The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Are Overconfident CEOs Better Innovators?
Abstract
Previous empirical work on adverse consequences of CEO overconfidence raises the question of why firms hire overconfident managers. Theoretical research suggests a reason: overconfidence can benefit shareholders by increasing investment in risky projects. Using options‐ and press‐based proxies for CEO overconfidence, we find that over the 1993–2003 period, firms with overconfident CEOs have greater return volatility, invest more in innovation, obtain more patents and patent citations, and achieve greater innovative success for given research and development expenditures. However, overconfident managers achieve greater innovation only in innovative industries. Our findings suggest that overconfidence helps CEOs exploit innovative growth opportunities.
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Cites
Probabilistic mental models: a Brunswikian theory of confidence
Gigerenzer, G., Hoffrage, U., & Kleinbölting, H. (1991) · Psychological Review · doi:10.1037/0033-295x.98.4.506 · Cited by 1,506
Cited by
Hirshleifer, D. (2015) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-092214-043752 · Cited by 497
Self-citationForming beliefs: Why valence matters
Sharot, T., & Garrett, N. (2016) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2015.11.002 · Cited by 345
Narcissism and the art market performance
Zhou, Y. (2017) · The European Journal of Finance · doi:10.1080/1351847x.2016.1151804 · Cited by 19
Metadata
- Authors
- HIRSHLEIFER, D., LOW, A., & TEOH, S. H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2012-07-19
- Volume
- 67
- Issue
- 4
- Pages
- 1457-1498
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3125538792
- Cited by
- 1,765
- References
- 1
- FWCI
- 178.59
- Type
- journal article
- Language
- en
- Open access
- closed
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- HIRSHLEIFER, D., LOW, A., & TEOH, S. H. (2012). Are Overconfident CEOs Better Innovators? The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2012.01753.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
