MANAGERIAL OVERCONFIDENCE AND CORPORATE INVESTMENT: EMPIRICAL EVIDENCE FROM CHINA LISTED COMPANIES

被引：0
|
作者：
Xu, Yue [1 ]
Liu, Zhixin [1 ]
机构：
[1] Beihang Univ, Sch Econ & Management, Beijing 100191, Peoples R China
来源：
ICIM 2008: PROCEEDINGS OF THE NINTH INTERNATIONAL CONFERENCE ON INDUSTRIAL MANAGEMENT | 2008年
关键词：
managerial overconfidence; corporate investment behavior; investment-cash flow sensitivity; panel data regression;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper aims to examine whether and how managerial overconfidence affects corporate investment of China listed firms. We propose new detailed testable predictions considering the special situation in China capital market, and test them through panel data regressions of investment on overconfidence and different kinds of cash flows. The results confirm the positive effect of managerial overconfidence on the sensitivities of both capital expenditure and advertising investment to cash flow from financing activities.
引用
收藏
页码：507 / 513
页数：7
相关论文
共 50 条
  • [1] Research on investment behavior on the perspective of managerial overconfidence: Evidence from anhui listed companies
    Yu, Jun
    Wang, Shu-Zhen
    Ng, Pm
    Yang, Zi
    Information Technology Journal, 2013, 12 (19) : 5154 - 5159
  • [2] Managerial overconfidence and over-investment: Empirical evidence from China
    Wang Xia
    Zhang Min
    Yu Fusheng
    FRONTIERS OF BUSINESS RESEARCH IN CHINA, 2009, 3 (03) : 453 - 469
  • [3] The Relationship between Managerial Overconfidence and Over-Investment of China's Manufacturing Listed Companies
    Qian, Chunhong
    2019 3RD INTERNATIONAL CONFERENCE ON EDUCATION, MANAGEMENT AND SOCIAL SCIENCE (EMSS 2019), 2019, : 282 - 286
  • [4] The Impact of Managerial Compensation on Overconfidence: Based on Empirical Evidence of the Shenzhen A-share Listed Companies
    Liu, Shengqiang
    PROCEEDINGS OF THE 2015 INTERNATIONAL CONFERENCE ON INDUSTRIAL TECHNOLOGY AND MANAGEMENT SCIENCE (ITMS 2015), 2015, 34 : 401 - 404
  • [5] Managerial Overconfidence and Corporate Investment
    Palupi, Tejaningrum Anes
    Rizkianto, Eko
    EDUCATION EXCELLENCE AND INNOVATION MANAGEMENT: A 2025 VISION TO SUSTAIN ECONOMIC DEVELOPMENT DURING GLOBAL CHALLENGES, 2020, : 16600 - 16610
  • [6] Blockchain Technology and Corporate Performance: Empirical Evidence from Listed Companies in China
    Zhang, Jie
    Ruan, Chen
    SUSTAINABILITY, 2024, 16 (21)
  • [7] Financial Flexibility, Corporate Investment and Performance: Evidence from China's Listed Companies
    Xiao Liping
    Li Zhe
    Liu Shu
    2013 FOURTH INTERNATIONAL CONFERENCE ON INTELLIGENT SYSTEMS DESIGN AND ENGINEERING APPLICATIONS, 2013, : 318 - 321
  • [8] State ownership, managerial myopia and corporate green transition: evidence from listed companies in China
    Chen, Qi-an
    Bao, Anze
    MULTINATIONAL BUSINESS REVIEW, 2024, 32 (01) : 41 - 64
  • [9] Managerial Overconfidence, Corporate Investment and Corporate Performance
    Zhu Lei
    Liu Jinzhao
    Meng Lingqian
    INNOVATION, ENTREPRENEURSHIP AND STRATEGY IN THE ERA OF INTERNET, 2016, : 653 - 658
  • [10] Digital finance and corporate ESG performance: Empirical evidence from listed companies in China*
    Ren, Xiaohang
    Zeng, Gudian
    Zhao, Yang
    PACIFIC-BASIN FINANCE JOURNAL, 2023, 79
12345