Universität zu Köln

Betzer, Andre, van den Bongard, Inga, Schweder, Felix, Theissen, Erik and Volkmann, Christine . All is not lost that is delayed: overconfidence and investment outcomes. Rev. Manag. Sci.. HEIDELBERG: SPRINGER HEIDELBERG. ISSN 1863-6691

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Abstract

We use a unique panel data set of private German firms to analyze the relation between managerial overconfidence and investment policy in small and medium-sized firms. We find that overconfident managers invest more, and that this relation is driven by expansion investments. When considering the outcome of investment projects, we find that projects initiated by overconfident managers are less likely to be completed as planned. When we differentiate between three types of non-completion (downsizing, delaying, and abandoning), we find that overconfident managers are more likely to delay, rather than to abandon or downsize a project.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Betzer, Andre UNSPECIFIED UNSPECIFIED UNSPECIFIED van den Bongard, Inga UNSPECIFIED UNSPECIFIED UNSPECIFIED Schweder, Felix UNSPECIFIED UNSPECIFIED UNSPECIFIED Theissen, Erik UNSPECIFIED UNSPECIFIED UNSPECIFIED Volkmann, Christine UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-668669
DOI:	10.1007/s11846-022-00578-w
Journal or Publication Title:	Rev. Manag. Sci.
Publisher:	SPRINGER HEIDELBERG
Place of Publication:	HEIDELBERG
ISSN:	1863-6691
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language CEO OVERCONFIDENCE; ACQUISITIONS; DISSONANCE; DECISION; GENDER Multiple languages Management Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/66866