This study identifies that CEO characteristics can drive overinvestment to superior ROA and stock return. We employ data from Glassdoor.com, a total of 755,541 reviews, to measure the CEO's characteristics. We find that, if CEOs are approved by their employees, overinvestment can spur firm development and boost future stock premiums. To address endogeneity concerns, we use the Fama-MacBeth regression and various standards for selecting valid reviews as a robustness test, yielding consistent results. Our results emphasize that overinvestment should be perceived as an investment style but not a reckless investment, and the impact depends on the CEO's capability and morality.

中文翻译：

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过度投资是雄心勃勃还是鲁莽？来自员工的答案


本研究发现，CEO 特征可以推动过度投资以获得卓越的 ROA 和股票回报。我们使用来自 Glassdoor.com 的数据（总共 755,541 条评论）来衡量 CEO 的特征。我们发现，如果首席执行官得到员工的认可，过度投资可以刺激公司发展并提高未来的股票溢价。为了解决内生性问题，我们使用 Fama-MacBeth 回归和各种标准来选择有效的评论作为稳健性测试，从而产生一致的结果。我们的结果强调，过度投资应被视为一种投资方式，而不是鲁莽的投资，其影响取决于首席执行官的能力和道德。