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

被引：71
|
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
收藏
页码：501 / 510
页数：10
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