The Impact of Managerial Overconfidence Heterogeneity On Merger and Acquisition Decisions
Based on the A-share data of listed companies listed on the Shanghai and Shenzhen Stock Exchanges and implementing mergers and acquisitions from 2012 to 2016,the Xtlogit model regression was used for empirical analysis,and the Xtprobit model regression was used for robustness testing.This study explored the impact of psychological root based manager overconfidence heterogeneity on merger and acquisition decisions,and explored whether there are differences in the impact of manager overconfidence on merger and acquisition decisions among different heterogeneity.Research has found that overconfidence among overly optimistic managers can significantly and positively affect merger and acquisition decisions,but overconfidence among control hallucinatory managers does not have a significant impact on merger and acquisition decisions;Research has found that both overconfidence in strong management and overconfidence in weak management can significantly positively affect M&A decisions,but overconfidence in strong managers has a more significant positive impact on M&A decisions than overconfidence in weak managers.
heterogeneity of managerial overconfidencemerger and acquisition decisionsexcessive optimismcontrol hallucinations
万方数据
维普
