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Manager Overconfidence Heterogeneity and Corporate R&D Investment and Its Performance
LIU Bai,LU Jiarui,JU Tao
Jilin University, Changchun, China

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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.
Key wordsoverconfidence heterogeneity      R&D investment      property right      corporate performance     
Received: 23 January 2019     
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LIU Bai
LU Jiarui
JU Tao
Cite this article:   
LIU Bai,LU Jiarui,JU Tao. Manager Overconfidence Heterogeneity and Corporate R&D Investment and Its Performance[J]. Chinese Journal of Management, 2020, 17(1): 66-.
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