Social ties, managerial overconfidence, and investment efficiency

被引：0

作者：

Kang, Yong Joo ^{[1
]}

Lee, Ho-Young ^{[2
]}

Park, Hyun-Young ^{[3
]}

Park, Ju Hyoung ^{[2
]}

机构：

[1] Thompson Rivers Univ, Sch Business & Econ, 805 TRU Way, Kamloops, BC V2C 0C8, Canada

[2] Yonsei Univ, Sch Business, 50 Yonsei Ro, Seoul, South Korea

[3] Korea Natl Open Univ, Dept Accounting & Finance, 86 Daehak Ro, Seoul, South Korea

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

关键词：

Board characteristics; Social ties; Investment efficiency; Managerial overconfidence;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the association between the social ties among board members and investment efficiency and whether managerial overconfidence aggravates this association. We find that social ties among directors are negatively associated with investment efficiency and managerial overconfidence aggravates this association. These results suggest that social ties between inside and outside directors weaken board independence, which ultimately has a negative impact on optimal investment decision-making. In addition, stakeholders must effectively monitor managers who are overconfident when board members are socially tied.

引用

页数：10

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