期刊名称：International Journal of Euro-Mediterranean Studies
印刷版ISSN：1855-3362
出版年度：2012
卷号：5
期号：1
页码：41-56
DOI：10.1007/s40321-012-0004-6
出版社：Euro-Mediterranean University
摘要：Previous research in behavioral corporate finance has demonstrated thatmanagerial optimism has an explanatory power and it can explain observed dis-tortions in corporate decisions. What makes it special is its being a major source ofinvestment cash .ow sensitivity and it can affect the firm value since it causesoverinvestment or overinvestment (Heaton in Financ Manag 31(2):33–45,2002;Malmendier and Tate in J Financ 60(6):2661–2700,2005a, Eur Financ Manag11(5):649–659,2005b; Pacific-Lin et al. in Basin Financ J 13:523–546,2005;Huang et al. in Pac Basin Financ J 19:261–277,2011). However the behavioralcorpo rate finance literature is still silent about the ability of corporate governancemechanisms to affect the CEOs' optimism bias. In this paper, we present an originalessay that aims to discuss the determinants of managerial optimism by adopting acorpo rate governance framework. We concentrate especially on the effect of corpo rate governance mechanisms regarding this bias. We construct a managerialoptimism using the ''Net Buyer'' criterion as developed by Malmendier and Tate (JFinan c 60(6):2661–2700,2005a) and we regress directly the optimism measure tosome well-documented mechanisms of corporate governance. We also explore theeffect of some CEO's personal characteristics on the emergence of managerialoptimism. Departing from a sample of American manufactures' firms, we findstrong evidence concerning the effect of internal corporate governance structure onmanagerial optimism bias
