The Study on the Characteristic of Board Chairman, Overconfidence and Financial Decisions
Based on the theories of Upper Echelons and Irrational Mental, this article does research in the characteristics of board chairman and overconfidence;as well as the relationship about overconfidence and financing decisions.This article chooses samples from 2009 to 2011.We discover that the characteristics of board chairman are strongly related to overconfidence;overconfidence has significant correlation with investment decisions.In debt financing decisions, overconfidence is strongly correlated to debt financing decisions.In term financing decisions, the business tends to choose short-term debt.On the basis of overconfidence, this article makes suggestions about building financial accountability mechanism, internal control mechanism, reasonable organization restrict framework and risk defense mechanism, thus providing reference for the research in management overconfidence.
Characteristics of board chairman Overconfidence Financing decisions Investment decisions
YAO Wenyun GAO Dengyun CHEN Wenlei
School of Business, Nanjing University, Nanjing, P.R.China, 210093 School of Accounting, Nanjing University of Finance and Economics, Nanjing, P.R.China, 210023
国际会议
The Twelfth International Symposium-Management Science & Engineering(第十二届管理科学与工程国际学术会议)
南京
英文
3-8
2013-09-13（万方平台首次上网日期，不代表论文的发表时间）