Research on the relationship between managerial overconfidence and M&A decision-making-moderating role based on board vigilance

Variable	Merer	Oc	Bd	Size	Average	Cash	Cash comp	Lev

Merger	1.0000
Oc	0.0493	1.0000
Bd	0.0340	−0.0267	1.0000
Size	0.0556	−0.0965	0.0375	1.0000
Average	−0.0220	0.0480	−0.0239	0.1856^*	1.0000
Cash	−0.0104	−0.0072	0.0435	−0.2778^*	−0.0441	1.0000
Cash comp	0.1451^*	−0.0389	−0.0304	0.2854^*	0.0199	−0.0372	1.0000
Lev	0.0384	−0.0064	−0.0626	0.0720	0.0401	−0.0330	0.0185	1.0000

Variable	Forecast Oc with surplus				Oc is measured by executive compensation
Variable	Merger	Merger	Merger	Merger	Merger	Merger

Oc	0.7246^** (0.3662)	−3.3092 (2.1999)	0.4200^* (0.2193)	−1.9747 (1.2562)	0.3200^* (0.2123)	−1.6247 (1.2262)
Size	0.0258 (0.0669)	0.0179 (0.0660)	0.0171 (0.0388)	0.0110 (0.0384)	0.0071 (0.0328)	0.0100 (0.0324)
Bd		−1.3316 (0.8780)		−0.7984 (0.5035)		−0.6232 (0.3035)
Ocbd		1.7055^* (0.9038)		1.0138^* (0.5186)		1.0124^* (0.2183)
Average	−0.0270 (0.0259)	−0.0231 (0.0255)	−0.0155 (0.0149)	−0.0135 (0.0147)	−0.0125 (0.0119)	−0.0135 (0.0123)
Cash	0.0099 (0.1875)	−0.0107 (0.1881)	0.0077 (0.1107)	−0.0025 (0.1112)	0.0067 (0.1003)	−0.0023 (0.1010)
Cashcomp	0.0012^*** (0.0000)	0.0013^*** (0.0000)	0.0011^*** (0.0000)	0.0012^*** (0.0000)	0.0011^*** (0.0000)	0.0010^*** (0.0000)
Lev	0.3360 (0.3036)	0.3599 (0.3094)	0.1959 (0.1733)	0.2121 (0.1782)	0.1059 (0.1233)	0.2011 (0.1722)
Constant	0.6688 (1.7311)	3.8381 (2.6362)	0.3741 (1.0050)	2.3127 (1.5183)	0.3141 (1.0030)	2.1127 (1.2183)
Observations	935	935	935	935	935	935

Variable	Crest value	Least value	Mean	Standard deviation	Observed value

Merger	1	0	0.80	0.40	935
Oc	1	0	0.96	0.20	935
Bd	3.67	0.69	2.27	0.05	935
Size	25.38	14.00	21.76	1.44	935
Average	59	35.6	47.44	3.28	935
Cash	8.45	−0.01	0.21	0.40	935
Cashcomp	6,600,000	6,700	720,526.90	787,884.20	935
Lev	11.51	−0.19	0.54	0.51	935

Type of variable	Variable name	Variable symbol	Variable metric

Dependent variable	Acquisition decision	Merger	The listed company initiates the M&A in year t, the value is 1, and the value is 0.
Independent variable	Managers are over-confident	Oc	During the sample period, if the CEO of the acquirer compares the forecast earnings per share to the actual earnings per share at least once, the high company manager is regarded as the overconfidence manager, and the value is 1, while the value is 0.
Regulated Variable	Board vigilance	Bd	Board vigilance in year t is expressed by the natural logarithm of the number of board meetings in year t.
Controlle d variable	Company size	Size	Natural logarithm of the total assets at the end of t − 1.
	Executive age	Avage	The average age of acquirer executives
	Cash stock	Cash	Cash stock of the purchaser at the end of t − 1/total assets at the end of t − 1.
	Cash compensation	Cashcomp	Total compensation of the acquiring party's CEO.
	Asset-liability ratio	Lev	Total liabilities in year t/total assets in year t, take the average asset-liability ratio at the end of the period.

Zeitrahmen der Veröffentlichung:: Volume Open
Fachgebiete der Zeitschrift:: Biologie, andere, Mathematik, Angewandte Mathematik, Allgemeines, Physik