An Investigation into the Effect of CEO’s Perceptual Biases on Investment Efficiency and Financing Constraints of the Iranian Listed Firms

Publish Year: 1400
نوع سند: مقاله ژورنالی
زبان: English
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JR_AMFA-6-1_006

تاریخ نمایه سازی: 20 تیر 1400

Abstract:

Efficient market hypothesis predicts that capital markets are beset with cer-tain biases which result from wrong estimation, and negatively influence shareholders’ expectations for higher returns, which in turn affects invest-ment efficiency, financial constraints and corporate performance efficacy in competitive markets, and eventually mitigates firm value. The present study aims at examining the impact of CEOs’ perceptual biases on investment efficiency and financing constraints of the firms listed on the Tehran Stock Exchange over the period ۲۰۱۳-۲۰۱۷. Earnings forecast error and CEOs’ overconfidence biases serve as the measure of CEO’s perceptual biases, the model developed by Biddle et al (۲۰۰۹) is employed to proxy for investment efficiency, and KZ model is also adopted to calculate financing constraints. The results reveal that both earnings forecast error and overconfidence biases negatively affect investment efficiency, while they positively influence cor-porate financing constraints.

Authors

Hajar Fallah

Department of Accounting, Kish International Branch (South Tehran), Islamic Azad University, Kish Island, Iran

Mohsen Hamidiyan

Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran

Nurooz Noroolahzadeh

Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran

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