MANAGERIAL OVERCONFIDENCE AND CORPORATE INVESTMENT: EMPIRICAL EVIDENCE FROM CHINA LISTED COMPANIES
This paper aims to examine whether and how managerial overconfidence affects corporate investment of China listed firms. We propose new detailed testable predictions considering the special situation in China cap ital market, and test them through panel data regressions of investment on overconfidence and different kinds of cash flows. The results confirm the positive effect of managerial overconfidence on the sensitivities of both cap ital expenditure and advertising investment to cash flow from financing activities.
managerial overconfidence corporate investment behavior investment-cash flow sensitivity panel data regression
Yue Xu Zhixin Liu
School of Economics and Management, Beihang University, Beijing 100191, China
国际会议
The Ninth International Conference on Industrial Management(第九届工业管理国际会议 ICIM2008)
日本大阪
英文
507-513
2008-09-16（万方平台首次上网日期，不代表论文的发表时间）