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Managerial over-confidence and inefficient investment of enterprises-empirical researchbased on view of enterpriselifecycle

机译:企业管理过度自信与低效投资-基于企业生命周期视角的实证研究

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This paper analyzes dynamic change of the managerial over-confidence and its influence on the inefficient investment of enterprises on different stages of enterprise???s lifecycle and performs empirical validation. The results indicate that the over-confidence of the managers will weaken with evolution of enterprise lifecycle. The managerial overconfidence has no significant difference in the growth period and mature period, but the over-confidence level in the growth period is significantly higher than it in the declination period. The over-confidence level of managers in the growth period will have the strongest influences on the inefficient investment of enterprises. The over-confidence in the mature period and declination period has significantly reducing influences on the inefficient investment.
机译:本文分析了企业管理过度自信的动态变化及其对企业生命周期不同阶段企业低效投资的影响,并进行了实证检验。结果表明,随着企业生命周期的发展,管理者的过度自信将会减弱。管理者的过度自信在成长期和成年期没有显着差异,但成长期的过度自信水平明显高于衰退期。成长期经理人的过度自信水平将对企业的低效率投资产生最大的影响。成熟期和退缩期的过度自信大大降低了对低效投资的影响。

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