https://scholars.lib.ntu.edu.tw/handle/123456789/414458
Title: | Managerial optimism and corporate investment: Some empirical evidence from Taiwan | Authors: | Lin Y.-H. Hu S.-Y. Chen M.-S. |
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. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414458 | ISSN: | 0927538X | DOI: | 10.1016/j.pacfin.2004.12.003 |
Appears in Collections: | 財務金融學系 |
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