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Surconfiance des dirigeants et sensibilité des investissements aux cash-flows : quel est le rôle joué par les mécanismes de gouvernance ? - CEO's Overconfidence and Investment – Cash Flows Sensibility: What Role Played the Corporate Governance Mechanisms?

Author

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  • Pauline Paquin

    (EM Strasbourg, Université de Strasbourg, LaRGE (EA 2364))

Abstract

(VF)Une littérature récente s’intéresse à l’impact du biais de surconfiance des dirigeants sur les politiques financières des entreprises et à ses conséquences sur la valeur de l’entreprise. Cette recherche propose de tester les effets de certains mécanismes de gouvernance sur le lien entre la surconfiance et la sensibilité des investissements aux cash-flows en tenant compte des spécificités des entreprises françaises. Nos résultats montrent que la surconfiance impacte cette sensibilité. La présence d’un bloc de contrôle, qu’il soit familial ou non, atténue les effets négatifs de ce biais. Nos résultats n’indiquent cependant pas d’effet modérateur lié à l’indépendance du conseil d’administration. (VA)A growing literature exists on the effect of CEO's overconfidence on corporate policies and on consequences towards the corporate value. In this research, we test the effect of some corporate governance mechanisms on the link between overconfidence and the investment – cash flows sensibility considering the French firm specificities. Our findings show that CEO's overconfidence affects this sensibility. The control carried by the largest shareholder, be it familial or not, can attenuate the negative effects of overconfidence but the results don’t indicate an effective control from the board upon the overconfidence.

Suggested Citation

  • Pauline Paquin, 2020. "Surconfiance des dirigeants et sensibilité des investissements aux cash-flows : quel est le rôle joué par les mécanismes de gouvernance ? - CEO's Overconfidence and Investment – Cash Flows Sensibility," Revue Finance Contrôle Stratégie, revues.org, vol. 23(N° spécia), pages 1-26, february.
    • Handle: RePEc:dij:revfcs:v:23:y:2020:i:4:p:1-26
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