https://scholars.lib.ntu.edu.tw/handle/123456789/631841
標題: | Does import competition from China discipline overconfident CEOs in U.S. firms? | 作者: | SHENG-SYAN CHEN Peng, Shu Cing Yeh, Chia Wei |
關鍵字: | CEO overconfidence | Chinese import competition | Corporate investments | Investment value | Investment-cash flow sensitivity | Mergers and acquisitions | Risk taking | 公開日期: | 六月-2023 | 卷: | 89 | 起(迄)頁: | 277-297 | 來源出版物: | Quarterly Review of Economics and Finance | 摘要: | We examine how import competition from Chinese firms influences the behavior and investment performance of overconfident CEOs in U.S. firms. We show that the rise of Chinese import competition curbs investment and improves investment value and acquisition performance for firms with overconfident CEOs. Intensified Chinese product competition also reduces incentives for these firms to expand assets, invest out of cash flows, pursue aggressive financial policies, and increase risk exposure, and enhances their incentives to buy back shares. Overall, the evidence suggests that product market competition is an effective external governance mechanism for curbing the adverse effects of managerial overconfidence. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/631841 | ISSN: | 10629769 | DOI: | 10.1016/j.qref.2023.04.005 |
顯示於: | 財務金融學系 |
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