Overconfidence, CEO Awards, and Corporate Tax Aggressiveness
研究发现，获得媒体奖项会增强CEO的过度自信，进而导致其所在企业采取更激进的避税策略，对理解高管心理因素如何影响公司税收行为有参考价值。
Abstract Theory and prior research suggest that overconfidence leads managers to overestimate their own ability to generate returns, leading to riskier corporate policies. We use a novel dataset of media awards as an exogenous shock to overconfidence to test whether award‐winning CEOs adopt more aggressive corporate tax policies. Using propensity score matching and a difference‐in‐difference design, we find strong evidence that firms with an award‐winning CEO exhibit significantly greater tax aggressiveness following the award. Overall, our results suggest that CEO overconfidence has a meaningful impact on corporate tax policy.