Corporate Governance Mechanisms and Managerial Optimism

The purpose of this study is investigating the effects of corporate governance mechanisms on managerial optimism in the companies listed in the Tehran Stock Exchange, TSE. In previous studies on behavioral corporate finance, it was indicated that managerial optimism can affect the decisions about co...

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Autores principales:	Dariush Khorrami, Reza Gholami Jamkarani
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2017
Materias:	corporate governance behavioral corporate governance managerial optimism managerial ownership board independence Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/175c0f56ab614f70bacbf014b6f53e4a
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spelling	oai:doaj.org-article:175c0f56ab614f70bacbf014b6f53e4a2021-11-04T19:52:16ZCorporate Governance Mechanisms and Managerial Optimism2008-89142476-292X10.22103/jak.2017.1564https://doaj.org/article/175c0f56ab614f70bacbf014b6f53e4a2017-01-01T00:00:00Zhttps://jak.uk.ac.ir/article_1564_70a1c829755dfc6f26d0e71dc0ba76b6.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XThe purpose of this study is investigating the effects of corporate governance mechanisms on managerial optimism in the companies listed in the Tehran Stock Exchange, TSE. In previous studies on behavioral corporate finance, it was indicated that managerial optimism can affect the decisions about company’s activity that may lead to decreasing value of the activities. In this study, the statistical population consists of the companies listed in the TSE, and based on the sampling condition, 125 companies in the period 2010 to 2014 were selected. The collected information from the sample was used in estimation modelling of multiple regressions. In the sample, the optimist managers were recognized by their proxies of earnings forecast and the number of optimistic forecasts to the number of total forecasts. The findings from multiple regression model showed that among a number of chosen mechanisms of corporate governance, including managerial ownership, ownership concentration, and board characteristics, which include non-duality, board size and board independence, only managerial ownership and board independence may reduce the level of CEO’s optimism, and that the other variables have no significant effect on the dependent variable. In addition, it can be claimed that corporate governance should move towards new role entitled as behavioral corporate governance by recognition of behavioral bias.Dariush KhorramiReza Gholami JamkaraniShahid Bahonar University of Kermanarticlecorporate governancebehavioral corporate governancemanagerial optimismmanagerial ownershipboard independenceAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 7, Iss 27, Pp 159-182 (2017)
institution	DOAJ
collection	DOAJ
language	FA
topic	corporate governance behavioral corporate governance managerial optimism managerial ownership board independence Accounting. Bookkeeping HF5601-5689
spellingShingle	corporate governance behavioral corporate governance managerial optimism managerial ownership board independence Accounting. Bookkeeping HF5601-5689 Dariush Khorrami Reza Gholami Jamkarani Corporate Governance Mechanisms and Managerial Optimism
description	The purpose of this study is investigating the effects of corporate governance mechanisms on managerial optimism in the companies listed in the Tehran Stock Exchange, TSE. In previous studies on behavioral corporate finance, it was indicated that managerial optimism can affect the decisions about company’s activity that may lead to decreasing value of the activities. In this study, the statistical population consists of the companies listed in the TSE, and based on the sampling condition, 125 companies in the period 2010 to 2014 were selected. The collected information from the sample was used in estimation modelling of multiple regressions. In the sample, the optimist managers were recognized by their proxies of earnings forecast and the number of optimistic forecasts to the number of total forecasts. The findings from multiple regression model showed that among a number of chosen mechanisms of corporate governance, including managerial ownership, ownership concentration, and board characteristics, which include non-duality, board size and board independence, only managerial ownership and board independence may reduce the level of CEO’s optimism, and that the other variables have no significant effect on the dependent variable. In addition, it can be claimed that corporate governance should move towards new role entitled as behavioral corporate governance by recognition of behavioral bias.
format	article
author	Dariush Khorrami Reza Gholami Jamkarani
author_facet	Dariush Khorrami Reza Gholami Jamkarani
author_sort	Dariush Khorrami
title	Corporate Governance Mechanisms and Managerial Optimism
title_short	Corporate Governance Mechanisms and Managerial Optimism
title_full	Corporate Governance Mechanisms and Managerial Optimism
title_fullStr	Corporate Governance Mechanisms and Managerial Optimism
title_full_unstemmed	Corporate Governance Mechanisms and Managerial Optimism
title_sort	corporate governance mechanisms and managerial optimism
publisher	Shahid Bahonar University of Kerman
publishDate	2017
url	https://doaj.org/article/175c0f56ab614f70bacbf014b6f53e4a
work_keys_str_mv	AT dariushkhorrami corporategovernancemechanismsandmanagerialoptimism AT rezagholamijamkarani corporategovernancemechanismsandmanagerialoptimism
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Corporate Governance Mechanisms and Managerial Optimism

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