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- W2369250202 abstract "Because of the separation of ownership and control,the asymmetry of information,and the existence of supervision cost in modern company,manager has the capability of investing corporate resource to non-profit projects;Moreover,manager's payment is proportional to corporate scale.So manager has ability and motive to throw corporate free cash on non-profit projects that could bring private benefit,which leads to the distortion of corporate investment.Besides,corporate manager's cognitive bias and irrationality also could affect corporate investment decision-making process and result directly and deeply,such as over-confidence,envy psychology,risk aversion,loss aversion,and confirmation bias.Behavioral corporate finance theory introduces psychical factors and irrationality of corporate managers and market investors into the study of corporate financial behavior,which could provide more practical and more persuasive explanation for abnormal and inefficient investment.The paper analyses corporate investment distortion from both agency theory and behavioral corporate finance theory which provide theory foundation for financial system reform,economic policy choice,and the promotion of investment efficiency of Chinese companies." @default.
- W2369250202 created "2016-06-24" @default.
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- W2369250202 date "2011-01-01" @default.
- W2369250202 modified "2023-09-23" @default.
- W2369250202 title "Agency Problem,Irrational Manager and Corporate Investment Behavior" @default.
- W2369250202 hasPublicationYear "2011" @default.
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