New product strategies and firm performance: CEO optimism

被引：7

作者：

Chen, Sheng-Syan ^{[1
]}

Lin, Chih-Yen ^{[2
]}

Tsai, Yun-Ching ^{[3
]}

机构：

[1] Natl Chengchi Univ, Coll Commerce, Dept Finance, 64,Sec 2,ZhiNan Rd, Taipei, Taiwan

[2] Fu Jen Catholic Univ, Coll Social Sci, Dept Econ, 510 Zhongsheng Rd, New Taipei, Taiwan

[3] Natl Taiwan Univ, Coll Management, Dept Finance, 1,Sec 4,Roosevelt Rd, Taipei, Taiwan

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2018年 / 55卷

关键词：

New product strategy; CEO optimism; Stock performance; Operating performance; OVERCONFIDENT CEOS; OPERATING PERFORMANCE; ECONOMIC-IMPACT; MARKET VALUE; CORPORATE; STOCK; ACQUISITIONS; INTRODUCTIONS; COMPETITION; GOVERNANCE;

D O I：

10.1016/j.iref.2018.01.021

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the role of CEO optimism in explaining firm performance associated with new product introductions. New product introducing firms with high levels of CEO optimism experience better announcement-period abnormal returns and long-term stock performance than introducers with moderate or low levels of CEO optimism. Changes in abnormal operating performance following new product announcements are also more favorable for firms with high optimism CEOs than for firms with moderate-optimism or low-optimism CEOs. The results hold after controlling for other potential explanatory factors and accounting for endogeneity. The evidence highlights the importance of CEO optimism in assessing the valuation effect of corporate product strategies.

引用

页码：37 / 53

页数：17

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