|Title:||Managerial optimism and corporate investment: Some empirical evidence from Taiwan||Authors:||Lin Y.-H.
|Keywords:||Financing constraints;Investment;Managerial optimism||Issue Date:||2005||Journal Volume:||13||Journal Issue:||5||Start page/Pages:||523-546||Source:||Pacific Basin Finance Journal||Abstract:||
In this paper we examine the relation between managerial optimism and corporate investment decisions. Analyzing a sample of listed companies in Taiwan, we propose a measure of managerial optimism from management earnings forecasts, and find that in more financing constrained firms, optimistic managers exhibit higher investment-cash flow sensitivity than do non-optimistic managers. ? 2005 Elsevier B.V. All rights reserved.
|Appears in Collections:||財務金融學系|
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