Li Zhongze, Zhang Yi
School of Accounting, Nanjing Audit University, Nanjing, China.
School of Management, Nanjing University, Nanjing, China.
Front Psychol. 2022 Feb 7;13:760102. doi: 10.3389/fpsyg.2022.760102. eCollection 2022.
This study examines how chief executive officer (CEO) overconfidence can influence the quantity, quality and direction of corporate innovation using Chinese firms for the period 2009-2016. Our results suggest that overall, CEO overconfidence has a positive impact on firm innovation productivity. Furthermore, this effect is significant for Chinese non-SOEs but not for Chinese SOEs. Specifically, an overconfident CEO can facilitate firm innovation in new technological areas but not in the firm's existing areas. Additionally, we find that internal controls can regulate the relationship between CEO overconfidence and innovation. Interestingly, when the internal control level is too high or too low, the correlation between CEO overconfidence and innovation productivity is not significant.
本研究考察了2009 - 2016年期间中国企业首席执行官（CEO）的过度自信如何影响企业创新的数量、质量和方向。我们的结果表明，总体而言，CEO过度自信对企业创新生产率有积极影响。此外，这种影响在中国非国有企业中显著，但在中国国有企业中不显著。具体而言，过度自信的CEO能够促进企业在新技术领域的创新，但在企业现有领域则不然。此外，我们发现内部控制可以调节CEO过度自信与创新之间的关系。有趣的是，当内部控制水平过高或过低时，CEO过度自信与创新生产率之间的相关性并不显著。
