Relationships between Managerial Overconfidence, Internal Financing and Investment Efficiency

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TAGHIZADEH KHANQAH VAHID; BADAVAR NAHANDI YOUNES

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Journal Paper

Paper Information

Journal: JOURNAL OF ACCOUNTING KNOWLEDGE Year:2020 | Volume:11 | Issue:2 (41) Page(s): 209-238

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Information Journal Paper

Title

Relationships between Managerial Overconfidence, Internal Financing and Investment Efficiency

Author(s)

TAGHIZADEH KHANQAH VAHID | BADAVAR NAHANDI YOUNES | Issue Writer Certificate

Keywords

Management OverconfidenceQ1

Internal FinancingQ2

Over-InvestmentQ1

Under-InvestmentQ2

Abstract

Objective: The purpose of this study is to examine the relationships between Management Overconfidence, Internal Financing, and investment efficiency in the companies listed in the Tehran Stock Exchange. Method: A sample of 130 companies was selected in the period 2007-2017. To measure investment efficiency, the indicators of over-and Under-Investment were rated. Also, to measure Management Overconfidence and Internal Financing, capital expenditures and retained earnings were assessed, respectively. Results: The findings showed that there is a positive relationship between Management Overconfidence and Internal Financing. Also, there are positive relationships between Management Overconfidence and investment level, and between Management Overconfidence and Over-Investment, and there is a negative relationship between the Management Overconfidence and Under-Investment. On the other hand, the results showed that there are positive relationships between Internal Financing and the investment level, and between Internal Financing and Over-Investment, and that there is a negative relationship between Internal Financing and Under-Investment. The results indicate that 1) Internal Financing has positive effects on the relationship between managerial overconfidence and the level of investment, 2) the interactive effect of Internal Financing on the relationship between the managerial overconfidence and Over-Investment is significant and positive, while the similar effect concerning Under-Investment is not significant. Conclusion: Existence of internal resources increases the motivation of overconfidence managers in using personal gain resources and leads to non-optimal investment behaviors. This process is done by increasing the levels of investment.

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APA: Copy

TAGHIZADEH KHANQAH, VAHID, & BADAVAR NAHANDI, YOUNES. (2020). Relationships between Managerial Overconfidence, Internal Financing and Investment Efficiency. JOURNAL OF ACCOUNTING KNOWLEDGE, 11(2 (41) ), 209-238. SID. https://sid.ir/paper/388363/en

Vancouver: Copy

TAGHIZADEH KHANQAH VAHID, BADAVAR NAHANDI YOUNES. Relationships between Managerial Overconfidence, Internal Financing and Investment Efficiency. JOURNAL OF ACCOUNTING KNOWLEDGE[Internet]. 2020;11(2 (41) ):209-238. Available from: https://sid.ir/paper/388363/en

IEEE: Copy

VAHID TAGHIZADEH KHANQAH, and YOUNES BADAVAR NAHANDI, “Relationships between Managerial Overconfidence, Internal Financing and Investment Efficiency,” JOURNAL OF ACCOUNTING KNOWLEDGE, vol. 11, no. 2 (41) , pp. 209–238, 2020, [Online]. Available: https://sid.ir/paper/388363/en

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