Managerial overconfidence, diversification, and firm risk

被引：0

作者：

Jiang, Fuxiu ^{[1
]}

Zhang, Min ^{[2
]}

Liu, Zhibiao ^{[3
]}

机构：

[1] Renmin Univ China, Sch Business, Beijing 100872, Peoples R China

[2] Peking Univ China, Guanghua Management Sch, Beijing 100872, Peoples R China

[3] Nanjing Univ China, Econ Sch, Nanjing, Peoples R China

来源：

PROCEEDINGS OF THE 2008 INTERNATIONAL CONFERENCE ON E-RISK MANAGEMENT (ICERM 2008) | 2008年

关键词：

managerial overconfidence; firm risk; diversification;

D O I：

暂无

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Although prior literature argues that diversification leads to firm value discount, few studies examine the relation between diversification and firm risk. Using the data from Chinese stock markets during 2002-2005, we find that diversification significantly reduces firm risk. However, such a risk-reduction effect is weakened when managers are over-confident. Our findings lend a support to firm diversification even there exists diversification discount.

引用

页码：20 / +

页数：2

共 50 条

[31] Managerial Overconfidence and Accounting Conservatism
Ahmed, Anwer S.
Duellman, Scott
JOURNAL OF ACCOUNTING RESEARCH, 2013, 51 (01) : 1 - 30
[32] Managerial overconfidence and the buyback anomaly
Andreou, Panayiotis C.
Cooper, Ilan
Lopez, Ignacio Garcia de Olalla
Louca, Christodoulos
JOURNAL OF EMPIRICAL FINANCE, 2018, 49 : 142 - 156
[33] Managerial overconfidence and corporate resilience
Zhang, Ximeng
Liu, Deqing
Chen, Jie
FINANCE RESEARCH LETTERS, 2024, 62
[34] Managerial Overconfidence and Bank Bailouts
Gietl, Daniel
Kassner, Bernhard
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2020, 179 : 202 - 222
[35] R&D investment and future firm performance: The role of managerial overconfidence and government ownership
Tebourbi, Imen
Ting, Irene Wei Kiong
Le, Hanh Thi My
Kweh, Qian Long
MANAGERIAL AND DECISION ECONOMICS, 2020, 41 (07) : 1269 - 1281
[36] IFRS 16 and firms' risk in emerging markets: the impact of managerial overconfidence
Mansour, Karim
Sayed, Emad
Hussainey, Khaled
JOURNAL OF APPLIED ACCOUNTING RESEARCH, 2025,
[37] Managerial Empowerment and Firm Risk-Taking
Mirza, Sultan Sikandar
Safdar, Raheel
Yu, Yan
Gulzar, M. Awais
SAGE OPEN, 2019, 9 (02):
[38] Managerial risk reduction, incentives and firm value
Ozerturk, S
ECONOMIC THEORY, 2006, 27 (03) : 523 - 535
[39] Managerial risk reduction, incentives and firm value
Saltuk Ozerturk
Economic Theory, 2006, 27 : 523 - 535
[40] Effects of managerial overconfidence on analyst recommendations
Lin, Mei-Chen
Ho, Po-Hsin
Chih, Hsiang-Lin
REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2019, 53 (01) : 73 - 99

← 1 2 3 4 5 →