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This research investigates how CEO overconfidence influences corporate risk-taking behaviors in firms listed on the Nigerian Exchange Group.

May 19, 2026Open Access

Ceo Overconfidence and Corporate Risk-Taking of Listed NGX Firms

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Randomized trial examines CEO overconfidence effects on risk-taking in listed firms, suggesting implications for governance.

This research investigates how CEO overconfidence influences corporate risk-taking behaviors in firms listed on the Nigerian Exchange Group.
Analyzed 148 firms over the period 2011–2025 using an unbalanced panel of 2,072 firm-year observations.
Measured CEO overconfidence through investment-cash flow sensitivity and media portrayal index.
Employed various econometric strategies including GMM-SYS to account for endogeneity.
CEO overconfidence positively impacts corporate risk-taking at β = 0.0223; p < 0.01.
Longer CEO tenures and higher educational qualifications associated with increased risk-taking.
Firm size, profitability, and liquidity negatively affect risk-taking.

Onipe Adabenege Yahaya (2026) studied this question.

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