期刊文献+

法律外制度、高管过度自信与企业并购行为 被引量:3

Informal Rules, Overconfidence and the Enterprise Mergers and Acquisitions
下载PDF
导出
摘要 基于中国上市公司并购数据,本文研究发现高管过度自信对于2003-2014年间上市公司的并购数量、并购融资方式及并购中的多元化行为有较强解释力,而法律外制度的约束力与过度自信显著相关,且会进一步影响高管过度自信与公司并购行为间的关系。尽管并购在全国普遍存在,宗教影响力强的地区高管过度自信对企业并购行为的影响较弱,而低地方政府干预地区过度自信对企业并购行为的影响更强。 Based on the Merger & Acquisition Data from listed companies in China, we discover that for listed companies from 2003 to 2014, CEO overconfidence can strongly explain the number of M&A, the methods for M&A financing and the diversifying actions in M&A. Furthermore, the binding force of informal rules is significantly related to CEO overconfidence and it will influence the relationship between CEO overconfidence and companies' M&A behaviors. Even though M&A is popular over the whole country, in regions w ith stronger religious force, CEO has less influence on companies' M&A behaviors. But weaker intervention from local governments will strengthen the influence of CEO overconfidence on companies 'M&A behaviors.
出处 《浙江社会科学》 CSSCI 北大核心 2016年第1期36-44,156-157,共9页 Zhejiang Social Sciences
基金 国家自然科学基金青年项目(项目批准号:71202026) 对外经济贸易大学中央高校基本科研业务费专项资金资助(项目批准号:13YQ09 CXTD5-03)对本项研究的资助 北京市社会科学基金研究基地项目(项目批准号:14JDJGA020)的资助
关键词 过度自信 并购 法律外制度 regional culture overconfidence M & A informal rules
  • 相关文献

参考文献62

  • 1Allen, F., J. Qian and M. Qian, 2005, "Law, Finance and Economic Growth in China", Journal of Financial Eco- nomics, 77(1): 57-116.
  • 2Bae, S. C., K. Chang, and E. Kang, 2010, "Culture, Corporate Governance, and Dividend Policy: International Evidence", working paper.
  • 3Barber, B. and T. Odean, 2001, "Boys will be Boys: Gender, Overconfidence and Common Stock Investment", Quarterly Journal of Economics, 116, 261-292.
  • 4Brown, Rayna and Neal Sarma, 2006, "CEO Over- confidence, CEO Dominance and Corporate Acquisitions", working paper.
  • 5Bymes, J., D. Miller, and W. Schafer., 1999, "Gender Differences in Risk Taking: A Meta-analysis", Psychological Bulletin, 125(3): 367-383.
  • 6Callen, J. L., M. Morel, and G. Richardson, 2011, "Do Culture and Religion Mitigate Earnings Management? Evidence from a Cross-country Analysis", International Jour- nal of Disclosure and Governance, 8(2): 103-121.
  • 7Conroy, S. J., and L. N. Emerson, 2004, "Business Ethics and Religion: Religiosity as a Predictor of Ethical Awareness among Students", Journal of Business Ethics, 50 (4): 383-396.
  • 8Doukas, J., Petmezas, D., 2006, "Acquisitions, Over- confident Managers and Self-Attribution Bias", Working Pa- per (Old Dominion University).
  • 9Ferris S. P., Jayaraman N. and Sabherwal S., 2013, "CEO Overconfidenee and International Merger and Acquisi- tion Activity', Journal of Financial and Quaztitive Analysis, Vol 48 No. 1, pp.137-164.
  • 10Fidrmuc, J. P., and M. Jacob, 2010, "Culture, A- gency Costs, and Dividends", Journal of Comparative Eco- nomics, 38(3): 321-339.

二级参考文献356

共引文献3415

同被引文献51

二级引证文献33

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部