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Erschienen in:
The Meaning of Corporate Governance and its Role in the Banking Sector Kapitel lesen Erstes Kapitel lesen

2022 | OriginalPaper | Buchkapitel

5. Corporate Governance and Behavioral Finance

verfasst von : Bruno Buchetti, Alessandro Santoni

Erschienen in: Corporate Governance in the Banking Sector

Verlag: Springer International Publishing

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Abstract

Board’s decision-making process and CEOs’ biases have been at the center of academic literature studies on behavior economics following the financial crisis in the first decade of 2000. We described some of the most common irrational beliefs or behaviors that can unconsciously influence board’s and CEOs’ decision-making process.

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Vorheriges Kapitel CG Stock Markets and the Environmental, Social, and Corporate Governance (ESG) Indicators
Nächstes Kapitel Why Corporate Governance Matters: Spectacular Defaults
Fußnoten
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Literatur
Argote L, Greve HR (2007) A behavioral theory of the firm: 40 years and counting, introduction, and impact. Organ Sci 18:337–349CrossRef
Cakar D (2004) The effect of charismatic leadership and collective behaviour on follower performance. Cape Town
DeBondt WFM, Thaler RH (1995) Financial decision-making in markets and firms: a behavioral perspective, Chap. 13. In: Jarrow R, Maksimovic V, Ziemba W (eds) Handbook in operations research and management science, vol 9. Elsevier, North Holland, pp 385–410
Deshmukh S, Goel AM, Howe KM (2013) CEO overconfidence and dividend policy. J Financ Intermed 22(3):440–463CrossRef
Gervais S, Heaton JB, Odean T (2011) Overconfidence, compensation contracts, and capital budgeting. J Financ 66(5):1735–1777CrossRef
Goel AM, Thakor AV (2008) Overconfidence, CEO selection, and corporate governance. J Financ 63(6):2737–2784CrossRef
Graham JR, Harvey CR (2001) The theory and practice of corporate finance: evidence from the field. J Financ Econ 60(2–3):187–243CrossRef
Kahneman D, Tversky A (1979) Prospect theory: an analysis of decision under risk. Econometrica 47(2):263–292CrossRef
Kelley H (1967) Attribution theory in social psychology. Neb Symp Motiv 15:192–240
Krüger P, Landier A, Thesmar D (2015) The WACC fallacy: the real effects of using a unique discount rate. J Financ 70(3):1253–1285CrossRef
Malmendier U (2018) Behavioral corporate finance. In: Bernheim D, DellaVigna S, Laibson D (eds) Handbook of behavioral economics, vol 1. Elsevier, Amsterdam
Malmendier U, Tate G (2015) Behavioral CEOs: the role of managerial overconfidence. J Econ Perspect 29(4):37–60CrossRef
Munawer Y (2012) Nabiha: sell-side security analysts: re-reporting of Enron corporation fraudulent financial data. Procedia Soc Behav Sci 62:749–760CrossRef
Scharfestein D, Stein J (1990) Herd behaviour and investment. Am Econ Rev 80(3):465–479
Waldman DA, Ramirez GA, House RJ, Puranam P (2001) Does leadership matter? CEO leadership attributes and profitability under conditions of perceived environmental uncertainty. Acad Manag J 44:134–143
Welch I (2000) Herding among security analysts. J Financ Econ 58(3):369–396CrossRef
Metadaten
Titel
Corporate Governance and Behavioral Finance
verfasst von
Bruno Buchetti
Alessandro Santoni
Copyright-Jahr
2022
Buch
Corporate Governance in the Banking Sector

Print ISBN: 978-3-030-97574-6

Electronic ISBN: 978-3-030-97575-3

Copyright-Jahr: 2022

DOI
https://doi.org/10.1007/978-3-030-97575-3_5