경영자의 과도확신성향과 투자－현금흐름 민감도

초록

[Purpose]In this study, we examine whether managerial overconfidence affects the investment expenditure and investment－cash flow sensitivity. [Methodology]After reviewing prior literatures, we adopt various proxies for managerial overconfidence. Then, we analyzed the effect of managerial overconfidence on investment level and investment－cash flow sensitivity with linear regression model. Management and analyst’ forecast data were manually collected manually through DART system and financial data were gotten by KIS－VALUE. [Findings]The results indicate that managerial overconfidence has positive relationships with investment and investment－cash flow sensitivity, respectively. At the high cash－flow level, managerial overconfidence is, in particular, positively related to the level of investment and investment－cash flow sensitivity. [Implications]This study implies that monitoring mechanisms might be needed to mitigate distorted decision making derived from managerial overconfidence.

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