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The Relationship between Managerial Overconfidence with Firms Value: Evidence of vehicle and parts manufacturing industry

융합경영연구 / The Journal of Economics, Marketing and Management, (E)2288-7709
2016, v.4 no.3, pp.1-6
https://doi.org/https://doi.org/10.13106/jemm.2016.vol4.no3.1
Dashtbayaz, Mahmoud Lari (Qaenat Branch, Islamic Azad University)
Mohammadi, Shaban (Hakim Nezami University of Quchan)
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Abstract

The purpose of the present study is to investigate the relationship between Managerial overconfidence and vehicle and parts manufacturing firm value of the listed companies on the Tehran Stock Exchange (TSE). The population includes 25 firms selected through systematic sampling. The data is collected from the audited financial statements of the firms provided by TSE's website from 2010 to 2015. In this study the variables, Overconfidence based on earning per share (OEPS), Overconfidence based on capital cost (OCC) has been used to investigate Managerial overconfidence. The results of multiple linear regression analysis show that there is a significant relationship between Overconfidence based on earning per share (OEPS) and firm value. In addition, there is a significant relationship between Overconfidence based on capital cost (OCC) The present research examined the relationship between Managerial overconfidence and vehicle and parts manufacturing firm value of the listed in Tehran Stock Exchange. The results of multivariate regression accepted two the hypotheses of the research. There is a significant relationship between Managerial overconfidence and vehicle and parts manufacturing firm value.

keywords
Managerial Overconfidence, Firm Value, Financial Leverage, Firm Size

융합경영연구