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Agency cost, top executives' overconfidence, and investment-cash flow sensitivity -- Evidence from listed companies in China

Citations

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Cited by:

  1. Ahsan Habib & Mostafa Monzur Hasan & Haiyan Jiang, 2018. "Stock price crash risk: review of the empirical literature," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(S1), pages 211-251, November.
  2. He, Wei & Kyaw, NyoNyo A., 2018. "Ownership structure and investment decisions of Chinese SOEs," Research in International Business and Finance, Elsevier, vol. 43(C), pages 48-57.
  3. Liang, Chao & Liu, Bai & Weng, Yin-Che, 2021. "“One person’s decision” or “collective voting”: Evidence of overconfident investing in Chinese listed companies," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
  4. Xin Qu & Majella Percy & Fang Hu & Jenny Stewart, 2022. "Can CEO equity‐based compensation limit investment‐related agency problems?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2579-2614, June.
  5. Mahmoud Agha, 2016. "Agency costs, executive incentives and corporate financial decisions," Australian Journal of Management, Australian School of Business, vol. 41(3), pages 425-458, August.
  6. Tolossa Fufa Guluma, 2021. "The impact of corporate governance measures on firm performance: the influences of managerial overconfidence," Future Business Journal, Springer, vol. 7(1), pages 1-18, December.
  7. repec:thr:techub:10011:y:2020:i:1:p:210-225 is not listed on IDEAS
  8. Chen, Anlin & Lu, Cheng-Shou, 2015. "The effect of managerial overconfidence on the market timing ability and post-buyback performance of open market repurchases," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 234-251.
  9. Weifeng Xu & Qingsong Ruan & Chang Liu, 2019. "Can the Famous University Experience of Top Managers Improve Corporate Performance? Evidence from China," Sustainability, MDPI, vol. 11(24), pages 1-20, December.
  10. Gurmeet Singh Bhabra & Parvinder Kaur & Ahn Seoungpil, 2018. "Corporate governance and the sensitivity of investments to cash flows," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(2), pages 367-396, June.
  11. Habib, Ahsan & Hasan, Mostafa Monzur, 2017. "Managerial ability, investment efficiency and stock price crash risk," Research in International Business and Finance, Elsevier, vol. 42(C), pages 262-274.
  12. Wang, Yizhong & Chen, Carl R. & Huang, Ying Sophie, 2014. "Economic policy uncertainty and corporate investment: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 26(C), pages 227-243.
  13. Tobias Heizer & Laura R. Rettig, 2020. "Top management team optimism and its influence on firms' financing and investment decisions," Review of Financial Economics, John Wiley & Sons, vol. 38(4), pages 601-622, October.
  14. Wan, Jianjun & Lee, Chien-Chiang, 2023. "Corporate investment and the dilemma of the monetary policy: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 106-121.
  15. Hadi Mousavi & Majid Davoudi Nasr, 2020. "Evaluating the Relationship between Overconfidence of Senior Managers and Abnormal Cash Fluctuations with respect to Financial Flexibility in Companies Listed in Tehran Stock Exchange," Technium Social Sciences Journal, Technium Science, vol. 11(1), pages 210-225, September.
  16. Chia-Chung Chan & Yung-Ho Chang & Chia-wei Chen & Yuwei Wang, 2019. "Directors’ liability insurance and investment-cash flow sensitivity," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(1), pages 27-43, January.
  17. Wang, Yizhong & Chen, Lifang & Huang, Ying Sophie & Li, Yong, 2018. "How does credit market distortion affect corporate investment efficiency? The role of managerial forecast," Finance Research Letters, Elsevier, vol. 25(C), pages 266-273.
  18. Chen, Yunyan & Wu, Shinong & Zhou, Yucheng & Huo, Di, 2023. "Gambling culture and corporate violations: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
  19. Ben Abdesslem, Rim & Chkir, Imed & Dabbou, Halim, 2022. "Is managerial ability a moderator? The effect of credit risk and liquidity risk on the likelihood of bank default," International Review of Financial Analysis, Elsevier, vol. 80(C).
  20. Huai-Chun Lo & Shin-Rong Shiah-Hou, 2022. "The effect of CEO power on overinvestment," Review of Quantitative Finance and Accounting, Springer, vol. 59(1), pages 23-63, July.
  21. Wu, Meng-Wen & Xu, Li & Shen, Chung-hua & Zhang, Ke-Kun, 2021. "Overconfident CEOs and shadow banking in China," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
  22. Dai, Yunhao & Kong, Dongmin & Xu, Jin, 2017. "Does fairness breed efficiency? Pay gap and firm productivity in China," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 406-422.
  23. Kwon, Sewon & Ahn, Jae Hwan & Kim, Gi H., 2021. "The impact of shareholder intervention on overinvestment of free cash flow by overconfident CEOs," International Review of Financial Analysis, Elsevier, vol. 75(C).
  24. Sami Jarboui, 2016. "Managerial psychology and transport firms efficiency: a stochastic frontier analysis," Review of Managerial Science, Springer, vol. 10(2), pages 365-379, March.
  25. Jennifer Kunz & Lara Sonnenholzner, 2023. "Managerial overconfidence: promoter of or obstacle to organizational resilience?," Review of Managerial Science, Springer, vol. 17(1), pages 67-128, January.
  26. Jieqi Guan & Brian M. Lam & Ching Chi Lam & Ming Liu, 2022. "CEO overconfidence and the level of short-selling activity," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 685-708, February.
  27. Gao, Fox & Faff, Robert & Navissi, Farshid, 2012. "Corporate philanthropy: Insights from the 2008 Wenchuan Earthquake in China," Pacific-Basin Finance Journal, Elsevier, vol. 20(3), pages 363-377.
  28. Le, Anh-Tuan & Doan, Anh-Tuan & Phan, Thu, 2021. "Institutional development and firm risk from a dynamic perspective: Does ownership structure matter?," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 342-357.
  29. Hardeep Singh Mundi & Parmjit Kaur, 2022. "CEO Overconfidence and Capital Structure Decisions: Evidence from India," Vikalpa: The Journal for Decision Makers, , vol. 47(1), pages 19-37, March.
  30. Liu Ping & Hosain Md Sajjad & Li Liyan, 2019. "Does the compensation gap between executives and staffs influence future firm performance? The moderating roles of managerial power and overconfidence," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 55(4), pages 287-318, December.
  31. Jianlei Han & Jing He & Zheyao Pan & Jing Shi, 2018. "Twenty Years of Accounting and Finance Research on the Chinese Capital Market," Abacus, Accounting Foundation, University of Sydney, vol. 54(4), pages 576-599, December.
  32. Schweizer, Denis & Walker, Thomas & Zhang, Aoran, 2019. "Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 63-85.
  33. Ben Mohamed, Ezzeddine, 2021. "Managerial optimism, investment cash flow sensitivity and agency costs: Evidence from NYSE panel data firms," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
  34. Ameer, Rashid, 2014. "Financial constraints and corporate investment in Asian countries," Journal of Asian Economics, Elsevier, vol. 33(C), pages 44-55.
  35. Anh‐Tuan Doan & Anh‐Tuan Le & Quan Tran, 2020. "Economic uncertainty, ownership structure and small and medium enterprises performance," Australian Economic Papers, Wiley Blackwell, vol. 59(2), pages 102-137, June.
  36. Yang, Daecheon & Koo, Jeong-Ho & Kim, Jaemin, 2023. "The role of venture capitalist monitoring in mitigating cost stickiness: Evidence from Korea's IPO market," Finance Research Letters, Elsevier, vol. 52(C).
  37. Zhan, Feng & Proelss, Juliane & Schweizer, Denis, 2020. "China: From imitator to innovator?," Emerging Markets Review, Elsevier, vol. 42(C).
  38. Huang, Ying Sophie & Li, Mengyu, 2019. "Are overconfident executives alike? overconfident executives and compensation structure: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 434-449.
  39. Lailah Fujianti, 2018. "Top Management Characteristics and Company Performance: An Empirical Analysis on Public Companies Listed in the Indonesian Stock Exchange," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 62-76.
  40. Wang, Yizhong & Chen, Carl R. & Chen, Lifang & Huang, Ying Sophie, 2016. "Overinvestment, inflation uncertainty, and managerial overconfidence: Firm level analysis of Chinese corporations," The North American Journal of Economics and Finance, Elsevier, vol. 38(C), pages 54-69.
  41. Guariglia, Alessandra & Yang, Junhong, 2016. "A balancing act: Managing financial constraints and agency costs to minimize investment inefficiency in the Chinese market," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 111-130.
  42. Imen Tebourbi & Irene Wei Kiong Ting & Hanh Thi My Le & Qian Long Kweh, 2020. "R&D investment and future firm performance: The role of managerial overconfidence and government ownership," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(7), pages 1269-1281, October.
  43. Cho-Min Lin & Ming-Chung Chang & Yi-Hui Chao, 2022. "The Forced Turnover Effect on an Overconfident CEO: Evidence From Taiwan-Listed Firms," SAGE Open, , vol. 12(1), pages 21582440221, March.
  44. Cao, Qingzi & Fang, Ming & Pan, Yuying, 2022. "Minority shareholders protection and corporate financial leverage: Evidence from a natural experiment in China," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  45. Kebin Deng & Zhong Ding & Yalu Wang, 2020. "Peasant youth experiences of CEOs, risk aversion and corporate performance," Rationality and Society, , vol. 32(3), pages 278-312, August.
  46. Hui-Fun Yu & Tsui-Jung Lin & Hai-Yen Chang & Yu-Huai Wang, 2020. "The Impact of Political Connection and Information Asymmetry on Investment Efficiency: Evidence from China," Sustainability, MDPI, vol. 12(14), pages 1-15, July.
  47. Habib, Ahsan & Hossain, Mahmud, 2013. "CEO/CFO characteristics and financial reporting quality: A review," Research in Accounting Regulation, Elsevier, vol. 25(1), pages 88-100.
  48. Zhang, Dayong & Cao, Hong & Dickinson, David G. & Kutan, Ali M., 2016. "Free cash flows and overinvestment: Further evidence from Chinese energy firms," Energy Economics, Elsevier, vol. 58(C), pages 116-124.
  49. Teplova, Tamara V. & Sokolova, Tatiana V., 2019. "Surprises of corporate governance and Russian firms debt," Journal of Economics and Business, Elsevier, vol. 102(C), pages 39-56.
  50. Linnenluecke, Martina K. & Chen, Xiaoyan & Ling, Xin & Smith, Tom & Zhu, Yushu, 2016. "Emerging trends in Asia-Pacific finance research: A review of recent influential publications and a research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 66-76.
  51. Haroon ur Rashid Khan & Waqas Bin Khidmat & Osama Al Hares & Naeem Muhammad & Kashif Saleem, 2020. "Corporate Governance Quality, Ownership Structure, Agency Costs and Firm Performance. Evidence from an Emerging Economy," JRFM, MDPI, vol. 13(7), pages 1-35, July.
  52. Chen, Xin & Sun, Yong & Xu, Xiaodong, 2016. "Free cash flow, over-investment and corporate governance in China," Pacific-Basin Finance Journal, Elsevier, vol. 37(C), pages 81-103.
  53. Di Gao & Yuan Zhao & Jiangming Ma, 2023. "How Does Supply Chain Information Disclosure Relate to Corporate Investment Efficiency? Evidence from Chinese-Listed Companies," Sustainability, MDPI, vol. 15(8), pages 1-22, April.
  54. Thi Tuyet Dao, Nhung & Guney, Yilmaz & Hudson, Robert, 2023. "Managerial overconfidence and corporate cash holdings: Evidence from primary and secondary data," Research in International Business and Finance, Elsevier, vol. 65(C).
  55. Yang, Daecheon & Kim, Hyuntae, 2020. "Managerial overconfidence and manipulation of operating cash flow: Evidence from Korea✰," Finance Research Letters, Elsevier, vol. 32(C).
  56. Chia-Hsien Tang & Yen-Hsien Lee & Ming-Chih Lee & Ya-Ling Huang, 2020. "CEO Characteristics Enhancing the Impact of CEO Overconfidence on Firm Value After Mergers and Acquisitions — A Case Study in China," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 23(01), pages 1-19, March.
  57. Kim, Seonhyeon & Thompson, Ephraim Kwashie & Kim, Changki, 2023. "Credit rating and managerial behavior in investment decision making: Evidence from the Korean market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
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