Executive Overconfidence and R&D Expenditure-Empirical Evidence Based on Data of Small and Medium-sized Listed Companies in China

摘要：

The research tries to investigate the relationship between managerial overconfidence and R&D expenditure.Making small and medium-sized listed companies in China as samples,shareholding owned by manager and its variation as a substitute for the overconfidence,using OLS analysis method,we make an empirical analysis on the relationship between managerial overconfidence and R&D expenditure.Research results show that executive overconfidence is positively associated with R&D spending.The more overconfident the executive is,the more R&D spending the firm carries on.This paper aJso concludes that executive/chairmen duality and debt can restrain companies R&D activity.

关键词： small and medium-sized listed company executive overconfidence R&D spending

作者: Yan Yong-hai

作者单位: School of Economics and Management Anhui science and technology University 233100,Fengyang China School of Economics and Management Jiangsu University 212013,Fengyang China

会议类型: 国际会议

会议名称: 2010 2nd IEEE International Conference on Information and Financial Engineering(2010年第二届IEEE信息与金融工程国际会议 ICIFE 2010)

会议地点: 重庆

会议语种:英文

页码: 723-727

在线出版日期: 2010-09-17（万方平台首次上网日期，不代表论文的发表时间）