Do CEO overconfidence and demographic characteristics moderate the effect of R&D investment on firm performance?

被引：0
作者：
Guan, Feiyang [1 ]
Wang, Tienan [2 ]
机构：
[1] Wuhan Univ Technol, Wuhan, Hubei, Peoples R China
[2] Harbin Inst Technol, Harbin, Peoples R China
来源：
MARKETING INTELLIGENCE & PLANNING | 2025年 / 43卷 / 01期
基金：
中国国家自然科学基金;
关键词：
Overconfidence; Demographic characteristics; R&D investment; Heckman two-stage model; CAREER CONCERNS; UPPER ECHELONS; MANAGEMENT; IMPACT; CHINESE; AGE; CONSTRAINTS; LEADERSHIP;
D O I：
10.1108/MIP-05-2023-0242
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Purpose - This paper aims to examine the influence of overconfident or conservative CEOs on the performance feedback of R&D investment, as well as the combined impact of CEO overconfidence and demographic characteristics on the relationship between performance feedback of R&D investments. Design/methodology/approach - Grounded in the upper echelon theory, listed companies in China are selected as samples, and the Heckman two-stage model is used to examine all the models. Findings - This paper reveals that overconfident CEOs tend to make suboptimal investment decisions. These decisions are influenced by cognitive biases that have a negative impact on the performance of R&D investments. However, the negatively moderating effects of CEO overconfidence can be mitigated if they have overseas experience or academic background, or they are younger. Originality/value - These mechanisms highlight the various ways in which CEO psychological factors and demographic characteristics can complement each other.
引用
收藏
页码：127 / 151
页数：25
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