{"title":"CEO过度自信与后续公司业绩——收益操纵的间接效应","authors":"Amel Kouaib","doi":"10.1016/j.hitech.2023.100452","DOIUrl":null,"url":null,"abstract":"<div><p>Empirical evidence on the indirect effect of chief executive officer (CEO) overconfidence on future firm performance are missing. Corroborating upper echelons theory, this study identifies this effect exploiting the earnings manipulation methods as a mediator. Tobin's Q is used as a proxy for firm performance and financial press-based measure is used to capture CEO overconfidence level through articles counts. Data from 4 European samples listed on Stoxx Europe 600 Index: AEM sample (2305 observations and 461 firms), CFO-REM sample (1770 observations and 354 firms), PR-REM sample (1350 observations and 270 firms) and RD-REM sample (1295 observations and 259 firms), for the period 2010 to 2020 are used to test the mediation model of Baron and Kenny (1986). Evidence reveals that AEM/REM practices partially mediate the relationship between CEO overconfidence and subsequent firm performance. Findings from this paper can be of interest for accounting regulators, since that CEO overconfidence level can impact future performance through AEM and REM. Increasing scrutiny over AEM does not eliminate other modalities. It changes the preference of an overconfident CEO for different strategies even if they are costly for investors.</p></div>","PeriodicalId":38944,"journal":{"name":"Journal of High Technology Management Research","volume":"34 1","pages":"Article 100452"},"PeriodicalIF":0.0000,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"CEO overconfidence and subsequent firm performance an indirect effect via earnings manipulations\",\"authors\":\"Amel Kouaib\",\"doi\":\"10.1016/j.hitech.2023.100452\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Empirical evidence on the indirect effect of chief executive officer (CEO) overconfidence on future firm performance are missing. Corroborating upper echelons theory, this study identifies this effect exploiting the earnings manipulation methods as a mediator. Tobin's Q is used as a proxy for firm performance and financial press-based measure is used to capture CEO overconfidence level through articles counts. Data from 4 European samples listed on Stoxx Europe 600 Index: AEM sample (2305 observations and 461 firms), CFO-REM sample (1770 observations and 354 firms), PR-REM sample (1350 observations and 270 firms) and RD-REM sample (1295 observations and 259 firms), for the period 2010 to 2020 are used to test the mediation model of Baron and Kenny (1986). Evidence reveals that AEM/REM practices partially mediate the relationship between CEO overconfidence and subsequent firm performance. Findings from this paper can be of interest for accounting regulators, since that CEO overconfidence level can impact future performance through AEM and REM. Increasing scrutiny over AEM does not eliminate other modalities. It changes the preference of an overconfident CEO for different strategies even if they are costly for investors.</p></div>\",\"PeriodicalId\":38944,\"journal\":{\"name\":\"Journal of High Technology Management Research\",\"volume\":\"34 1\",\"pages\":\"Article 100452\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-05-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of High Technology Management Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1047831023000020\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"Business, Management and Accounting\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of High Technology Management Research","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1047831023000020","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Business, Management and Accounting","Score":null,"Total":0}
引用次数: 1
摘要
缺乏关于首席执行官过度自信对未来公司业绩的间接影响的实证证据。本研究证实了上层理论，将收益操纵方法作为中介，确定了这种效应。托宾的Q被用作公司业绩的代表，基于金融媒体的衡量标准被用来通过文章计数来捕捉首席执行官的过度自信水平。Stoxx Europe 600指数上列出的4个欧洲样本的数据：2010年至2020年期间的AEM样本（2305个观察结果和461家公司）、CFO-REM样本（1770个观测结果和354家公司），PR-REM样本（1350个观测值和270家公司）和RD-REM样本的1295个观察值和259家公司）用于测试Baron和Kenny（1986）的中介模型。证据表明，AEM/REM实践在一定程度上调节了CEO过度自信与后续公司业绩之间的关系。本文的研究结果可能会引起会计监管机构的兴趣，因为首席执行官的过度自信水平会通过AEM和REM影响未来的业绩。对AEM的审查力度加大并不能消除其他模式。它改变了过度自信的首席执行官对不同策略的偏好，即使这些策略对投资者来说代价高昂。
CEO overconfidence and subsequent firm performance an indirect effect via earnings manipulations
Empirical evidence on the indirect effect of chief executive officer (CEO) overconfidence on future firm performance are missing. Corroborating upper echelons theory, this study identifies this effect exploiting the earnings manipulation methods as a mediator. Tobin's Q is used as a proxy for firm performance and financial press-based measure is used to capture CEO overconfidence level through articles counts. Data from 4 European samples listed on Stoxx Europe 600 Index: AEM sample (2305 observations and 461 firms), CFO-REM sample (1770 observations and 354 firms), PR-REM sample (1350 observations and 270 firms) and RD-REM sample (1295 observations and 259 firms), for the period 2010 to 2020 are used to test the mediation model of Baron and Kenny (1986). Evidence reveals that AEM/REM practices partially mediate the relationship between CEO overconfidence and subsequent firm performance. Findings from this paper can be of interest for accounting regulators, since that CEO overconfidence level can impact future performance through AEM and REM. Increasing scrutiny over AEM does not eliminate other modalities. It changes the preference of an overconfident CEO for different strategies even if they are costly for investors.
期刊介绍：
The Journal of High Technology Management Research promotes interdisciplinary research regarding the special problems and opportunities related to the management of emerging technologies. It advances the theoretical base of knowledge available to both academicians and practitioners in studying the management of technological products, services, and companies. The Journal is intended as an outlet for individuals conducting research on high technology management at both a micro and macro level of analysis.
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