider that overconfident CEOs would ignore this negative impact. Moreover, being responsible for corporate social activities would have the hedge effect, but due to overconfident CEOs’ strong belief in themselves about their management abilities, they are less likely to risk management or hedge and pay less attention to corporate social responsibility and environmental issues.In the first year, we investigate whether overconfident CEOs would relate to more carbons dioxide and greenhouse gas emission and environmental fines. We consider that CEO overconfidence would positively associated with carbons dioxide and greenhouse gas emission and environmental fines. In addition, this effect would strengthen when firms face less financial constraint and this effect would weaken when firms face have better governance structure. In the second year, we further examine importance of environmental issue for overconfident CEOs. We argue that overconfident CEOs are less likely to disclose carbon dioxide and greenhouse gas emission or join the environmental program. Furthermore, we also examine whether CEO overconfidence is related to environmental proposes raised by the shareholders, i.e., the shareholders ask to reveal carbon emissions, reduce carbon emissions or adopt the environmental practice. We consider that the likelihood of overconfident CEOs receiving the environmental proposal which proposed by shareholder is positive.
