and Evidence, working paper.
Langer, Ellen J., 1975, The Illusion of Control, Journal of Personality and Social Psychology,32, pp.311-328. Lin, Y., S. Hu, M. Chen, 2005, Managerial Optimism and Corporate Investment: Some Empirical Evidence from Taiwan，Pacific-Basin Finance Journal, 13(5), pp.523-546.
Malmendler Ulrike and Tate Geoffrer, 2003, Who Makes Acquisitions? CEO Overconfidence and the Market’s Reaction, Working paper.
Malmendler Ulrike and Tate Geoffrer, 2005, CEO Overconfidence and Corporate Investment, The Journal of Finance, 6, pp.2661-2700.
Marris R., 1963, A Model of the Managerial Enterprises, Quarterly Journal of Economics, 77, pp.185-209. Merrow E.D., K.E. Phillips and C.W. Myers, 1981, Understanding Cost Growth and Performance Shortfalls in Pioneer Plants, (Santa Monica,CA:Rand).
Mueller, Dennis C., 1977, The Effects of Conglomerate Mergers: A Survey of the Empirical Evidence, Journal of Banking and Finance, Elsevier, vol. 1(4), pp 315-347.
Narayanan, M.P., 1985, Managerial Incentives for Short-term Results, Journal of Finance, 40, pp.1469-1484. Richardson, S., 2006, Over-investment of Free cash Flow, Review of Accounting Studies, 11, pp.159-189. Roll, Richard, 1986, The Hubris Hypothesis of Corporate Takeovers，Journal of Business, 59, pp.197-216. Statman, Meir and Tyzoon T. Tyebjee, 1985, Optimistic Capital budgeting Forecasts: An Experiment, Financial Management, 14, pp.27-33.
Weinstein N., 1980, Unrealistic Optimism about Future Life Events, Journal of Personality and Social Psychology, 39, pp.806-820.
Wolosin,Robert J., Steven J. Sherman and Amnon Till, 1973, Effects of Cooperation and Competition on Responsibility Attribution after Success and Failure, Journal of Experimental Social Psychology, 9, pp.220-235.
Managerial Overconfidence，Firm Expansion and Financial Distress
——Some Empirical Evidence from China Listed Companies
Jiang Fuxiu Zhang Min Lu Zhengfei Chen Caidong (Business School, Renmin University of China,100872 Guanghua School of Management, Peking Univershity, 100871)
Abstract: Based on the data of Chinese listed companies from 2002-2005, we study the relationship between managerial overconfidence and firm expansion. We find that managerial overconfidence influences significantly the velocity of firm expansion, and it is significantly positive with firm total investment and internal expansion, and the degree of positive relationship is more when the firm has more cash flow. And we also find an interesting result that there is a negative relationship between managerial overconfidence and M&A, but not significant. Furthermore, we study the relationship of managerial overconfidence, firm expansion and firm’s performance by use of SEM model. We find that the investment of firms with overconfident managers will cause them into financial distress.
Key words: Managerial overconfidence; Firm expansion; Expansion velocity; Expansion approaches; Financial distress
13
相关推荐：
loading