Impacts of Internal Financing on Investment Decisions by Optimistic and Overconfident Managers
Impacts of Internal Financing on Investment Decisions by Optimistic and Overconfident Managers
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内部融资对乐观和过度自信管理者投资决策的影响
DOI：
10.1111/j.1468-036x.2011.00624.x
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发表时间：
2014
影响因子：
2.2
通讯作者：
Shinsuke Kamoto
中科院分区：
文献类型：
--
作者：
橘川武郎;島本実;鈴木健嗣;坪山雄樹;平野創;Shinsuke Kamoto;Shinsuke Kamoto;Shinsuke Kamoto
本文考察了对公司增长前景和内部融资风险表现出乐观和过度自信偏见的管理者的投资决策与内部融资的相互作用。模型表明，乐观型和过度自信型管理者的投资门槛既可以高于也可以低于门槛，从而使企业的市场价值最大化，这取决于内部资金的水平。本文还推导出了内部资金的最优水平，促使管理者最大化公司的市场价值，并说明了管理层乐观主义和过度自信的影响。
The paper examines the interactions of investment decisions by managers who display optimistic and overconfident biases on the prospects of firm growth and riskiness with internal financing. The model demonstrates that the investment threshold for optimistic and overconfident managers can both rise above and fall below the threshold to maximize the market value of the firm, depending on the level of internal funds. It also derives the optimal level of internal funds that induces the managers to maximize the market value of the firm and illustrates the impacts of managerial optimism and overconfidence.