CEO Overconfidence and Corporate Innovation Outcomes: Evidence From China

Zhongze Li · Yi Zhang

33 citations0/0 files storedFrontiers in Psychology

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Corporate Finance and Governance Entrepreneurship Studies and Influences Firm Innovation and Growth

Abstract

This study examines how chief executive officer (CEO) overconfidence can influence the quantity, quality and direction of corporate innovation using Chinese firms for the period 2009-2016. Our results suggest that overall, CEO overconfidence has a positive impact on firm innovation productivity. Furthermore, this effect is significant for Chinese non-SOEs but not for Chinese SOEs. Specifically, an overconfident CEO can facilitate firm innovation in new technological areas but not in the firm's existing areas. Additionally, we find that internal controls can regulate the relationship between CEO overconfidence and innovation. Interestingly, when the internal control level is too high or too low, the correlation between CEO overconfidence and innovation productivity is not significant.

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References

1984Upper Echelons: The Organization as a Reflection of Its Top Managers 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 2007Upper Echelons Theory: An Update 1999Gender differences in risk taking: A meta-analysis.2005CEO Overconfidence and Corporate Investment 2009A Multi‐Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature 2012Are Overconfident CEOs Better Innovators?2013The dark side of analyst coverage: The case of innovation

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