Investigating the Effect of Managerial Entrenchment on Bias Overconfidence in Companies Listed in Tehran Stock Exchange

Tenured And Possessive Behavioral words are in the area of financial theories that is in line with the theory of representation, it seeks to narrow the gap of interest between shareholders and investors and guide the company's decisions to maximize shareholder interest, it seeks to narrow the gap of interest between shareholders and investors and guide the company's decisions to maximize shareholder interest. The purpose of this research is the effect of managerial entrenchment of bias overconfidence in companies listed in Tehran Stock Exchange. In this study, ۱۱۱ Tehran Stock Exchange companies were studied in the period of ۲۰۱۳ to ۲۰۱۷. In this research, in order to measure the managerial entrenchment three criteria were used CEO tenure; Managerial ownership and DUAL And bias overconfidence were measured by two criteria overconfidence-excess capacity and excess debt capacity investment. The results showed a significant positive effect managerial entrenchment On Both overconfidence measure of excess capacity and excess debt capacity investment.

Keywords:

managerial entrenchment , Bias Overconfidence , Excess Debt Capacity Investment , Overconfidence Measure of Excess Capacity