provide a model to check MANAGERS' OVERCONFIDENCE, RISK PREFERENCE, HERD BEHAVIOR AND NON-EFFICIENT INVESTMENT( approach based on game theory )

Subject Areas : Journal of Investment Knowledge

Vahideh  Asgari ¹ (Ph.D. student, Accounting Group, Islamic Azad University Nour, Noor, Iran.)
Yahya  Kamyabi ² (Associate Professor of Accounting Department, University of Mazandaran, Mazandaran, Iran.)
Mehdi  Khalil poor ³ (Associate Professor of the Department of Accounting, Islamic Azad University, Noor,, Mazandaran, Iran.)

Received: 2020-02-13 Accepted : 2020-08-22 Published : 2022-09-23

Keywords: aggregate behavior and inefficient investors, game theory based approach, risk priority, keywords : overconfidence,

Abstract :

today , herding behavior , which is one of the most important behavioral biases among investors , managers and investors , therefore plays an important role in risk acceptance , stock return and investment portfoliothe purpose of this study is to provide a model for assessment of overconfidence , risk priority , aggregate behavior and inefficient investors based on game theory . to achieve this goal , data were gathered based on statistical data and questionnaire and the number of questionnaires were collected and the hypotheses were analyzed by pls and lingo . the results show that overconfidence , risk priority and aggregate behavior have a significant relationship with inefficient investment . overconfidence affects the relationship between aggregate behavior and inefficient investment . overconfidence affects the relationship between risk priority and inefficient investment . the findings of this research may provide the benefits of all parties competing in economic evaluation of investment alternatives and bring them to balance in the interests that all parties feel satisfied and satisfied .

References:

• شمس‌الدینی، کاظم ، دانشی، وحید ، سیدی، فاطمه ،1397 ،بررسی تأثیر رفتار سرمایه‌گذاران و مدیریت بر بازدهی سهام ، مقاله 6، دوره 9، شماره 2 - شماره پیاپی 33، تابستان 1397، صفحه 163-189


• منصوره حاجی هاشمی ورنوسفادرانی ، محمد رضا عبدلی 1397 تاثیر بیش اطمینانی مدیران بر سیاست های ریسکی شرکتها ، مجله مهندسی مالی و مدیریت اوراق بهادار   شماره سی وچهارم / بهار 1397 ،صفحه 22-41


• دارابی، رویا ،  علی زارعی ،1396،تاثیر بیش اطمینانی مدیریت بر ریسک سقوط قیمت سهام: با تاکید بر نقش تعدیلکنندگی محافظهکاری حسابداری


• مجله علمی - پژوهشی دانش حسابداری مالی دوره چهارم، شماره 1 ،پیاپی 12 ،بهار 1396،صفحه 180-198


• نادری ،قاسم و حسنی اقار، ناصر 1396 بررسی تأثیر بیشاطمینانی مدیریت بر هموارسازی سود در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران مجله دانش حسابداری، سال ششم، ش 12 ،تابستان 1396 ،ص 92 تا 5


• دوستار، محمدعلی ،رضا محمد نژاد  ، جوادیان لنگرودی، مریم،1396 ،بررسی تأثیر رفتار توده‌وار در ریسک‌پذیری مدیران شرکت‌های سرمایه‌گذاری در بورس اوراق بهادار تهران، مقاله 9، دوره 5، شماره 2 - شماره پیاپی 17، تابستان 1396، صفحه 129-148  


• LIN, S.-W.; HUANG, S.-W. (2012) Effects of overconfidence and dependence on aggregated probability judgments. Journal of Modelling in Management, v. 7, p. 6-22.


• LIQING, Q.; FEIYUAN, L. (2015) An Analysis of the Influence of Manager 's Background Characteristics on Investment Efficiency. Modern commerce industry, v. 10, p. 94-95 (in Chinese).


• LIUYAN (2016) Effect of Equity Incentive on Inefficient Investment in Chinese State-owned Enterprises. International Journal of Economics and Finance, v. 8, n. 8, p. 222-228.


• MALMENDIER; TATE, G. (2015) Behavioral CEOs: The role of managerial overconfidence. The Journal of Economic Perspectives, v. 29, n. 4, p. 37-60.


• PIKULINA, E.; RENNEBOOG, L.; TOBLER, P. N. (2017) Overconfidence and investment: An experimental approach. Journal of Corporate Finance, v. 18, p. 1-33.


• QI-AN, L.; HONGFEI, Y. (2015) Corporate Governance, Institutional Environment, Behavioral Corporate Finance and Inefficient Investment. Journal of Service Science and Management, v. 08, p. 452-459.


• WANG, Y.; ZHOU, Y. 2017. The role of managers' overconfidence on the irrational investment. In: SERVICE SYSTEMS AND SERVICE MANAGEMENT, 7, Dalian, China, International Conference on Service Systems and Service Management, Dalian, IEEE, 2017.


• Huang yi 2019 MANAGERS' OVERCONFIDENCE, RISK PREFERENCE, HERD BEHAVIOR AND NON-EFFICIENT INVESTMENT The Business Administration At The China-ASEAN International College, Pundit University, Thailand The College Of Economics And Management, Shandong Yingcai University, China