INNOVATION R&D, OVERCONFIDENCE AND CORPORATE PERFORMANCE OF GEM LISTED COMPANIES
Journal Title: Topics in Intelligent Computing and Industry Design (ICID) - Year 2017, Vol 1, Issue 2
Abstract
Based on modern housekeeper theory, innovation theory and endogenous variable theory, this paper takes 468 GEM listed companies during 2012-2015 as research samples, and adopts multiple linear regression model to analyze the relationship between managers’ overconfidence, innovation input and corporate performance. The empirical results show that: (1) manager’s overconfidence affects enterprise’s investment decision-making, overconfident managers tend to invest in innovation. (2) Manager’s overconfidence and innovation investment have a significant interaction. (3) There is a negative correlation between manager’s overconfidence and corporate performance. (4) Enterprise innovation input and corporate performance show a U-type relationship, as when the enterprise innovation input reaches a certain point, enterprise innovation input will no longer bring great performance promotion to the enterprise.
Authors and Affiliations
Liu Lan, Zhang Xinyao, Shen Ying
Keywords
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- EP ID EP409302
- DOI 10.26480/icie.01.2017.67.70
- Views 60
- Downloads 0
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