Will managerial optimism affect the investment efficiency of a firm?

被引：11

作者：

Chen, I-Ju ^{[1
]}

Lin, Shin-Hung ^{[1
]}

机构：

[1] Yuan Ze Univ, Coll Management, Div Finance, Tao Yuan, Taiwan

来源：

2ND ANNUAL INTERNATIONAL CONFERENCE ON ACCOUNTING AND FINANCE (AF 2012) AND QUALITATIVE AND QUANTITATIVE ECONOMICS RESEARCH (QQE 2012) | 2012年 / 2卷

关键词：

Managerial optimism; Investment efficiency; Overinvestment; Underinvestment; CORPORATE-INVESTMENT; CEO OVERCONFIDENCE; CASH FLOW; FINANCE; MARKET; INFORMATION; GOVERNANCE; DECISIONS; AGENCY;

D O I：

10.1016/S2212-5671(12)00066-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We follow the measurement of Campbell et al. (2011) for managerial optimism and investigate the influences of the different levels of managerial optimism on improving the investment efficiency when firms tend to under-invest or over-invest. The results indicate that an under-invested firm with a CEO that has a high level of managerial optimism can improve the firm's investment efficiency by reducing the degree of underinvestment, further increasing the value of a firm. (C) 2012 The Authors. Published by Elsevier Ltd. Selection and/or peer-review under responsibility of Global Science and Technology Forum

引用

页码：73 / 80

页数：8

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