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The study examines the impact of CEO overconfidence on the business risks of listed companies in Vietnam during the period 2012-2022. The author utilizes two measures of overconfidence: one based on excess cash flow and the other on excess earnings, as well as two measures related to revenue management and cost management. Additionally, the study considers the moderating roles of ownership structure, income diversity, and stock market growth in influencing CEO overconfidence. The results indicate that overconfidence, driven by cash flow or earnings, tends to increase business risks. In contrast, overconfidence related to earnings management reduces risks, likely due to the involvement of multiple stakeholders in monitoring the behavior of listed companies. Furthermore, the findings reveal that the interaction effects of overconfidence can be both positive and negative. These results provide valuable implications for controlling CEO overconfidence to mitigate operational risks for businesses.
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