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- W4382201801 abstract "The purpose of this study is to examine the relationship between the cost of capital of a company according to managers’ tendency to overconfidence, and to examine the relationship between the cost of capital according to the high and low of earning’s quality. The research sample is a sample of manufacturing industries listed on the securities market with a 10－year research period. The empirical analysis results are as follows. First, the model of setting cost of equity as a dependent variable shows that the higher the overconfidence tendency of the manager, the higher the cost of equity. And even in the model with the cost of debt as a dependent variable, the higher overconfidence tendency of the manager, the higher the cost of capital, thus supporting Hypothesis 1. Second, in the model using the cost of equity as a dependent variable, the cost of capital was found to be high in the case of a company with a large discretionary accrual and a high overconfidence tendency of the manager. It was interpreted that the higher earning’s quality, the lower the capital cost due to overconfidence tendency of the manager. However, when the dependent variable was set as the cost of debt, the hypothesis was not supported because the significance of the variable was not confirmed. Therefore, it was concluded that Hypothesis 2 partially supported the hypothesis. This study is significant in that a variety of topics related to managerial overconfidence propensity are being studied recently, of which cost of capital and overconfidence tendency of the manager are newly grafted and studied. The limitation of the study is that it does not have more sophistication in measuring the cost of capital." @default.
- W4382201801 created "2023-06-28" @default.
- W4382201801 date "2020-12-30" @default.
- W4382201801 modified "2023-09-25" @default.
- W4382201801 title "A Study on Manager Overconfidence and Capital Cost" @default.
- W4382201801 doi "https://doi.org/10.32956/kaoca.2020.18.2.55" @default.
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