Managerial overconfidence, internal financing and investment
محل انتشار: مجله مالی ایران، دوره: 4، شماره: 4
سال انتشار: 1399
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 117
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شناسه ملی سند علمی:
JR_IJFIFSA-4-4_005
تاریخ نمایه سازی: 24 فروردین 1401
چکیده مقاله:
Corporate investment decisions are determined by a variety of factors, including various managerial measures, including overconfidence of managers, which are important determinants of corporate investment decisions. Most corporate executives prefer internal financing, but if internal resources are not sufficient to meet this need, they use external resources with the least degree of information asymmetry. The purpose of this study was to investigate the effect of managerial overconfidence on investment and the moderating effect of the internal financing method is on their relationship. The study consisted of listed companies in Tehran Stock Exchange during the period ۲۰۱۱ to ۲۰۱۶ and using a systematic elimination sampling method, ۹۷ companies were selected. To investigate the research hypotheses, EVIEWS software and panel data regression method was used. The results of the research showed that managers’ overconfidence has a positive and significant effect on investment as well as underinvestment, but internal financing does not have a significant effect on the relationship between the overconfidence of managers and investment as well over-investment. But the effect of internal financing on the relationship between managers’ overconfidence and underinvestment was a significant positive. Finally, it became clear that internal financing had a significant negative impact on investment and over-investment.
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نویسندگان
Shahnaz Mashayekh
Associate Prof., Faculty of Accounting, Alzahra University, Tehran, Iran.
Fatemeh Morshedi
Ph.D. Candidate, Faculty of Accounting, Alzahra University, Tehran, Iran.
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