경영자의 낙관주의성향과 이익유연화

초록

In order to investigate the impact of managerial optimistic bias on decision making of earning smoothing, Bouwman et al. (2014) use Malmendier and Tate (2005)’s measure as a proxy of the managerial optimism. Hence, the proxy of Malmendier and Tate (2005) may fail to directly reflect optimistic forecasting bias possibly affecting decision-making mechanism for earning smoothing. To mitigate this problem, we examine the effect of managerial optimism on earnings smoothing by measuring management’s forecast error following Lin et al. (2005). We find that managers with optimistic forecast error intensify the degree of earnings smoothing compared to rational peers.

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