掲載種別：研究論文（学術雑誌）  

DOI： 10.1108/ARA-04-2023-0115

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記述言語：日本語   掲載種別：研究論文（学術雑誌）   出版者・発行元：日本経済会計学会  

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担当区分：筆頭著者,　責任著者   掲載種別：研究論文（学術雑誌）   出版者・発行元：Elsevier BV  

DOI： 10.2139/ssrn.4431446

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担当区分：筆頭著者   記述言語：英語   掲載種別：研究論文（研究会，シンポジウム資料等）  

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記述言語：英語   掲載種別：研究論文（学術雑誌）   出版者・発行元：KOREA DISTRIBUTION SCIENCE ASSOC  

Malmendier and Tate (2005) and Aktas et al. (2019) suggested that overconfident managers will invest if they have sufficient internal funds. Still, they will save internal funds instead of reducing investment if they have insufficient internal funds because they perceive more substantial financial constraints than other managers. This study examines whether overconfident managers will not invest when the financial crisis makes it difficult to raise external funds. In particular, during the financial crisis in Japan, banks simultaneously provided active monitoring and financing to firms with strong relationships with banks. Therefore, this study can also examine the relationship between overconfident managers and bank behavior by focusing on Japanese firms. This study examines whether overconfident managers increase their investment in firms with strong relationships with banks during the financial crisis. The results of this study showed that overconfident managers, especially their firms with strong relationships with banks, reduce investments more than other managers during the financial crisis. This study suggests that Japanese banks reduced financial constraints and exerted strong corporate governance on Japanese firms during the financial crisis.

DOI： 10.13106/jafeb.2022.vol9.no6.0175

Web of Science

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記述言語：日本語   会議種別：口頭発表（一般）  

開催地：早稲田大学  

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記述言語：日本語   会議種別：ポスター発表  

開催地：法政大学・市谷キャンパス 富士見ゲート  

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記述言語：日本語   会議種別：口頭発表（一般）  

開催地：日本経済新聞大阪本社、関西学院大学  

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