ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
ABSTRACT
We examine the role of CEO optimism in explaining firm performance associated with new product introductions. New product introducing firms with high levels of CEO optimism experience better announcement-period abnormal returns and long-term stock performance than introducers with moderate or low levels of CEO optimism. Changes in abnormal operating performance following new product announcements are also more favorable for firms with high-optimism CEOs than for firms with moderate-optimism or low-optimism CEOs. The results hold after controlling for other potential explanatory factors and accounting for endogeneity. The evidence highlights the importance of CEO optimism in assessing the valuation effect of corporate product strategies.
Conclusion
This study examines the role of CEO optimism in explaining firm performance associated with new product strategies. Using a sample of 451 corporate new product announcements from 1993 to 2009, we find that announcing firms with high levels of CEO optimism experience better announcement-period abnormal returns and long-term stock performance than announcers with moderate-optimism or low-optimism CEOs. We also find more favorable changes in abnormal operating performance following new product announcements for firms with high levels of CEO optimism than for firms with moderate-optimism or low-optimism CEOs. The results hold even after controlling for other potential explanatory factors and accounting for endogeneity. The overall evidence suggests that the level of CEO optimism is an important consideration in assessing the valuation effect of corporate new product introductions.