Research On Managers' Confidence Level?independent Directors' Heterogeneity And Corporate Performance

Since the 1980s,scholars have found many phenomena that cannot be explained by the hypothesis of "rational economic man",and the premise of traditional financial theory has been questioned.The study of psychology and sociology has found that people are not completely rational,but limited or irrational.Therefore,behavioral finance takes the psychological factors of managers into consideration.In addition,in recent years,great changes have taken place in the economic development of China,and the industrial structure has undergone significant adjustment.However,the above studies based on new changes are scarce.Secondly,scholars have not reached a consistent conclusion on the relationship between managers'confidence level and corporate performance.There are some disputes about how to measure the degree of confidence.Moreover,few scholars have studied the factors that regulate the relationship between managers'confidence level and corporate performance.Therefore,this paper adds the independent director system which attracts much attention in recent years.Taking the heterogeneity of the individual characteristics of the independent directors as the breakthrough point,this paper verifies whether the heterogeneity of the independent directors can have a positive moderating effect on the relationship between managers' confidence level and corporate performance.This paper adopts the method of combining theoretical analysis with empirical test.First of all,through theoretical analysis,this article puts forward the research hypotheses and constructs a theoretical model.Taking the data of 417 enterprises selected from all A-share listed companies in China from 2014 to 2016 as samples,we empirically test the influence of managers'confidence level on corporate performance.Then,the heterogeneity of independent directors was added to further verify the effect of age heterogeneity,patriarchate heterogeneity,gender heterogeneity,professional background heterogeneity,and occupational background heterogeneity on the relationship between managers'confidence level and corporate performance,Through the verification results,this paper draws the following conclusions:there is a positive relationship between managers;confidence level and corporate performance.The greater the age heterogeneity,gender heterogeneity and occupational background heterogeneity of independent directors is,the stronger the positive correlation between managers' confidence level and corporate performance becomes.But the role of independent directors'patriarchate heterogeneity and professional background heterogeneity is not obvious to the relationship between managers'confidence level and corporate performance.Finally,based on the above conclusions,we put forward the policy recommendations,including:Enterprises should employ high-confidence management,and strengthen the construction of independent director team;the government should strengthen the management of high-confidence social talents,improve the specific regulations for the formation of independent directors,and strengthen government supervision.