financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-2-1650-01finance-3244Research ArticleФИНАНСОВЫЙ МЕНЕДЖМЕНТFINANCIAL MANAGEMENTРешение о хранении наличных средств, обусловленное чрезмерной самоуверенностью менеджеров, и его влияние на результаты деятельности компанииCash Holding Decision from Managerial Overconfidence and its Effect on Firm Performancehttps://orcid.org/0009-0002-2619-4782ДаоН.Т.Т.DaoN.T.T.

Нхунг Тхи Тует Дао — PhD, старший преподаватель, факультет банковского дела и финансов

Ханой

Nhung Thi Tuyet Dao — PhD, Senior Lecturer, Faculty of Banking and Finance

Hanoi

dttnhung@vnu.edu.vnУниверситет экономики и бизнеса ВНУ, Вьетнамский национальный университетВьетнамVNU University of Economics and Business, Vietnam National UniversityViet Nam2026130420263022032Copyright © Дао Н., 20262026Дао Н.Dao N.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3244

Чрезмерная самоуверенность менеджеров оказывает значительное влияние на результаты деятельности компании. Основной целью данного исследования является выявление влияния чрезмерной самоуверенности менеджеров, которая в сочетании с решением о хранении наличности может стать негативным фактором для компании. Проведено эмпирическое исследование на выборке из 648 фирм, зарегистрированных на фондовом рынке Вьетнама. Результаты исследования показали, что чем выше уровень самоуверенности менеджеров, тем выше риск и вероятность снижения стоимости компании, особенно при неправильном решении о хранении денежных средств. Также выявлена положительная корреляция между самоуверенностью руководителей и стоимостью компании. Фирмы, для которых характерны как чрезмерная самоуверенность руководителей, так и низкий уровень владения денежными средствами, как правило, демонстрируют более низкие показатели по сравнению с другими. Эти результаты отвечают цели исследования.

Managerial overconfidence significantly influences firm performance. The main purpose of this research is how to find the impact of managerial overconfidence along with cash holding decision might be more negatively serious on firm performance. An empirical study is conducted on a sample of 648 firms listed in the Vietnam stock market. The research predicts that the higher the level of managerial overconfidence, the greater the risk and likelihood of loss in firm value, especially with inappropriate cash holding decision. Finally, the empirical results reveal a positive correlation between managerial overconfidence and firm value. However, firms characterized by both managerial overconfidence and low cash holdings tend to exhibit poorer performance compared to others. Those results are satisfied the purpose of the research.

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The authors declare that there are no conflicts of interest present.