Managerial Optimism and the Cost of Capital : the SEM-Approach with a Focus on the German Capital Market

• Autorzy: Jan-Hendrik Meier , Walid Esmatyar

Warianty tytułu

Optymizm menedżerski a koszt kapitału : zastosowanie podejścia SEM w odniesieniu do niemieckiego rynku kapitałowego

• Języki publikacji: EN

Abstrakty

EN

The present study contributes the first analysis of the influence of managerial optimism on companies' financing policy and cost of capital. Since overconfidence biases investment and financing decisions, it may directly and indirectly influence a company's risks and value. In contrast to prior research, which has almost exclusively been focused on the analysis of leverage, the present paper also takes risk measures into account to decompose the cost of capital and to identify direct and indirect effects of managerial optimism by using structural equation modeling (SEM). Based on a large sample of companies listed in Germany, this study found strong evidence that optimistic managers caused a higher equity risk and a higher risk of insolvency. However, this effect was not caused by the choice of leverage, and, thus, it must have been caused by investment-policy decisions. However, an optimistic management achieves a significant reduction in the overall cost of capital. (original abstract)

Prezentowane w artykule badanie dotyczy pierwszej analizy wpływu optymizmu menedżerskiego na politykę finansową przedsiębiorstw i koszt kapitału. Zbytnia pewność oddziałuje na decyzje inwestycyjne i finansowe, może mieć zatem wpływ pośredni lub bezpośredni na ryzyko i wartość przedsiębiorstwa. W przeciwieństwie do wcześniejszych badań empirycznych, które koncentrowały się na analizie dźwigni, w niniejszym artykule uwzględniono również miary ryzyka w celu dekompozycji kosztu kapitału oraz określenia bezpośrednich i pośrednich skutków optymizmu menedżerskiego za pomocą modelowania równań strukturalnych (structural equation modeling - SEM). Opierając się na dużej próbie spółek giełdowych notowanych w Niemczech, w badaniu empirycznym udowodniono, że optymistycznie nastawieni menedżerowie powodowali większe ryzyko kapitałowe oraz większe ryzyko niewypłacalności. Jednak efekt ten nie był spowodowany wyborem dźwigni, a zatem musiał być konsekwencją decyzji podejmowanych w obszarze polityki inwestycyjnej. Niemniej optymistyczne zarządzanie przyczynia się z kolei do znacznej redukcji całkowitego kosztu kapitału. (abstrakt oryginalny)

Słowa kluczowe

EN

Behavioural finance; Capital market; Capital cost; Structural Equation Modeling

PL

Finanse behawioralne; Rynek kapitałowy; Koszt kapitału; Modelowanie równań strukturalnych

• Czasopismo: Zeszyty Teoretyczne Rachunkowości
• Rocznik: 2016
• Tom: 86
• Numer: nr 142
• Strony: 119--133

Twórcy

autor

Jan-Hendrik Meier

• Kiel University of Applied Science

autor

Walid Esmatyar

• Kiel University of Applied Science

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Identyfikatory

DOI

10.5604/16414381.1198981