A Study on the Relevance between Managerial Centrality and Managerial Overconfidence: Utilizing the Information of CEO Pay Slice

• 발행기관: 한국무역연구원
• 저자명: Sang-Hyun Ji
• 간행물 정보: 『무역연구』제16권 제2호, 91~107쪽, 전체 17쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2020.04.30

영문 초록

Purpose– The purpose of this study was to examine the relevance between managerial centrality and managerial overconfidence. The higher the managerial centrality, the higher is expected to be the managerial overconfidence. Design/methodology/approach– This study want to verify the relevance between managerial centrality and managerial overconfidence through multiple regression analysis. To this end, the management centrality is measured by the manager compensation difference (CEO Pay Slice; CPS) presented in the Bebchuk, Martijn and Peyer (2011), and the managerial overconfidence is measured by the methodology presented in the research in Ahmed and Dullman (2013) and Schrand and Zechman(2012), respectively. The study sample is 1,250 companies-year in the non-financial company, which closed in December on listing the Korea Exchange from 2013 to 2017. Findings–Empirical analysis results, CEO Pay Slice(CPS) and managerial overconfidence was found to have a positive (+) relevance at a statistically significant level. So the larger the managerial centrality, the higher the managerial overconfidence. Therefore, it has been shown that there are differences in managerial overconfidence depending on the managerial centrality. Research implications or Originality– It is expected that this study will contribute to the research in that it is the first study to verify that the managerial centrality affects the managerial overconfidence.

목차

Ⅰ. Introduction

Ⅱ. Theoretical Background, Literature Review and Hypothesis Development

Ⅲ. Research Design

Ⅳ. Empirical Analysis Results

Ⅴ. Conclusion

키워드

CEO Pay Slice (CPS) Managerial Centrality Managerial Overconfidence