同行业绩和投资对同行股价的敏感性：考察首席执行官过度自信的调节作用

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2024-09-26 DOI:10.1016/j.jbusres.2024.114948

Rong Gong

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引用次数: 0

摘要

本研究探讨了企业如何根据同行的股票价格调整投资。我的理论是，业绩优异的同行公司对焦点公司的影响更大，这使得公司的投资对业绩好的同行公司的股价比对业绩差的同行公司的股价更敏感。同时，过度自信的首席执行官更倾向于选择业绩更好的公司作为同行公司，并根据业绩好的同行公司的股价调整投资。实证结果表明，企业投资对业绩好的同行企业股票价格的反应比对业绩差的同行企业股票价格的反应更灵敏，尤其是在首席执行官过于自信的企业中。结果表明，首席执行官的过度自信会影响同行的选择。

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Peers’ performance and sensitivity of investment to peers’ stock price: Examining the moderating role of CEO overconfidence

This study explores how firms adjust their investment based on their peers’ stock prices. I theorize that peer firms with superior performance are more influential on focal firms, which makes firms’ investments more sensitive to the stock prices of good-performing peer firms than to the stock prices of poor-performing peer firms. Meanwhile, overconfident CEOs are more likely to choose firms with better performance as their peer firms and adjust their investments based on the stock prices of good-performing peers. The empirical results show that a firm’s investments are more responsive to the stock prices of good-performing peers than to those of poor-performing peers, particularly among firms with overconfident CEOs. The results suggest that CEO overconfidence affects peer group selection.

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.