Management Overconfidence, Investor Sentiment and Corporate Performance-Evidence from A-share Listed Companies in China
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DOI: 10.23977/iemb.2019.018
Corresponding Author
Fang Hu
ABSTRACT
Based on the behavioral finance theory, this paper takes China's A-share listed companies from 2012 to 2016 as the research object, empirically tests the relationship between management overconfidence and corporate performance, and the regulating effect of investor sentiment on both. The results show that there is a significant negative correlation between management overconfidence and corporate performance. In addition, the higher the investor sentiment, the more significant the negative correlation between management overconfidence and firm performance.
KEYWORDS
Financial, Management, Investment
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