Test inflation uncertainty and overinvestment with emphasis on managerial overconfidence

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Alinezhad Saroukolayi Mehdi; TAHERI ZABIHOLLAH; Akbarpour Keyvan

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Journal: INVESTMENT KNOWLEDGE Year:2019 | Volume:7 | Issue:28 Page(s): 265-279

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Information Journal Paper

Title

Test inflation uncertainty and overinvestment with emphasis on managerial overconfidence

Author(s)

Alinezhad Saroukolayi Mehdi | TAHERI ZABIHOLLAH | Akbarpour Keyvan | Issue Writer Certificate

Keywords

overinvestmentQ1

fluctuation in inflationQ1

managers overconfidenceQ1

Abstract

Investment is one of the most important and effective factors on growth and development of economy. Shareholders and stakeholders expect managers to recognize the best investment opportunities to achieve the ideal efficiency. In this research, investment by the listed firms in Tehran Stock Exchange is studied considering fluctuations in inflation and the effect of managers overconfidence as two factors. The research population consists 193 companies from 2011 – 2015. To test overinvestment, In this research employed Bidel et al (2009) model. The results show that fluctuation in inflation has no effect on overinvestment. Also, it shows that managers overconfidence has direct and meaningful impact on overinvestment. Moreover, managers overconfidence is an effective factor on inflation and overinvestment.

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APA: Copy

Alinezhad Saroukolayi, Mehdi, TAHERI, ZABIHOLLAH, & Akbarpour, Keyvan. (2019). Test inflation uncertainty and overinvestment with emphasis on managerial overconfidence. INVESTMENT KNOWLEDGE, 7(28 ), 265-279. SID. https://sid.ir/paper/188180/en

Vancouver: Copy

Alinezhad Saroukolayi Mehdi, TAHERI ZABIHOLLAH, Akbarpour Keyvan. Test inflation uncertainty and overinvestment with emphasis on managerial overconfidence. INVESTMENT KNOWLEDGE[Internet]. 2019;7(28 ):265-279. Available from: https://sid.ir/paper/188180/en

IEEE: Copy

Mehdi Alinezhad Saroukolayi, ZABIHOLLAH TAHERI, and Keyvan Akbarpour, “Test inflation uncertainty and overinvestment with emphasis on managerial overconfidence,” INVESTMENT KNOWLEDGE, vol. 7, no. 28 , pp. 265–279, 2019, [Online]. Available: https://sid.ir/paper/188180/en

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