本研究皆在探討家族企業、經理人過度自信與創新活動問之關係，並針對2001年至2007年692家上市上櫃之電子產業進行分析。研究結果發現，家族企業較少創新活動，顯示家族企業由於風險考量、資源不足以因應、龐大研發投入，因比較少進行創新研發活動；其次，其過度自信傾向之經理人創新行為較高，顯示過度自信經理人會高估報酬與低估風險的態度，會使其偏好高風險的投資計畫（如創新活動），以滿足其對未來樂觀的預期；最後，在經理人態度作為家族所有權與創新活動問調節變項方面，本研究進一步發現，一旦過度自信的經理人加入家族企業後，會弱化家族特性（保守等）對創新活動的負面影響，而提高創新活動，產生正向調節效果，尤其當企業之控制權與所有權偏離程度較低峙，經理人過度自信傾向之影響更為明顯。此外，當家族企業之經理人為家族成員，更會強化經理人過度自信對創新活動之正向調節效果。
This study examines the relationship among family business, CEO overconfidence and corporate innovation based on analysis of a sample (4,504) of listed electronic firms (692) in Taiwan from 2001 to 2007. The results show that family businesses are less likely than non-family businesses to engage in corporate innovation. The risk aversion and lack of resources that characterize family businesses can lead to weak corporate innovation. In addition, we find that overconfident CEOs prefer innovation activities. It is suggested that overestimation of returns and underestimation of risk due to CEO overconfidence leads to investment in risky innovation activities in order to meet optimistic expectations. Finally, investigation shows that when an overconfident CEO is employed in a family business, his/her overconfidence will have a positive moderating effect that enhances corporate innovation, especially in the firms with relatively little deviations from control rights and ownership. Furthermore, a family member serving as CEO with overconfidence in a family business will strengthen the positive moderating effect of managerial overconfidence on innovation activities.
