| 过度自信对企业投资行为影响研究——基于CEO权力调节效应视角 |
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| 引用本文： | 王海明,曾德明.过度自信对企业投资行为影响研究——基于CEO权力调节效应视角[J].湖南大学学报(自然科学版),2012,39(11):99-103. |
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| 作者姓名： | 王海明 曾德明 |
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| 作者单位： | 湖南大学工商管理学院 |
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| 基金项目： | 教育部创新团队资助项目(IRT0916);湖南省自然科学基金创新群体资助项目(09JJT02) |
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| 摘 要： | 基于管理者自大假说,以2006-2010年沪深两市A股上市公司为样本,运用多元线性回归模型检验和分析CEO过度自信和CEO权力对上市公司投资行为的影响.研究结果表明,CEO过度自信对企业投资支出具有显著的促进作用,而CEO权力对企业投资支出的影响并不显著,但却强化了CEO过度自信对企业投资行为的促进作用.研究还发现,在不同CEO权力强度条件下,CEO过度自信对企业投资支出的影响存在差异;在CEO是否过度自信条件下,CEO权力对企业投资支出的影响也存在差异.
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| 关 键 词： | 投资 企业投资行为 CEO过度自信 CEO权力 |
A Study of the Impact of CEO Overconfidence on Corporate Investment Behavior: From the Perspective of Moderating Effect of CEO Power |
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| WANG Hai-ming,ZENG De-ming.A Study of the Impact of CEO Overconfidence on Corporate Investment Behavior: From the Perspective of Moderating Effect of CEO Power[J].Journal of Hunan University(Naturnal Science),2012,39(11):99-103. |
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| Authors: | WANG Hai-ming ZENG De-ming |
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| Institution: | (College of Business Administration,Hunan Univ,Changsha,Hunan 410082,China) |
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| Abstract: | This paper used multi-variant regression method to study the effect of CEO overconfidence and CEO power on corporate investment behavior. Empirical results show that CEO overconfidence plays a significant role in promoting corporate investment spending, while the effect of CEO power on the corporate investment spending is not significant, but strengthens the influence of CEO overconfidence on corporate investment behavior. This study also reveals that the influence on enterprise investment spending from CEO overconfidence differs as the result of various power intensities from different CEO. So, the effect of CEO power on enterprise investment spending differs with the overconfidence of CEO. |
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| Keywords: | investments corporate investment behavior CEO overconfidence CEO power |
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