بررسی نقش ساختار مالکیت بر رابطۀ بین بیش‌اطمینانی مدیران و مخارج تحقیق و توسعه با ‏لحاظ شرایط محدودیت مالی

اهداف: بیش‌اطمینانی به‌عنوان یکی از ویژگی‌های شخصیتی مدیران بر هر یک از عوامل و مراحل سرمایه‌گذاری موثر است؛ در این راستا، امکان اثرگذاری محدودیت‌های مالی و نوع مالکیت بر رابطۀ مزبور وجود دارد. هدف پژوهش حاضر، بررسی نقش ساختار مالکیت بر رابطۀ بین بیش‌اطمینانی مدیران و مخارج تحقیق و توسعه در شرایط محدودیت مالی است.روش: برای آزمون فرضیه‌های پژوهش، نمونه‌ای متشکل از 510 سالشرکت پذیرفته‌شده در بورس اوراق بهادار تهران، طی بازۀ زمانی 1381 تا 1397 و با استفاده از الگوی رگرسیون چند متغیره تعدیل‌ ‌شده و روش حداقل مربعات تعمیم‌یافته استفاده شده است.نتایج: یافته‌ها حاکی از آن است که مدیران بیش‌مطمئن نسبت‌به مدیران منطقی، منابع مالی بیشتری را صرف تحقیق و توسعه می‌کنند. از طرفی رابطۀ مثبت بیش‌اطمینانی مدیران و مخارج تحقیق و توسعه در شرکت‌های با سطوح بالاتر، محدودیت مالی، قوی‌تر بوده است. درنهایت رابطۀ مثبت بیش‌اطمینانی مدیران و مخارج تحقیق و توسعه با وجود محدودیت مالی شدید، در شرکت‌های غیردولتی نسبت‌به شرکت‌های دولتی قوی‌تر بوده است؛ در حالی که نتایج پژوهش نشان‌دهندۀ آن است که مالکیت مدیریتی بر رابطۀ بین بیش‌اطمینانی و مخارج تحقیق و توسعه در شرایط محدودیت مالی، اثر معناداری ندارد.

Investigating the Role of Ownership Structure in the Relationship between Managers’ Overconfidence and R&D ‎Expenditures in Terms of Financial Constraints

AbstractOverconfidence as one of the personality traits of managers affects each of the factors and stages of investment. In this regard, it is possible that financial constraints and ownership type affect the relationships. Hence, the purpose of this study was to investigate the roles of governmental ownership and managerial ownership in the relationship between managers’ overconfidence and R D expenses in the context of financial constraints. In this study, 30 companies were selected from among the companies listed on Tehran Stock Exchange (TSE) during the years of 20022018 to test the hypotheses by using the generalized leastsquares method. The results indicated a significant and positive relationship between the managers’ overconfidence and R D expenses. This relationship was stronger in the companies with strong financing constraints. IntroductionDecisions of investing in R D need more courage. Managers with extreme selfconfidence are more entrepreneurial than rational managers, thus greatly promoting the company’s internal technological innovation activities. Some researchers believe that with the increase of uncertainty, the corporate investment environment will be more complicated and changeable, but overconfident managers are more interested in arduous tasks. Managers face more severe challenges in the R D investment in the environment of strong compared to weak financing constraints. Therefore, using more confident managers to play an active role in innovation and compete with similar companies can be effective.On the other hand, the state compared to nonstateowned companies can have access to internal and external financial resources more easily. This is because the stateowned companies have abundant assets and rich governmentrelated resources. Thus, in the context of strong financial constraints, the former companies can use some special financing channels to obtain financial support. On the other hand, managerial ownership helps to align managers and shareholders’ interests since it has an effective role in controlling managers’ behaviors, while causing managers to avoid decisions that lead to overinvestment. Accordingly, the purpose of this study was to investigate the relationship between managers’ overconfidence and R D expenses in companies with financial constraints influenced by the type of ownership.   Method and DataIn this study, 30 companies were selected from among the companies listed on Tehran Stock Exchange (TSE) during the years of 20022018 to test the research hypotheses by using the generalized leastsquares method. FindingsThe results indicated a significant and positive relationship between the managers’ overconfidence and R D expenses. This relationship was stronger in the companies with strong financing constraints. Additionally, the positive relationship between the managers’ overconfidence and R D expenses was stronger in the nonstateowned companies, while managerial ownership had no significant effect on the relationship between them in the context of financial constraints. Conclusion and discussion Based on the findings, the positive relationship between the managers’ overconfidence and R D expenses was stronger in the companies with strong financing constraints. In addition, upon investigating the impact of ownership type on this relationship, the positive relationship between them was found to be stronger in the nonstateowned compared to the stateowned companies in the context of strong financing constraints. On the other hand, managerial ownership did not show a significant effect on the relationship between them in the companies with financial constraints. In fact, the moderating role of state ownership was more effective than managerial ownership because the relationship between the managers’ overconfidence and R D expenses was weaker in the stateowned companies under financial constraints.