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Open Journal of Social Sciences, 2019, 7, 362-378

http://www.scirp.org/journal/jss

ISSN Online: 2327-5960

ISSN Print: 2327-5952

DOI:

10.4236/jss.2019.74029 Apr. 28, 2019 362 Open Journal of Social Sciences

Research on the Influence of Managers’

Self-Serving Attributive Behavior on

Enterprise Investment Efficiency

Ziyan Di

Nanjing Normal University, Nanjing, China

Abstract

Corporate investment behavior has always been a matter of great concern. It

is the main

force for corporate growth and basis for future cash flow growth.

Investment will directly affect the profitability and operational risks of enter-

prises, and will also affect financing and dividend distribution and

series of

corporate financial policies. However, there is always a large number of un-

der-investment or over-investment behavior in enterprises in reality,

which is

also called the non-efficiency investment by enterprises. In addition to macro

factors, the behavior and psychological deviation of manager also has an im-

pact on corporate investment behavior. From the perspective of behavioral

finance, this paper draws on the phenomenon of psychological deviation of

people’s overconfidence in psychology,

and measures the overconfidence of

managers in 2015-2017. The impact of behavior on corporate investment effi-

ciency attempts to provide theoretical explanations and empirical evidence

for the phenomenon of non-efficiency investment.

Keywords

Behavioral Finance, Self-Serving Attribution, Non-Efficiency Investment

1. Introduction

Investment decision-making activities have always been one of the most impor-

tant activities in the daily operation of enterprises, and economics and manage-

ment scholars have included it in the research of important topics. In terms of

value sources, investment decisions determine the company’s sustainable growth

and future cash flow. Enterprises invest in order to gain more benefits to expand

production and determine the source of enterprise value. Based on the impor-

How to cite this paper:

Di, Z.Y. (2019

)

Research on the Influence of Managers’

Self

-Serving Attributive Behavior on En-

terprise Investment Efficiency

Open Jou

nal of Social Sciences

, 362-378.

https://doi.org/10.4236/jss.2019.74029

Received:

March 27, 2019

Accepted:

April 25, 2019

Published:

April 28, 2019

9 by author(s) and

Scientific

Research Publishing Inc.

This work is licensed under the Creative

Commons Attribution

International

License (CC BY

4.0).

http://creativecommons.org/licenses/by/4.0/

Open Access

Z. Y. Di

DOI:

10.4236/jss.2019.74029 363 Open Journal of Social Sciences

tant position of investment activities, it has quickly become the core of modern

enterprise finance theory research. The early investment theory came into being

in the 1870s. With the continuous improvement and development of investment

theory, the classic capital structure theory and corporate governance theory were

widely used in investment fields.

In recent years, the studies have greatly enriched people’s understanding of

enterprise investment behavior. These studies and explanations are based on the

assumptions of rational man; however, the reality challenges this strict assump-

tion. A large number of psychological studies have shown that human behavioral

decisions are usually at a level that is not completely rational. In reality, the main

manifestations of cognitive bias are: excessive optimism, confirmation bias, loss

avoidance, control illusion, group effect behavior, etc. Too much belief in one’s

ability to judge and to overestimate the probability of success is the most com-

mon and serious overconfidence of knowledge. Overconfidence can be found in

many work areas, such as engineers, doctors, nurses, lawyers, managers and en-

trepreneurs, but research has found that managers are more likely to be over-

confident than the normal person.

The market economic system is not perfect in our country; listed compa-

nies still need a large number of inefficient investment. The pursuit of diver-

sification will lead to overinvestment due to the lax supervision of funds

within listed companies. Overinvestment is not only a waste of resources, but

also will suffer the interests of investors and enterprise. In view of such

prominent problems in listed companies, scholars began to conduct extensive

research. However, the traditional theoretical framework of implicit manager

assumption was mainly adopted to elaborate the research on the basis of

principal-agent conflict and promote the use of incentive measures to coor-

dinate the interests of managers and shareholders. However, most enterprises

have agency problems, and it is difficult to solve them effectively from the

perspective of incentive mechanism. In the context of a market economy

dominated by the state, irrational behaviors of enterprise managers in actual

investment decisions often occur. The irrational behavior of managers usually

damages enterprise value and restricts the existence and development of listed

companies theoretically. Because managers have the psychological characte-

ristics of cognitive deviation, they cannot accurately carry out self-evaluation,

and it is difficult for them to achieve the effect by taking incentive measures.

This shows that the inefficient investment of governance managers should

start from the cognitive characteristics of decision makers. From the existing

research in China, there are relatively few studies on how the irrational beha-

vior of managers affects the decision-making behavior of companies. Moreo-

ver, there is no complete theoretical framework for the research on the irra-

tional behavior of managers from the perspective of behavioral finance.

Whether we can use foreign research methods to study the listed companies

in China is worth discussing.

Z. Y. Di

DOI:

10.4236/jss.2019.74029 364 Open Journal of Social Sciences

2. Research Based on Psychology

Self-Serving Attribution Theory

2.1. Psychological Bases for the Measurement

of Self-Serving Attribution

Behavioral finance theory absorbs a lot of knowledge of modern psychology, and

explains the abnormal phenomenon of financial participants when they make

investment decisions from the perspective of psychology. Behavioral finance en-

terprise theory is derived from behavioral finance and has become a branch of

behavioral finance. Scholars refer to the research results of psychology, sociolo-

gy, behavioral science and other related fields, and relax the traditional theory

that decision makers are completely rational assumptions, and introduce the

cognitive bias of decision makers into investment decision-making behavior.

Tversky and Kahneman (1974) [1], famous representatives of behavioral

finance, pointed out that people are not always completely rational when faced

with uncertainty, and intuition-driven bias and frame dependence play an im-

portant role in decision-making. According to the survey conducted by Daniel

and Hirshleifer (1998) [2], people are more willing to attribute good results to

their own efforts and judgment decisions, and such a misunderstanding will lead

to their overconfidence. Bowman (1976) [3], Bettman and Weitz (1983) [4], Ba-

ginski (2000) [5] found that self-interest attribution was generally prevalent in

the annual accounting reports of enterprises. If the performance of the enter-

prise is excellent, then the manager thinks it is more due to their own factors,

and if the performance of the enterprise is not good, then the manager is more

due to external factors.

Shefrin (2001) [6] first put forward the theory of behavioral enterprise finance,

which believes that in addition to the traditional agency costs, there are also beha-

vioral costs caused by managers’ irrational behaviors and the non-effectiveness of

the market. With the expansion of research scope and the diversity of methods,

western scholars began to specifically study the impact of irrational performance

of managers on enterprises’ investment decisions, financing decisions and divi-

dend policies. Aerts (2001) [7] found that the description of managers of the

same enterprise does not change much, especially when the performance of the

enterprise has been growing steadily, and if the performance of the enterprise

declines, the attribution will become to the market environment and so on. Sun

Manli (2005) [8] tested the theory of self-serving attribution for the first time in

China, and found that there was a significant difference in attribution tendency

between enterprises with excellent performance and those with poor perfor-

mance, which was consistent with the theory of self-serving attribution. Jiang

Yapeng (2008) [9] found that managers mostly attributed the increase of earn-

ings to internal factors such as managers’ own actions, while attributed the de-

cline of earnings to external factors such as economic fluctuations and policy

changes, showing an obvious self-serving tendency. When selecting investment

projects, overconfident managers usually optimistically overestimate the future

Z. Y. Di

DOI:

10.4236/jss.2019.74029 365 Open Journal of Social Sciences

return rate of the project and underestimate various risks that may be encoun-

tered. Therefore, decisions that managers believe to be reasonable may become

invalid or even wrong decisions, which will cause serious losses to the enterprise.

In this paper, the research results of psychology are introduced into the re-

search. According to the theory of psychological self-serving attribution, this

paper expounds the relationship between self-serving behavior and managers’

overconfidence, that is, the managers’ overconfidence leads to self-serving attri-

bution behavior, which is one of the manifestations of managers’ overconfi-

dence. At the same time, self-serving attribution behavior will help managers

form the overconfident psychology.

Compared with other methods, the self-serving attribution measurement me-

thod is more reliable and effective both in terms of the selection basis of mea-

surement variables and the error space of measurement variables. Through the

establishment of the model and empirical analysis, this paper analyzes the im-

pact of managers’ self-serving attribution behavior on the investment efficiency

of enterprises from the perspective of behavioral finance theory, which provides

a new perspective for understanding the investment of enterprises and has theo-

retical significance for expanding the research depth and breadth.

2.2. Selections of Research Data

This paper selects the enterprises that publish the performance forecast for the

Shenzhen-Shanghai A-shares from 2015 to 2017 as a sample, excluding financial

industry enterprises and ST, ST* stock enterprises, and determines the initial

sample. On this basis, the following enterprises were excluded: 1) A total of 229

enterprises which are repeatedly reported in the regular reports, including 71 in

2015, 68 in 2016, and 90 in 2017. 2) A total of 108 enterprises with revised notic-

es, including 35 in 2015, 32 in 2016 and 41 in 2017. 3) A total of 31 companies

with uncertain types of notices, including 7 in 2015, 8 in 2016 and 16 in 2017.

2178 effective samples are finally determined, including 752 in 2015, 756 in 2016

and 670 in 2017. The data comes from the CSMAR database.

2.3. Measures of Self-Serving Attribution

Content analysis method originated from the field of news communication. Un-

til the 1990s, almost all media contents have become content analysis objects.

Schwenk (1990) [10] experimentally verified the effect of self-serving attribution

on information users. Baginski (2004) [11] took 2085 management predictions

from 1983 to 1986 as samples, and the results showed that the existence and type

of attribution had a significant impact on enterprises. This paper introduces

content analysis method to analyze the linguistic information about perfor-

mance attribution in performance forecast.

The measure of self-serving attribution is a method to measure the overconfi-

dence of managers according to self-serving attribution behavior judgment. It

refers to the reading analysis of the reasons for the changes in the performance

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