Are Overconfident CEOs Better Innovators?

被引：1473

作者：

Hirshleifer, David ^{[1
]}

Low, Angie ^{[2
]}

Teoh, Siew Hong ^{[1
]}

机构：

[1] Univ Calif Irvine, Paul Merage Sch Business, Irvine, CA 92717 USA

[2] Nanyang Technol Univ, Nanyang Business Sch, Singapore 639798, Singapore

来源：

JOURNAL OF FINANCE | 2012年 / 67卷 / 04期

关键词：

STOCK-OPTIONS; CORPORATE-INVESTMENT; PATENT CITATIONS; CONFIDENCE; DETERMINANTS; JUDGMENTS; EXERCISE; OPTIMISM; POLICIES;

D O I：

10.1111/j.1540-6261.2012.01753.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Previous empirical work on adverse consequences of CEO overconfidence raises the question of why firms hire overconfident managers. Theoretical research suggests a reason: overconfidence can benefit shareholders by increasing investment in risky projects. Using options- and press-based proxies for CEO overconfidence, we find that over the 19932003 period, firms with overconfident CEOs have greater return volatility, invest more in innovation, obtain more patents and patent citations, and achieve greater innovative success for given research and development expenditures. However, overconfident managers achieve greater innovation only in innovative industries. Our findings suggest that overconfidence helps CEOs exploit innovative growth opportunities.

引用

页码：1457 / 1498

页数：42

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