عنوان مقاله [English]
The impact of Managerial Overconfidence and Inflation Uncertainty on Overinvestment in pharmaceutical, petrochemical, and automotive Companies listed in Tehran Stock Exchange. Introduction and Objectives: The purpose of this study was to investigate the effect of uncertainty of inflation and management of distraction on the over-investment of companies.METHOD / APPROACH / DATA COLLECTION: The data of 60 companies from Tehran Stock Exchange (Tehran Stock Exchange) were investigated using the sampling method for the period of 1396-1388 from automotive, petrochemical and pharmaceutical industries in the form of seasonal companies have taken. In order to measure the uncertainty of inflation, we have used the generalized regression conditional variance model (GARCH). A combination of data approach was used to test the research hypotheses.Results: The results of the hypothesis test showed that: "Inflation uncertainty has a negative and significant effect on corporate over-investment." "The lack of confidence of managers has a positive and significant effect on the over-investment of companies." "The excessive confidence of managers reduces the negative effects of uncertainty about inflation over non-equity." "During low inflation cycles of uncertainty, the management's excessive confidence in companies is likely to exacerbate (to reduce) over-investment."Discussion and Conclusion: Reducing uncertainty in inflation increases the amount of over-investment, and management's high degree of trust increases such an effect. Excessive investment in companies that is largely due to managers' immense trust and a negative relationship between uncertainty about inflation and excessive investment with respect to reliability. .