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Goodwill impairment, economic policy uncertainty and CEO overconfidence
[Dépréciations du goodwill : impacts de l’incertitude de la politique économique et de l’excès de confiance des dirigeants]

Author

Listed:
  • Amal Hsissou
  • Frédéric Romon

    (LUMEN - Lille University Management Lab - ULR 4999 - Université de Lille)

Abstract

Goodwill impairment has sparked debate since its introduction over its discretionary nature. While previous studies have explored the factors affecting goodwill impairments, they mainly focused on firm-level determinants, often ignoring economy-wide factors. Our research fills this gap by examining the relation between economic policy uncertainty (EPU) and goodwill impairment; while also analyzing the influence of CEO overconfidence, as overconfident executives tend to exhibit excessive optimism in uncertain scenarios. Using a sample of US listed firms from 2003 to 2020, we find that higher EPU leads to increased goodwill impairment. However, this effect is mitigated by overconfident CEOs, even when firms perform poorly and face prolonged EPU.

Suggested Citation

  • Amal Hsissou & Frédéric Romon, 2026. "Goodwill impairment, economic policy uncertainty and CEO overconfidence [Dépréciations du goodwill : impacts de l’incertitude de la politique économique et de l’excès de confiance des dirigeants]," Post-Print hal-05495492, HAL.
    • Handle: RePEc:hal:journl:hal-05495492
    as

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