Investigating the relationship between investment efficiency, social responsibility and overconfidence of managers,emphasizing the hierarchical theory approach

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Kardan Behzad; Moradi Mehdi; Salehi Vaziri Seyed Mohsen; Mohamadzade Sara

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Journal Paper

Paper Information

Journal: Journal of Fiscal and Economic Policies Year:2023 | Volume:11 | Issue:41 Page(s): 7-41

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Information Journal Paper

Title

Investigating the relationship between investment efficiency, social responsibility and overconfidence of managers,emphasizing the hierarchical theory approach

Author(s)

Kardan Behzad | Moradi Mehdi | Salehi Vaziri Seyed Mohsen | Mohamadzade Sara | Issue Writer Certificate

Keywords

corporate social responsibilityQ4

investment efficiencyQ4

managers' overconfidenceQ4

Hierarchical approachQ4

Abstract

Purpose: Considering the different views on social responsibility and the expansion of the corporate social responsibility concept, the purpose of this research is to investigate the relationship between investment efficiency and corporate social responsibility with regard to the effectiveness of managers' behavior with emphasis on the Hierarchical approach. Method: The data of 102 companies admitted to the Tehran Stock Exchange in the period from 2011 to 2020 have been analyzed using the dynamic panel data approach and the GMM method. Findings: The findings of the research showed that although increasing the social responsibility of companies does not improve the efficiency of investment, increasing the overconfidence of managers improves the efficiency of investment. Despite of managers who are not willing to increase the efficiency of investment through internal financing, companies with high social responsibility tend to increase investment efficiency by internal financing.

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