經理人財務預測及企業投資行為關係之研究
Other Title
Managerial Optimism and Corporate Investment:
Some Empirical Evidence from Taiwan
Some Empirical Evidence from Taiwan
Date Issued
2005
Date
2005
Author(s)
DOI
932416H002037
Abstract
This paper proposes a measure of managerial optimism from their earnings
forecasts. The measure is helpful to test the theoretical predictions for the behaviors of
optimistic managers. We find that 69% of the CEOs meeting our selection criteria are
classified as optimistic. The results indicate that managerial optimism may be a
possible reason for the upward bias in management forecasts in Taiwan.
Focusing on whether cash flow plays a relatively more important role in
investment decisions for optimistic managers than for non-optimistic managers, we
find that in Taiwanese companies, optimistic managers exhibit higher investment-cash
flow sensitivity than do non-optimistic managers. Compared to prior literature that
agency or information asymmetry problems results in the investment-cash flow
sensitivity, this paper makes a contribution by providing evidence of an alternative
source from which corporate decisions are impacted. The evidence proposes that
managerial optimism plays a role in their investment decisions.
Subjects
Managerial optimism
Investment
Financing constraints
Publisher
臺北市：國立臺灣大學財務金融學系暨研究所
Type
report
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