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Self-attribution of overconfident CEOs and asymmetric investment-cash flow sensitivity

Title
Self-attribution of overconfident CEOs and asymmetric investment-cash flow sensitivity
Authors
Choi, Paul Moon SubChung, Chune YoungLiu, Chang
Ewha Authors
최문섭
SCOPUS Author ID
최문섭scopus
Issue Date
2018
Journal Title
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
ISSN
1062-9408JCR Link

1879-0860JCR Link
Citation
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE vol. 46, pp. 1 - 14
Keywords
Investment-cash flow sensitivityOverconfidenceSelf-attribution bias
Publisher
ELSEVIER SCIENCE INC
Indexed
SSCI; SCOPUS WOS scopus
Document Type
Article
Abstract
In this paper, we examine whether overconfidence coupled with a self-attribution bias affects the investment decisions of top corporate managers. First, overconfidence of chief executive officers appears to lead to the downward rigidity of investment-cash flow sensitivity. Additionally, overconfidence intensified by managerial self-attribution exacerbates the stickiness of investment-cash flow sensitivity. These results hold in both financially unconstrained and constrained firms with stronger results in the former. Overall, our findings are in line with the literature that lends support to the excessive investment commitment of overconfident managers.
DOI
10.1016/j.najef.2017.10.008
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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