Better innovators or more innovators? Managerial overconfidence and corporate R&D

被引：27

作者：

Zavertiaeva, Marina A. ^{[1
]}

Lopez-Iturriaga, Felix J. ^{[1
,2
]}

Kuminova, Evgeniia V. ^{[1
]}

机构：

[1] Natl Res Univ, Higher Sch Econ, Int Lab Intangible Driven Econ, Perm, Russia

[2] Univ Valladolid, Valladolid, Spain

来源：

MANAGERIAL AND DECISION ECONOMICS | 2018年 / 39卷 / 04期

关键词：

CEO OVERCONFIDENCE; AGE-DIFFERENCES; DEVELOPMENT INTENSITY; CONFIDENCE JUDGMENTS; DECISION-MAKING; INVESTMENT; FINANCE; PERFORMANCE; IMPACT; RISK;

D O I：

10.1002/mde.2917

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The aim of this paper is to study the influence of chief executive officers' overconfidence on corporate research and development (R&D). We analyze a sample of 766 firms from the United Kingdom, France, Germany, Switzerland, Italy, Spain, and the Netherlands between 2008 and 2013. We use 3 measures of managerial overconfidence: the press coverage of chief executive officers, his/her age, and his/her experience in the industry. Our results show that the firms run by overconfident managers actually invest more in R&D expenditures, even after controlling for country, industry, and time factors. Overconfident managers not only spend more on R&D but also amplify the effect of financial determinants of R&D such as firm liquidity or profitability. Nevertheless, overconfident managers do not invest efficiently in R&D, and these expenditures can negatively affect the value of the firm.

引用

页码：447 / 461

页数：15

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