Managerial overconfidence, internal financing, and investment efficiency: Evidence from China

被引：89

作者：

He, Ying ^{[1
]}

Chen, Cindy ^{[2
]}

Hu, Yue ^{[1
]}

机构：

[1] Beijing Univ Posts & Telecommun, Sch Econ & Management, Beijing, Peoples R China

[2] Calif State Univ Long Beach, Coll Business Adm, 1250 Bellflower Blvd, Long Beach, CA 90840 USA

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2019年 / 47卷

关键词：

Investment; capacity and financing; Corporate governance; Behavioral finance; CEO OVERCONFIDENCE; OVER-INVESTMENT; CORPORATE; ACQUISITIONS; RISK;

D O I：

10.1016/j.ribaf.2018.09.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using companies listed in China's Shanghai Exchange and Shenzhen Exchange in 2010-2015 as a sample, we test the impact of managerial overconfidence on choice of internal financing and investment efficiency (investment scale; overinvestment and underinvestment). We show that internal financing can fund business opportunities and alleviate capital shortages but may also cause excessive investment, especially in firms with managerial overconfidence. This overinvestment problem is more significantly related to managerial overconfidence in state-owned than non-state enterprises.

引用

页码：501 / 510

页数：10

共 49 条

[1] Managerial Overconfidence and Accounting Conservatism [J].

Ahmed, Anwer S. ;

Duellman, Scott .

JOURNAL OF ACCOUNTING RESEARCH, 2013, 51 (01) :1-30

[2] GLOBAL SELF-EVALUATION AS DETERMINED BY THE DESIRABILITY AND CONTROLLABILITY OF TRAIT ADJECTIVES [J].

ALICKE, MD .

JOURNAL OF PERSONALITY AND SOCIAL PSYCHOLOGY, 1985, 49 (06) :1621-1630

[3] The equity share in new issues and aggregate stock returns [J].

Baker, M ;

Wurgler, J .

JOURNAL OF FINANCE, 2000, 55 (05) :2219-2257

[4] THE MODERATOR MEDIATOR VARIABLE DISTINCTION IN SOCIAL PSYCHOLOGICAL-RESEARCH - CONCEPTUAL, STRATEGIC, AND STATISTICAL CONSIDERATIONS [J].

BARON, RM ;

KENNY, DA .

JOURNAL OF PERSONALITY AND SOCIAL PSYCHOLOGY, 1986, 51 (06) :1173-1182

[5]

Barros DeC., 2007, SSRN Electronic Journal, DOI DOI 10.2139/SSRN.953273

[6] Asset sales, investment opportunities, and the use of proceeds [J].

Bates, TW .

JOURNAL OF FINANCE, 2005, 60 (01) :105-135

[7]

Ben-David I., 2007, Working Paper 13711, DOI [10.3386/w13711, DOI 10.3386/W13711]

[8] CEO overconfidence, CEO dominance and corporate acquisitions [J].

Brown, Rayna ;

Sarma, Neal .

JOURNAL OF ECONOMICS AND BUSINESS, 2007, 59 (05) :358-379

[9] Overconfidence and excess entry: An experimental approach [J].

Camerer, C ;

Lovallo, D .

AMERICAN ECONOMIC REVIEW, 1999, 89 (01) :306-318

[10] CEO overconfidence and dividend policy [J].

Deshmukh, Sanjay ;

Goel, Anand M. ;

Howe, Keith M. .

JOURNAL OF FINANCIAL INTERMEDIATION, 2013, 22 (03) :440-463

← 1 2 3 4 5 →