경영자 과신성향과 ESG등급이 투자효율성에 미치는 영향

Abstract

I would like to examine how management and overconfidence caused by ESG activities, which are issues among recent management techniques, affect investment decisions made by managers with strong overconfidence tendencies. This study analyzed whether CEO overconfidence affects investment efficiency according to ESG ratings. Overconfidence was measured based on the research of Schrand and Zechman(2012) and Ahmed and Duellman(2013), and investment efficiency was measured based on the research of Biddle et al.(2009). The study period is from 2013 to 2022, and the total number of samples is 6,298, and the results are as follows.
 First, overconfidence has a positive effect on investment efficiency, which means that the stronger the overconfidence tendency, the more inefficient it appears in investment efficiency.
 Second, ESG ratings have a negative effect on investment efficiency, which means that the higher the ESG rating, the more efficient the company's investment appears.
 Third, it was confirmed that overconfidence is alleviating investment inefficiency caused by overinvestment due to the high ESG rating. Companies with high ESG ratings have found that investment inefficiencies are mitigated even though managers have a strong tendency to over-line.
 This study is expected to contribute to prior research by analyzing the impact of overconfidence propensity on investment efficiency according to ESG ratings and providing evidence that it may vary depending on detailed grades.