The Relationship between Managerial Overconfidence with Firm Value: An Empirical Study of Listed Companies that Conduct Merger and Acquisition

Nurul, Hakimi (2025) The Relationship between Managerial Overconfidence with Firm Value: An Empirical Study of Listed Companies that Conduct Merger and Acquisition. S1 thesis, Universitas Andalas.

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Abstract

This study examines the impact of managerial overconfidence on firm value in Indonesian companies engaged in mergers and acquisitions from 2013–2023. Using multiple linear regression analysis, this study analyzes the relationship between variables. Findings reveal that managerial overconfidence significantly lowers firm value due to suboptimal decision-making, excessive risk-taking, and overinvestment. Despite expectations, the COVID-19 pandemic does not significantly affect firm value. Additionally, profitability, cash flow, and firm size influence firm value. This research highlights the need for stronger corporate governance and oversight to mitigate overconfidence risks in strategic decisions, providing insights for businesses and scholars.

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