Jun Yu
School of Business, Hohai University, Nanjing, 210024, Jiangsu, China
Shu-zhen Wang
Department of Management, Hefei University, Hefei, 230601, Anhui, China
Pin Ng
W.A. Franke College of Business, Northern Arizona University, AZ 15066, Flagstaff, USA
Zi Yang
Department of Management, Hefei University, Hefei, 230601, Anhui, China
ABSTRACT
In this study, the managerial overconfidence theory was used to examine the over-investment phenomenon in Anhui Listed companies from behavioral corporate finance perspective. The results show that (1) Overconfident managers in Anhui listed companies tended to make over-investment decision, (2) Overconfident managers in Anhui listed companies further strengthened the over-investment behavior in the case of having abundant free cash flow and (3) Compared with non-SOEs, overconfident managers in Anhui state-owned listed companies were more inclined to over-invest in the case of having abundant free cash flow.
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How to cite this article
Jun Yu, Shu-zhen Wang, Pin Ng and Zi Yang, 2013. Research on Investment Behavior on the Perspective of Managerial Overconfidence: Evidence from Anhui Listed Companies. Information Technology Journal, 12: 5154-5159.
DOI: 10.3923/itj.2013.5154.5159
URL: https://scialert.net/abstract/?doi=itj.2013.5154.5159
DOI: 10.3923/itj.2013.5154.5159
URL: https://scialert.net/abstract/?doi=itj.2013.5154.5159
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