过度自信效应
共同基金
背景(考古学)
激励
业务
投资(军事)
投资决策
人力资本
心理学
微观经济学
经济
社会心理学
行为经济学
财务
古生物学
政治
政治学
法学
生物
经济增长
作者
Vibha Gaba,Sunkee Lee,Philipp Meyer‐Doyle,Amy Zhao-Ding
出处
期刊:Organization Science
[Institute for Operations Research and the Management Sciences]
日期:2023-03-01
卷期号:34 (2): 894-915
被引量:8
标识
DOI:10.1287/orsc.2022.1605
摘要
In this study, we examine how the prior experiences of decision makers systematically influence their assessment of and responses to negative performance feedback. We posit that, although greater and more specialized experiences enable managers to build relevant knowledge and expertise in specific domains, they also make them overconfident in their abilities and strategies. Such experience-induced overconfidence further leads to distortions in the performance assessment process, hindering a firm’s ability to recognize and respond to poor performance. We empirically test these arguments in the context of U.S. mutual fund managers making investment decisions in response to fund performance below aspirations. As hypothesized, we find that more experienced and more specialized fund managers change their investment decisions less when faced with negative performance feedback than managers who are less experienced and less specialized. In additional analyses, we further show that the lower responsiveness of more experienced (specialized) managers is associated with the fund’s lower future performance, supporting our proposed theoretical mechanism (overconfidence). This study augments existing performance feedback research by showing how decision makers’ prior experience can impede problem-solving behavior in organizations. It also contributes to the literature on human capital and organizational learning by documenting an unintended consequence of accumulated human capital on firm adaptive behavior. Funding: This work was supported by INSEAD research & development funds. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2022.1605 .
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