ABSTRACT

The purpose of our study is to explore the relationship among managerial overconfidence, CSR and firm value. Nonlinear regression and OLS regression are used to test the hypotheses. Managerial overconfidence is measured by the integrated index. The financial data of Korean-listed companies are collected from the DataGuide5 database. The ESG rating of Koran Governance Service (KCGS) is selected as the proxy variable of CSR in Korea. Korean-listed non-financial companies from 2011 to 2016 are selected as the research sample. Empirical results show that managerial overconfidence has a significant and positive impact on firm value; Managerial overconfidence enhances firm value through CSR activities. Our study enriches the research of managerial overconfidence and provides a new perspective within the Eastern culture.

摘要

我们研究的目的是探讨管理者过度自信、企业社会责任和企业价值之间的关系。非线性回归和 OLS 回归用于检验假设。管理者过度自信是通过综合指数来衡量的。韩国上市公司的财务数据来自DataGuide5数据库。Koran Governance Service (KCGS) 的 ESG 评级被选为韩国 CSR 的代理变量。选取2011-2016年在韩国上市的非金融企业作为研究样本。实证结果表明，管理者过度自信对公司价值有显着的正向影响；管理过度自信通过企业社会责任活动提高了公司价值。我们的研究丰富了对管理过度自信的研究，并为东方文化提供了一个新的视角。