Are overconfident CEOs better able to transform innovation into firm value?—Evidence from the United States

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2023-06-06 DOI:10.1111/infi.12433

Mike Eom, Mookwon Jung, Jung Chul Park

引用次数: 0

Abstract

We use innovation premium (IP), proposed by Forbes, as a proxy for firm innovation to present evidence that firm value is positively associated with IP. The positive impact of the IP on firm value is amplified by overconfident CEOs, particularly in the high-tech and biotech industries with a high proportion of intellectual capital and intangible assets. In a series of tests, we confirm that the results hold after controlling for endogeneity. our findings are consistent with the notion that the beneficial effect of corporate innovations generated by overconfident CEOs exists primarily in industries where innovations are in critical demand.

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过于自信的CEO们是否能够更好地将创新转化为公司价值--来自美国的证据

我们使用福布斯提出的创新溢价(IP)作为企业创新的代理，以证明企业价值与IP呈正相关。知识产权对公司价值的积极影响被过度自信的首席执行官放大，特别是在智力资本和无形资产比例较高的高科技和生物技术行业。在一系列的测试中，我们证实了控制内生性后的结果是成立的。我们的研究结果与以下观点一致:过度自信的首席执行官产生的企业创新的有益影响主要存在于对创新有关键需求的行业。

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

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.