When Do Optimistic CEOs Enhance Firm Value?

IF 3.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2025-01-30 DOI:10.1111/eufm.12544

Sanjay Deshmukh, Anand Goel

引用次数: 0

Abstract

We predict how the effect of CEO optimism on firm value varies across firms and model how industry competition impacts the relation between CEO optimism and firm value. Estimating optimism from option-exercise behaviour, we find that CEO optimism increases firm value by about 17% on average. Consistent with theoretical predictions, CEO optimism is more value-enhancing in firms that are riskier, engage in greater innovation and investment, have more internal resources and operate in industries that are more competitive or have a larger fraction of optimistic CEOs. Various endogeneity checks support a causal impact of CEO optimism on firm value.

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乐观的ceo何时能提升公司价值？

我们预测了CEO乐观情绪对企业价值的影响在不同企业之间的差异，并建立了行业竞争对CEO乐观情绪与企业价值关系的影响模型。从期权行权行为估计乐观情绪，我们发现CEO乐观情绪平均使公司价值增加约17%。与理论预测一致，在风险更高、创新和投资力度更大、拥有更多内部资源、所在行业竞争更激烈或乐观CEO比例更高的公司中，CEO乐观主义更能提升价值。各种内生性检验支持CEO乐观情绪对公司价值的因果影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.