نوع مقاله : علمی - پژوهشی
نویسندگان
1 دانشیار دانشگاه یزد، گروه حسابداری ، دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران.
2 کارشناس ارشد مدیریت مالی، گروه حسابداری ، دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران.
3 دانشیار، گروه اقتصاد، دانشکده اقتصاد، مدیریت و حسابداری ، دانشگاه یزد، یزد، ایران.
چکیده
کلیدواژه‌ها
عنوان مقاله [English]
نویسندگان [English]
Abstract:
objective
Behavioral finance is a field that studies how psychological biases and managerial personality traits influence financial decision-making. One notable behavioral bias is managerial overconfidence, a critical factor in corporate decision-making. Overconfident managers tend to overestimate their own abilities and underestimate potential risks, which can lead to suboptimal financial decisions. This study aims to explore the impact of managerial overconfidence and internal financing on the efficiency of corporate investment in companies listed on the Tehran Stock Exchange. Specifically, it investigates whether managerial overconfidence affects investment efficiency and internal financing and whether internal financing serves as a mediating variable in this relationship.
Methodology
The research adopts an applied and ex-post factor design, utilizing regression analysis and panel data techniques. Data for this study were collected from various sources, including the capital market, corporate financial statements, accompanying notes, and related documents. The statistical population consists of all companies listed on the Tehran Stock Exchange over an eight-year period, spanning 2015 to 2022. Through systematic elimination sampling, a final sample of 130 companies was selected. The study tests its hypotheses using a multivariate linear regression model. Data collection tools included the Rahavard Novin software and the Codal website, while data analysis was conducted using EViews 12 and Microsoft Excel.
Findings
The analysis reveals that internal financing mediates the relationship between managerial overconfidence and investment efficiency. There is a negative and significant correlation between managerial overconfidence and internal financing, suggesting that overconfident managers are less reliant on internal sources of financing. Furthermore, internal financing has an inverse and statistically significant effect on investment efficiency, indicating that internal financing alone does not directly improve investment outcomes. The study also finds no significant relationship between internal financing and the prevalence of overinvestment or underinvestment, further underscoring its limited role in driving investment efficiency.
Conclusion
The results suggest that managerial overconfidence reduces the reliance on internal financing, a finding that contrasts with prior research. This shift may be attributed to the inclination of overconfident managers to pursue external financing, especially when such opportunities are readily available. The presence of external financing options appears to decrease the dependency on internal financing and mitigate the likelihood of suboptimal investment decisions. Empirical evidence further highlights that internal financing does not directly enhance investment efficiency but instead acts as a mediating factor between managerial overconfidence and investment efficiency. Overconfident managers often overestimate the profitability of investment opportunities and underestimate associated risks, which can lead to deviations in investment strategies. By overvaluing potential returns and undervaluing risks, these managers are more likely to engage in inappropriate or misaligned investment projects. This study underscores the importance of recognizing behavioral biases like overconfidence and their implications for corporate financing strategies and investment efficiency. It also emphasizes the need for balancing internal and external financing sources to achieve more optimal investment outcomes.
کلیدواژه‌ها [English]
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