印尼CEO过度自信、投资决策与公司价值

IF 0.6 Q2 Social Sciences Economic Annals-XXI Pub Date : 2021-12-27 DOI:10.21003/ea.v194-06

Ita Fionita, M. Kufepaksi, S. Hasnawati

{"title":"印尼CEO过度自信、投资决策与公司价值","authors":"Ita Fionita, M. Kufepaksi, S. Hasnawati","doi":"10.21003/ea.v194-06","DOIUrl":null,"url":null,"abstract":"This study examines the effect of CEO overconfident behaviour on investment decisions with a behavioural finance theory-based approach, then, examines the effect of investment decisions on firm value with a traditional finance theory approach. Managers who are overconfident are the cause of investment deviations, investment sensitivity, and overestimated project returns that actually affect the value of the company. This study uses 175 non-financial companies on the Indonesia Stock Exchange led by the same CEO during the 2015-2019 period. Data analysis in this study was carried out using the Partial Least Square (PLS) method. PLS is a method of solving structural equation modelling (SEM) which in this case (according to the research objectives) is more precise than other SEM techniques. The results showed that the CEO’s overconfident behaviour had a significant effect on firm value with investment decisions as a mediating variable. This means that the CEO’s overconfident behaviour is able to increase firm value through investment decisions as a mediating variable","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":null,"pages":null},"PeriodicalIF":0.6000,"publicationDate":"2021-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"CEO overconfidence, investment decisions and firm value in Indonesia\",\"authors\":\"Ita Fionita, M. Kufepaksi, S. Hasnawati\",\"doi\":\"10.21003/ea.v194-06\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines the effect of CEO overconfident behaviour on investment decisions with a behavioural finance theory-based approach, then, examines the effect of investment decisions on firm value with a traditional finance theory approach. Managers who are overconfident are the cause of investment deviations, investment sensitivity, and overestimated project returns that actually affect the value of the company. This study uses 175 non-financial companies on the Indonesia Stock Exchange led by the same CEO during the 2015-2019 period. Data analysis in this study was carried out using the Partial Least Square (PLS) method. PLS is a method of solving structural equation modelling (SEM) which in this case (according to the research objectives) is more precise than other SEM techniques. The results showed that the CEO’s overconfident behaviour had a significant effect on firm value with investment decisions as a mediating variable. This means that the CEO’s overconfident behaviour is able to increase firm value through investment decisions as a mediating variable\",\"PeriodicalId\":51923,\"journal\":{\"name\":\"Economic Annals-XXI\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.6000,\"publicationDate\":\"2021-12-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Annals-XXI\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.21003/ea.v194-06\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"Social Sciences\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Annals-XXI","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.21003/ea.v194-06","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Social Sciences","Score":null,"Total":0}

引用次数: 0

摘要

本研究采用基于行为金融理论的方法考察了CEO过度自信行为对投资决策的影响，然后采用传统金融理论方法考察了投资决策对公司价值的影响。管理者过于自信是导致投资偏差、投资敏感性和高估项目回报的原因，而这些因素实际上会影响公司的价值。这项研究使用了2015-2019年期间由同一位首席执行官领导的印尼证券交易所175家非金融公司。本研究中的数据分析采用偏最小二乘法（PLS）进行。PLS是一种求解结构方程建模（SEM）的方法，在这种情况下（根据研究目标）比其他SEM技术更精确。结果表明，CEO的过度自信行为对公司价值有显著影响，投资决策是中介变量。这意味着首席执行官的过度自信行为能够通过投资决策作为中介变量来增加公司价值

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

CEO overconfidence, investment decisions and firm value in Indonesia

This study examines the effect of CEO overconfident behaviour on investment decisions with a behavioural finance theory-based approach, then, examines the effect of investment decisions on firm value with a traditional finance theory approach. Managers who are overconfident are the cause of investment deviations, investment sensitivity, and overestimated project returns that actually affect the value of the company. This study uses 175 non-financial companies on the Indonesia Stock Exchange led by the same CEO during the 2015-2019 period. Data analysis in this study was carried out using the Partial Least Square (PLS) method. PLS is a method of solving structural equation modelling (SEM) which in this case (according to the research objectives) is more precise than other SEM techniques. The results showed that the CEO’s overconfident behaviour had a significant effect on firm value with investment decisions as a mediating variable. This means that the CEO’s overconfident behaviour is able to increase firm value through investment decisions as a mediating variable

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Economic Annals-XXI ECONOMICS-

CiteScore

1.50

自引率

0.00%

发文量

期刊介绍： The Economic Annals-XXI Journal – recognized in Ukraine and abroad scientific-analytic edition. Scientific articles of leading Ukrainian and other foreign scientists, postgraduate students and doctorates, deputies of Ukraine, heads of state and local authorities, materials of scientific conferences and seminars; reviews on scientific monographs, etc. are regularly published in this Journal.