Making the same mistake all over again: CEO overconfidence and corporate resistance to corrective feedback
研究发现，过度自信的CEO领导的企业在面对纠正性反馈时，改善管理层预测准确性的反应更弱，且这一关系受先前预测错误性质、时间跨度和管理层自由裁量权的影响。
Firms often make mistakes, from simple manufacturing overruns all the way to catastrophic blunders. However, there is considerable heterogeneity in the nature of corporate responses when faced with evidence that an error has taken place, and, therefore, in the likelihood that such errors will reoccur in the future. In this paper, we explore an important but understudied influence on firms' responses to corrective feedback—a CEO's level of overconfidence. Using multiple distinct measures of overconfidence and the empirical context of voluntary corporate earnings forecasts, we find strong, robust evidence that firms led by overconfident CEOs are less responsive to corrective feedback in improving management forecast accuracy. We further show that this relationship is moderated by prior forecast error valence, time horizon, and managerial discretion . Copyright © 2014 John Wiley & Sons, Ltd.