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

[1] Alicke M. Global self-evaluation as determined by the desirability of trait adjectives[J]. Journal of Personality and Social Psychology, 1985, 49(6): 1621–1630. AlickeM. Global self-evaluation as determined by the desirability of trait adjectives [J] Journal of Personality and Social Psychology 1985 49 6 1621 1630 Search in Google Scholar

[2] Cooper A.C, Woo C.Y, Dunkelberg W.C. Entrepreneurs perceived chances for success[J]. Journal of Business Venturing, 1988, 3(2):97–108. CooperA.C WooC.Y DunkelbergW.C. Entrepreneurs perceived chances for success [J] Journal of Business Venturing 1988 3 2 97 108 Search in Google Scholar

[3] Zhang M, Yu F.S, Zhang S. Research on corporate investment alienation based on manager's overconfidence[J]. Financial and Trade Research, 2009, 20(5): 134–140. ZhangM YuF.S ZhangS. Research on corporate investment alienation based on manager's overconfidence [J] Financial and Trade Research 2009 20 5 134 140 Search in Google Scholar

[4] Roll R. The hubris hypothesis of corporate takeovers[J]. Journal of Business, 1986, 59(2):197–216. RollR. The hubris hypothesis of corporate takeovers [J] Journal of Business 1986 59 2 197 216 Search in Google Scholar

[5] Shi Y.D, Zhu G.Y. An empirical study on managers’ overconfidence and M&A behavior[J]. Financial Review, 2010, 2:73–125. ShiY.D ZhuG.Y. An empirical study on managers’ overconfidence and M&A behavior [J] Financial Review 2010 2 73 125 Search in Google Scholar

[6] Hu G.L, Zhou D.J. Empirical research on equity balance, management overconfidence and enterprise over investment[J]. Business Economy and Management, 2012, 9:47–55. HuG.L ZhouD.J. Empirical research on equity balance, management overconfidence and enterprise over investment [J] Business Economy and Management 2012 9 47 55 Search in Google Scholar

[7] Li J. Equity concentration, overconfidence of management and M&A decision[J]. Financial Forum, 2016, 21 (09):45–56. LiJ. Equity concentration, overconfidence of management and M&A decision [J] Financial Forum 2016 21 09 45 56 Search in Google Scholar

[8] Lu D, Huang D, Yang D. Board power and M&A efficiency of non-actual controllers of state-owned enterprises[J]. Management World, 2019, 35(06):119–141. LuD HuangD YangD. Board power and M&A efficiency of non-actual controllers of state-owned enterprises [J] Management World 2019 35 06 119 141 Search in Google Scholar

[9] Malmendier U, Tate G.A. Who makes acquisitions? CEO overconfidence and the market's reaction[J]. Journal of Financial Economics, 2008, 89(1):20–43. MalmendierU TateG.A. Who makes acquisitions? CEO overconfidence and the market's reaction [J] Journal of Financial Economics 2008 89 1 20 43 Search in Google Scholar

[10] Doukas J, Petmezas D. Acquisitions, overconfident managers and self-attribution bias[J]. European Financial Management, 2007, 13(3):531–577. DoukasJ PetmezasD. Acquisitions, overconfident managers and self-attribution bias [J] European Financial Management 2007 13 3 531 577 Search in Google Scholar

[11] Brown R, Sarma N. CEO overconfidence, CEO dominance and corporate acquisitions[J]. Journal of Economics and Business, 2007, 59(5):358–379. BrownR SarmaN. CEO overconfidence, CEO dominance and corporate acquisitions [J] Journal of Economics and Business 2007 59 5 358 379 Search in Google Scholar

[12] Gervais S, Heaton J, Odean T. Overconfidence, compensation contracts, and capital budgeting[J]. Journal of Finance, 2011, 66(5):1735–1777. GervaisS HeatonJ OdeanT. Overconfidence, compensation contracts, and capital budgeting [J] Journal of Finance 2011 66 5 1735 1777 Search in Google Scholar

[13] Ettore C, Dimitris P. Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions[J]. Journal of Corporate Finance, 2015, 32:21–27. EttoreC DimitrisP. Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions [J] Journal of Corporate Finance 2015 32 21 27 Search in Google Scholar

[14] Ge H.L. Shan Z. The influence of overconfidence of listed company executives in China on M&A decision-is an empirical study based on the comparative perspective of state-owned and private companies[J]. Journal of Beijing Technology and Business University (Social Science Edition), 2015, 9:82–91. GeH.L. ShanZ. The influence of overconfidence of listed company executives in China on M&A decision-is an empirical study based on the comparative perspective of state-owned and private companies [J] Journal of Beijing Technology and Business University (Social Science Edition) 2015 9 82 91 Search in Google Scholar

[15] Li S.M, Chen W.T. Empirical study on management overconfidence in M&A decision[J]. Journal of Zhongshan University (Social Sciences Edition), 2010, 5:192–201. LiS.M ChenW.T. Empirical study on management overconfidence in M&A decision [J] Journal of Zhongshan University (Social Sciences Edition) 2010 5 192 201 Search in Google Scholar

[16] Shi J.K, Liu S.L, Zhang G.B. Why management frequently initiates M&A: overconfidence or self-interest[J]. East China Economic Management, 2014, 12:84–91. ShiJ.K LiuS.L ZhangG.B. Why management frequently initiates M&A: overconfidence or self-interest [J] East China Economic Management 2014 12 84 91 Search in Google Scholar

[17] Zhai A.M, Zhang X.J. Relationship between manager overconfidence and M&A decision making and enterprise performance[J]. Modern Finance, 2012, 10:102–114. ZhaiA.M ZhangX.J. Relationship between manager overconfidence and M&A decision making and enterprise performance [J] Modern Finance 2012 10 102 114 Search in Google Scholar

[18] Finkelstein S, Daveni R. CEO duality as a double edged sword: how boards of directors balance entrenchment avoidance and unity of command[J]. Academy of Management Journal, 1984, 37:1079–1108. FinkelsteinS DaveniR. CEO duality as a double edged sword: how boards of directors balance entrenchment avoidance and unity of command [J] Academy of Management Journal 1984 37 1079 1108 Search in Google Scholar

[19] Lei H, Wu C. Board governance, manager overconfidence and M&A decision making[J]. Journal of Beijing Institute of Technology (Social Science Edition), 2010, 8:43–47. LeiH WuC. Board governance, manager overconfidence and M&A decision making [J] Journal of Beijing Institute of Technology (Social Science Edition) 2010 8 43 47 Search in Google Scholar

[20] Fama E.F. Agency problems and the theory of the firm[J]. Journal of Political Economy, 1980(88):288–307. FamaE.F. Agency problems and the theory of the firm [J]. Journal of Political Economy 1980 88 288 307 Search in Google Scholar

[21] Ji S.Z, Chen W, Jin H. Geographical relationship between independent directors and corporate board decision[J]. Journal of Shanghai University of International Business and Economics, 2015, 5:46–54. JiS.Z ChenW JinH. Geographical relationship between independent directors and corporate board decision [J] Journal of Shanghai University of International Business and Economics 2015 5 46 54 Search in Google Scholar

[22] Zheng Z.G. The external environment required for the takeover threats and effective board supervision[J]. Economic Science, 2005, 4:74–84. ZhengZ.G. The external environment required for the takeover threats and effective board supervision [J] Economic Science 2005 4 74 84 Search in Google Scholar

[23] Baysinger B, Henry B. Corporate governance and the board of directors: performance effects of changes in board composition[J]. Journal of Law Economics and Organization, 1985, 1:101–124. BaysingerB HenryB. Corporate governance and the board of directors: performance effects of changes in board composition [J] Journal of Law Economics and Organization 1985 1 101 124 Search in Google Scholar

[24] Zhu L, Yu W.Y. Board governance, CEO overconfidence and M&A decision of Chinese enterprises[J]. Journal of Shandong University of Finance and Economics, 2015, 2:107–114. ZhuL YuW.Y. Board governance, CEO overconfidence and M&A decision of Chinese enterprises [J] Journal of Shandong University of Finance and Economics 2015 2 107 114 Search in Google Scholar

[25] Rao Y.L, Wang J.X. Empirical study of CEO overconfidence, board structure, and company performance[J]. Management Science, 2010, 10:2–11. RaoY.L WangJ.X. Empirical study of CEO overconfidence, board structure, and company performance [J] Management Science 2010 10 2 11 Search in Google Scholar

[26] Lipton M, Lorch J. A modest proposal for improved corporate governance[J]. Business Lawyer, 1992, 48:59–77. LiptonM LorchJ. A modest proposal for improved corporate governance [J] Business Lawyer 1992 48 59 77 Search in Google Scholar

[27] Hayward A, Hambrick C. Explaining the premiums paid for large acquisitions: evidence of CEO hubris[J]. Administrative Science Quarterly, 1997, 42:103–127. HaywardA HambrickC. Explaining the premiums paid for large acquisitions: evidence of CEO hubris [J] Administrative Science Quarterly 1997 42 103 127 Search in Google Scholar

[28] Lin Y, Hu S, Chen M. Managerial optimism and corporate investment: some empirical evidence from Taiwan[J]. Pacific Basin Finance, 2005, 13(5):523–546. LinY HuS ChenM. Managerial optimism and corporate investment: some empirical evidence from Taiwan [J] Pacific Basin Finance 2005 13 5 523 546 Search in Google Scholar

[29] Yu M.G, Xia X.P, Zou Z.S. Management overconfidence and corporate aggressive corporate debt behavior[J]. Management World, 2006, 08:104–112, 125, 172. YuM.G XiaX.P ZouZ.S. Management overconfidence and corporate aggressive corporate debt behavior [J] Management World 2006 08 104 112 125 172 Search in Google Scholar

[30] Jiang F.X, Zhang M, Lu Z.F et al. Management overconfidence, corporate expansion, and financial difficulties[J]. Economic Research, 2009, 44 (01):131–143. JiangF.X ZhangM LuZ.F Management overconfidence, corporate expansion, and financial difficulties [J] Economic Research 2009 44 01 131 143 Search in Google Scholar

[31] Wang S.H, Wang Z.J. Tian Y. Research on the relationship between manager overconfidence and enterprise technology innovation investment[J]. Scientific Research Management, 2013, 34 (05):1–9. WangS.H WangZ.J. TianY. Research on the relationship between manager overconfidence and enterprise technology innovation investment [J] Scientific Research Management 2013 34 05 1 9 Search in Google Scholar