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

被引：90

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 50 条

[11] Managerial overconfidence and firm financing decision: an Indonesian case [J].

Murhadi, Werner Ria .

PROCEEDINGS OF THE 15TH INTERNATIONAL SYMPOSIUM ON MANAGEMENT (INSYMA 2018), 2018, 186 :71-75

[12] The Effects of Managerial Overconfidence and Corporate Governance on Investment Decisions: An Empirical Study from Indonesia [J].

Zaludin, Zaludin ;

Sarita, Buyung ;

Syaifuddin, Dedy Takdir ;

Sujono, Sujono .

JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2021, 8 (10) :361-371

[13] Research on investment behavior on the perspective of managerial overconfidence: Evidence from anhui listed companies [J].

Yu, Jun ;

Wang, Shu-Zhen ;

Ng, Pm ;

Yang, Zi .

Information Technology Journal, 2013, 12 (19) :5154-5159

[14] Board secretary's financial experience, overconfidence, and SMEs' financing preference: Evidence from China's NEEQ market [J].

Wang, Kun ;

Chen, Yaozhi ;

Liu, Yao ;

Tang, Yingkai .

JOURNAL OF SMALL BUSINESS MANAGEMENT, 2023, 61 (04) :1378-1410

[15] Star CEOs and investment efficiency: Evidence from China [J].

Zhang, Lida ;

Cai, Wenwu .

PACIFIC-BASIN FINANCE JOURNAL, 2023, 82

[16] Customer stability, managerial overconfidence, and enterprise investment in innovation: a perspective based on "Made in China 2025" [J].

Wen, Xuqian ;

Xia, Jia ;

Ye, Yong .

ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS, 2022, 29 (03) :673-691

[17] Internal and external managerial challenges of Ponzi financing in China [J].

Bai, Min ;

Zhang, Dong ;

Bai, Han ;

Qin, Yafeng .

INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2025,

[18] Effects of financial constraints and managerial overconfidence on investment-cash flow sensitivity [J].

Chiu, Chun-Ju ;

Ho, Amy Yueh-Fang ;

Tsai, Li-Fang .

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2022, 82 :135-155

[19] Managerial characteristics and stock market investment: evidence from China [J].

Yang, Jingjing ;

Xin, Yuan ;

Jun, Xiao .

ACCOUNTING AND FINANCE, 2019, 59 :2017-2044

[20] Characteristics Of Ceo's Overconfidence And Managerial Compensation: Evidence From Vietnam [J].

Quang Thong Truong ;

Nguyen, Linh T. T. ;

Minh Lam Tran .

PACIFIC BUSINESS REVIEW INTERNATIONAL, 2019, 12 (06) :22-34

← 1 2 3 4 5 →