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Do optimistic managers destroy firm value?
Journal article   Peer reviewed

Do optimistic managers destroy firm value?

Ezzeddine Ben Mohamed, Nassreddine Garoui and Kamel Naoui
Journal of behavioral and experimental finance, Vol.26, p.100292
06/2020
DOI: https://doi.org/10.1016/j.jbef.2020.100292

Abstract

Corporate governance Efficiency Firm value Managerial optimism Ownership structure
This paper investigates the effect of managerial optimism on firm value. Using Stochastic Frontier Analysis approach, we prove that managerial optimism can largely explain corporate inefficiency among NYSE firms between 1999–2011. We also find evidence that suggests that ownership structure and corporate governance can mitigate the effect of managerial optimism on firm value.

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