ScholarWorks@경상국립대학교

초록

This study examines the effect of venture companies' managerial tendencies on investment efficiency. These results indicate that managers affect company decisions, and a manager's ability is important in evaluating a company's decision. Moreover, These results suggest that overconfident managers of venture companies may prefer over or under-invest, and the tendency of managers of venture companies can harm the company value. Inefficient investments due to managers' overconfidence tendencies occur more in venture companies. Therefore, the negative impact on corporate value according to managers' propensity will greatly influence venture companies. This study has contributed to verifying the company's internal factors for venture companies' investment activities. This study's results will provide information on managers' abilities' effect on investors in venture companies. Second, this study provides interpretation information on the R&D expenditure of KOSDAQ companies and ventures.

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