5. Conclusion and Management Implications
5.3 Limitations and Suggestions
This paper is limited to data for the electronics industry. It is difficult to obtain detailed information about the number of patents in other industries. In
fu仙re research the database could be extended to other industries. In addition, this study adopts the proportion of CEO' s shares as a proxy of overconfidence.
However, the CEO's share holdings are affected by other factors. Also, the family maintains a controlling position. Even though the number of CEO held shares are few, the CEO still has controlling power because ofthe entrenchment effect.
Chiao Da Management Reνiew Vol. 33 No.1, 2013 133
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