{"id":"https://openalex.org/W2021314530","doi":"https://doi.org/10.2753/ree1540-496x470207","title":"The Relationship Among Managerial Sentiment, Corporate Investment, and Firm Value: Evidence from Taiwan","display_name":"The Relationship Among Managerial Sentiment, Corporate Investment, and Firm Value: Evidence from Taiwan","publication_year":2011,"publication_date":"2011-03-01","ids":{"openalex":"https://openalex.org/W2021314530","doi":"https://doi.org/10.2753/ree1540-496x470207","mag":"2021314530"},"language":"en","primary_location":{"id":"doi:10.2753/ree1540-496x470207","doi":"https://doi.org/10.2753/ree1540-496x470207","is_oa":false,"landing_page_url":"https://doi.org/10.2753/ree1540-496x470207","pdf_url":null,"source":{"id":"https://openalex.org/S166264140","display_name":"Emerging Markets Finance and Trade","issn_l":"1061-2009","issn":["1061-2009","1540-496X","1558-0938"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Emerging Markets Finance and Trade","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5000090029","display_name":"Hsiao-Fen Hsiao","orcid":"https://orcid.org/0000-0001-5603-6406","observed_orcids":["https://orcid.org/0000-0001-5603-6406"]},"institutions":[{"id":"https://openalex.org/I14780663","display_name":"MingDao University","ror":"https://ror.org/01nrk6j30","country_code":"TW","type":"education","lineage":["https://openalex.org/I14780663"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Hsiao-Fen Hsiao","raw_affiliation_strings":["a Department of Finance, Mingdao University, Peetow, Changhua, Taiwan","Department of Finance, MingDao University, Peetow, Changhua, Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"a Department of Finance, Mingdao University, Peetow, Changhua, Taiwan","institution_ids":["https://openalex.org/I14780663"]},{"raw_affiliation_string":"Department of Finance, MingDao University, Peetow, Changhua, Taiwan","institution_ids":["https://openalex.org/I14780663"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5027783853","display_name":"Chuan-Ying Hsu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I130510345","display_name":"Dayeh University","ror":"https://ror.org/03c6e8r26","country_code":"TW","type":"education","lineage":["https://openalex.org/I130510345"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Chuan-Ying Hsu","raw_affiliation_strings":["b Department of Business Administration, Da-Yeh University, Dacun, Changhua, Taiwan","Department of Business Administration, Da-Yeh University, Dacun, Changhua, Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"b Department of Business Administration, Da-Yeh University, Dacun, Changhua, Taiwan","institution_ids":["https://openalex.org/I130510345"]},{"raw_affiliation_string":"Department of Business Administration, Da-Yeh University, Dacun, Changhua, Taiwan","institution_ids":["https://openalex.org/I130510345"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5000387953","display_name":"Chun-An Li","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I75357094","display_name":"National Yunlin University of Science and Technology","ror":"https://ror.org/04qkq2m54","country_code":"TW","type":"education","lineage":["https://openalex.org/I75357094"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Chun-An Li","raw_affiliation_strings":["c Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan","Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"c Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan","institution_ids":["https://openalex.org/I75357094"]},{"raw_affiliation_string":"Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan","institution_ids":["https://openalex.org/I75357094"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5025762426","display_name":"Ai-Chi Hsu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I75357094","display_name":"National Yunlin University of Science and Technology","ror":"https://ror.org/04qkq2m54","country_code":"TW","type":"education","lineage":["https://openalex.org/I75357094"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Ai-Chi Hsu","raw_affiliation_strings":["c Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan","Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"c Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan","institution_ids":["https://openalex.org/I75357094"]},{"raw_affiliation_string":"Department of Finance, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan","institution_ids":["https://openalex.org/I75357094"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.0525,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.89807894,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"47","issue":"2","first_page":"99","last_page":"111"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.003700000001117587,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0020000000949949026,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/managerial-sentiment","display_name":"managerial sentiment","score":0.9959999918937683},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.8339999914169312},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.9850000143051147},{"id":"https://openalex.org/keywords/overinvestment","display_name":"overinvestment","score":0.9490000009536743},{"id":"https://openalex.org/keywords/underinvestment","display_name":"underinvestment","score":1.0},{"id":"https://openalex.org/keywords/investment-opportunities","display_name":"investment opportunities","score":0.6959999799728394},{"id":"https://openalex.org/keywords/managerial-optimism","display_name":"managerial optimism","score":0.7950000166893005},{"id":"https://openalex.org/keywords/taiwanese-firms","display_name":"Taiwanese firms","score":0.6589999794960022}],"concepts":[{"id":"https://openalex.org/C9992130","wikidata":"https://www.wikidata.org/wiki/Q484954","display_name":"Pessimism","level":2,"score":0.7449572086334229},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.7196701765060425},{"id":"https://openalex.org/C204017024","wikidata":"https://www.wikidata.org/wiki/Q485446","display_name":"Optimism","level":2,"score":0.6579031944274902},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.6119331121444702},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.5823268294334412},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5774809122085571},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.5402076244354248},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.4780181646347046},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.46313953399658203},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4418806731700897},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4328250586986542},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3805543780326843},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3299860954284668},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.19685891270637512},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.14496007561683655},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2753/ree1540-496x470207","doi":"https://doi.org/10.2753/ree1540-496x470207","is_oa":false,"landing_page_url":"https://doi.org/10.2753/ree1540-496x470207","pdf_url":null,"source":{"id":"https://openalex.org/S166264140","display_name":"Emerging Markets Finance and Trade","issn_l":"1061-2009","issn":["1061-2009","1540-496X","1558-0938"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Emerging Markets Finance and Trade","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:mes:emfitr:v:47:y:2011:i:2:p:99-111","doi":null,"is_oa":false,"landing_page_url":"http://mesharpe.metapress.com/link.asp?target=contribution&id=K70V14T80K821N16","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:taf:emfitr:v:47:y:2011:i:2:p:99-111","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.2753/REE1540-496X470207","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":28,"referenced_works":["https://openalex.org/W1546523058","https://openalex.org/W1864112713","https://openalex.org/W1978282661","https://openalex.org/W2080689151","https://openalex.org/W2095041795","https://openalex.org/W2103815618","https://openalex.org/W2106556561","https://openalex.org/W2124115302","https://openalex.org/W2125448128","https://openalex.org/W2129123189","https://openalex.org/W2139998203","https://openalex.org/W2149088624","https://openalex.org/W2149662459","https://openalex.org/W2160860931","https://openalex.org/W2341795385","https://openalex.org/W2618840031","https://openalex.org/W3121131820","https://openalex.org/W3121570881","https://openalex.org/W3121659613","https://openalex.org/W3121986562","https://openalex.org/W3122477418","https://openalex.org/W3122496179","https://openalex.org/W3122985682","https://openalex.org/W3123502919","https://openalex.org/W3124170598","https://openalex.org/W3125047645","https://openalex.org/W3125554563","https://openalex.org/W4246957059"],"related_works":["https://openalex.org/W2585400788","https://openalex.org/W2095041795","https://openalex.org/W7095230970","https://openalex.org/W3121734301","https://openalex.org/W2386958641","https://openalex.org/W4414716314","https://openalex.org/W2045210064","https://openalex.org/W2347951758","https://openalex.org/W4295934201","https://openalex.org/W3138467657"],"abstract_inverted_index":{"This":[0],"study":[1],"has":[2],"two":[3],"objectives:":[4],"to":[5,16],"examine":[6,17],"the":[7,18,52,55,60,81],"relationship":[8,19],"between":[9,20,91],"managerial":[10,72],"sentiment":[11],"and":[12,15,22,32,47,94],"corporate":[13],"investment":[14,21,39,56,70],"firm":[23],"value.":[24],"We":[25],"use":[26],"a":[27,42],"sample":[28],"of":[29,38,54],"Taiwanese":[30],"firms":[31,66],"find":[33],"that":[34,40,48,64],"an":[35],"optimal":[36],"level":[37],"maximizes":[41],"firm's":[43],"value":[44],"does":[45],"exist":[46],"it":[49],"depends":[50],"upon":[51],"quality":[53],"opportunities.":[57],"In":[58],"addition,":[59],"empirical":[61],"results":[62],"show":[63],"when":[65],"have":[67],"valuable":[68,92],"(nonvaluable)":[69],"opportunities,":[71],"optimism":[73],"(pessimism)":[74],"makes":[75],"overinvestment":[76,82],"(underinvestment)":[77,83],"more":[78],"likely.":[79],"Interestingly,":[80],"phenomenon":[84],"for":[85],"optimistic":[86],"(pessimistic)":[87],"managers":[88],"differs":[89],"significantly":[90],"project":[93,96],"nonvaluable":[95],"firms.":[97]},"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":3},{"year":2019,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2012,"cited_by_count":3}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
