Evaluating the Impacts of Social Trust and Managers' Overself-confidence on Investment Efficiency

Advances in Mathematical Finance and Applications

مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 10 تیر 1402

نوع مقاله: Research Paper

شناسه دیجیتال (DOI): 10.22034/amfa.2023.1966622.1791

نویسندگان

Mehrshad Ramezani¹؛ majid Davoudi Nasr^{* 1}؛ Ali Lalbar²؛ Majid Zanjirdar³؛ Gholamali Haji⁴

¹Accounting & Finance Dep,Arak Azad Uni,Arak ,Iran.

²Accounting Department, Islamic Azad University

³Department of Financial Management, Arak Branch, Islamic Azad University, Arak, Iran

⁴Department of Mathematics, Arak Branch, Islamic Azad University, Arak, Iran.

چکیده

Social trust is considered as an important type of social capital and in fact an informal institution in any country. The purpose of the present study is to evaluate the impacts of social trust and managers' overself-confidence on the investment efficiency. The general method used in this study had been an applied one in terms of purpose and a correlational and fundamental-experimental method type in nature. To achieve this purpose, financial information of 104 companies in the years 2012 to 2019 has been extracted and analyzed as the research statistical sample. A linear regression method has been used to test the hypotheses. The research findings showed that social trust has positive, significant positive and negative impacys on the investment efficiency, over-investment and under-investment, respectively. In addition, managers' overself-confidence has positive, significant positive and negative impacts on the investment efficiency, over-investment and under-investment, respectively.

کلیدواژه‌ها

social trust؛ managers' overself-confidence؛ investment efficiency