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Overconfidence on corporate managers empirical research Diversification and Performance

Author: LiuZhaoYi
Tutor: ChenJianZhong
School: Central South University
Course: Finance
Keywords: overconfidence diversified management motivation corporate performance
CLC: F279.2;F224
Type: Master's thesis
Year: 2010
Downloads: 80
Quote: 0
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Abstract


With the rapid development of Chinese economy and continuous expansion of market, many enterprises try to realize their sustainable development by the means of diversification. Why are so many companies wild about diversification? And can diversification really enchance their performance? These questions have been found in a variety of studies on enterprises diversification, but so far no consensus on these issues have been reached. There are two reasons that contribute to this result, which is meaning different countries or the same country in different periods, and different researchers or different research methods, all of which can lead to different inconsistent conclusions.This paper chooses behavioral finance to study the impact of managerial overconfidence on the diversification decision and further inspects the effect of diversification on the enterprise’s performance.We select 1859 A-share listed companies that published their annual performance from 2006 to 2009 as samples, test the the relationship between managerial overconfidence and diversification and further study the influence of diversification on firm performance under managerial overconfidence, using SPSS software for data correlation analysis and Eviews5.0 software for data regression analysis. We ultimately reach the following conclusions:Managerial overconfidence can significantly affect enterprises diversification options. We found a positive correlation between the two factors, which means that diversified enterprises with managerial overconfidence show higher degree of diversification than those without managerial overconfidence.Enterprises diversification options under managerial overconfidence is likely to damage business performance. Diversified enterprises without managerial overconfidence outperform those with managerial overconfidence.Finally, according to the conclusions, put forward the Suggestions as follows:design new enterprise contract and improve the independent director system in order to limit managerial overconfidence in excess of diversification.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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