Abstract：Based on the typical types of overconfidence, such as control illusion and over-optimism, this study explores the differential impact of managers’overconfidence category heterogeneity and degree heterogeneity on corporate R&D investment. The results show that both control illusion and over-optimism types of overconfidence can improve corporate R&D investment, among which control illusion types of overconfidence has stronger positive effect. Judging from the heterogeneity of overconfidence, manager’ strong overconfidence promotes corporate R&D investment more significantly compared with weak overconfidence. In addition, compared with state-owned enterprises, the overconfidence degree heterogeneity in non-state-owned enterprises has a more markedly impact on the R&D investment. However, further works that among non-state-owned enterprises, the group with weak overconfidence makes better R&D investment for improving the future performance of the company, while the group with strong overconfidence is more likely to cause excessive investment in R&D decisions.
刘柏，卢家锐，琚涛. 管理者过度自信异质性与企业研发投资及其绩效[J]. 管理学报, 2020, 17(1): 66-.
LIU Bai，LU Jiarui，JU Tao. Manager Overconfidence Heterogeneity and Corporate R&D Investment and Its Performance. Chinese Journal of Management, 2020, 17(1): 66-.
