Does Fintech affect the psychological traits of managers? Based on the perspective of manager overconfidence.
Does Fintech affect the psychological traits of managers? Based on the perspective of manager overconfidence.
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DOI：
10.3389/fpsyg.2022.1008944
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发表时间：
2022
影响因子：
3.8
通讯作者：
Huang, Dequan
中科院分区：
文献类型：
--
作者：
Wang, Liang;Xiao, Wenyi;Huang, Dequan
关键词：
过度自信在管理者的心理中扮演着不可或缺的角色，对管理者的行为和决策具有重要的意义。本文基于2011年至2020年中国A股非金融上市公司的面板数据和中国地级城市的数字普惠金融指数，从过度自信的角度考察了金融科技对管理者心理特征的影响。实证结果表明：(1)金融科技对经理过度自信负向影响；(2)金融科技对经理过度自信负向影响的主要渠道包括金融科技覆盖广度和金融科技使用深度；(3)对于融资约束严重、权力集中度较低的企业，金融科技对经理过度自信的负向影响更为显著；(4)通过IV回归、改变金融科技和经理过度自信的测量方法、采用Logit模型重估计等一系列稳健检验，我们的基准结果仍然成立。基于以上研究结果，本研究通过借鉴金融科技的研究成果，对管理者心理特征的成因、维护管理者的心理健康、促进企业的可持续发展提供了一些启示。
Overconfidence has undertaken an indispensable role in the psychology of managers and places important significance on managers’ behavior and decision-making. This study investigates the effect of Fintech on the psychological traits of managers from the perspective of overconfidence based on the panel data of Chinese A-share non-financial listed firms and the digital inclusive finance index of Chinese prefecture-level cities between 2011 and 2020. The empirical results show that (1) Fintech exerts a negative effect on manager overconfidence; (2) the main channels of the negative effect of Fintech on manager overconfidence include Fintech coverage breadth and Fintech usage depth; (3) for firms with severe financing constraints and lower power concentration, the negative effect of Fintech on manager overconfidence is more prominent; and (4) our benchmark results still hold after a series of robust tests, including IV regression, altering the measurement of Fintech and manager overconfidence, and employing logit model re-estimation. Based on the above findings, this study provides some insights into the cause for managers’ psychological traits, maintaining managers’ mental health, and empowering the firms’ sustainable development by adopting Fintech.
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