خلاصه مدیریتی: این مقاله به توضیح این موضوع کمک میکند که چرا شرکتهایی که توسط مدیران اجرایی ارشد مدیریت (CEO ها)مدیریت میشوند از آنهایی که توسط مدیر عاملان حرفهای مدیریت میشوند متفاوت
Research summary: We provide evidence that founder chief executive officers (CEOs) of large S&P; 1500 companies are more overconfident than their nonfounder counterparts (“professional CEOs”). We measure overconfidence via tone of CEO tweets, tone of CEO statements during earnings conference calls, management earnings forecasts, and CEO option‐exercise behavior. Compared with professional CEOs, founder CEOs use more optimistic language on Twitter and during earnings conference calls. In addition, founder CEOs are more likely to issue earnings forecasts that are too high; they are also more likely to perceive their firms to be undervalued, as implied by their option‐exercise behavior. We provide evidence that, to date, investors appear unaware of this “overconfidence bias” among founders.
Managerial summary: This article helps to explain why firms managed by founder chief executive officers (CEOs) behave differently from those managed by professional CEOs. We study a sample