UNIMARC/MARC: Goodwill impairment, economic policy uncertainty and CEO overconfidence

Goodwill impairment, economic policy uncertainty and CEO overconfidence

Goodwill impairment has sparked debate since its introduction over its discretionary nature. While previous studies have explored the factors affecting goodwill impairments, they mainly focused on firm-level determinants, often ignoring economy-wide factors. Our research fills this gap by examining...

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Vydáno v:	URI:https://journals.openedition.org/fcs,
Hlavní autoři:	Hsissou, Amal, Romon, Frédéric
Médium:	Article ou chapitre numérique
Jazyk:	Anglais
Vydáno:	Finance Contrôle Stratégie 2026
Témata:	CEO goodwill impairment uncertainty goodwill incertitude surconfiance dépréciation écart d’acquisition
On-line přístup:	Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM

id	openedition-oai:revues.org:fcs_13821
record_format	openedition
spelling	openedition-oai:revues.org:fcs_13821 https://doi.org/10.4000/15x86 urn:doi:10.4000/15x86 en https://journals.openedition.org/fcs/13821 2026-03-20T01:00:00Z info:eu-repo/semantics/openAccess article info:eu-repo/semantics/article urn:handle:20.500.13089/15x86 https://creativecommons.org/licenses/by-sa/4.0/ Goodwill impairment, economic policy uncertainty and CEO overconfidence Finance Contrôle Stratégie Association FCS info:eu-repo/semantics/reference/issn/2261-5512 info:eu-repo/semantics/reference/issn/1287-1141 URI:https://journals.openedition.org/fcs Hsissou, Amal Romon, Frédéric CEO goodwill impairment uncertainty goodwill incertitude surconfiance dépréciation écart d’acquisition Goodwill impairment has sparked debate since its introduction over its discretionary nature. While previous studies have explored the factors affecting goodwill impairments, they mainly focused on firm-level determinants, often ignoring economy-wide factors. Our research fills this gap by examining the relation between economic policy uncertainty (EPU) and goodwill impairment; while also analyzing the influence of CEO overconfidence, as overconfident executives tend to exhibit excessive optimism in uncertain scenarios. Using a sample of US listed firms from 2003 to 2020, we find that higher EPU leads to increased goodwill impairment. However, this effect is mitigated by overconfident CEOs, even when firms perform poorly and face prolonged EPU. La dépréciation du goodwill suscite de nombreux débats en raison de sa nature discrétionnaire. Les études précédentes ont étudié les déterminants de cette dépréciation au niveau de l'entreprise, ignorant souvent l'influence de facteurs économiques. Notre recherche comble cette lacune en examinant la relation entre l'incertitude de la politique économique (EPU) et la dépréciation du goodwill, tout en analysant l'influence de l'excès de confiance des PDG. Sur la base d'un échantillon d'entreprises américaines cotées (2003-2020), nous constatons qu'un EPU élevé entraîne une dépréciation accrue du goodwill. Cet effet est atténué par l'excès de confiance des PDG, même lorsque les entreprises affichent de mauvaises performances et sont confrontées à une incertitude prolongée.
collection	OpenEdition Journal
language	Anglais
format	Article ou chapitre numérique
building	0/Bibliothèque numérique/ 1/Bibliothèque numérique/OpenEdition Journals/
topic	CEO goodwill impairment uncertainty goodwill incertitude surconfiance dépréciation écart d’acquisition
spellingShingle	CEO goodwill impairment uncertainty goodwill incertitude surconfiance dépréciation écart d’acquisition Hsissou, Amal Romon, Frédéric Goodwill impairment, economic policy uncertainty and CEO overconfidence
description	Goodwill impairment has sparked debate since its introduction over its discretionary nature. While previous studies have explored the factors affecting goodwill impairments, they mainly focused on firm-level determinants, often ignoring economy-wide factors. Our research fills this gap by examining the relation between economic policy uncertainty (EPU) and goodwill impairment; while also analyzing the influence of CEO overconfidence, as overconfident executives tend to exhibit excessive optimism in uncertain scenarios. Using a sample of US listed firms from 2003 to 2020, we find that higher EPU leads to increased goodwill impairment. However, this effect is mitigated by overconfident CEOs, even when firms perform poorly and face prolonged EPU.
author	Hsissou, Amal Romon, Frédéric
author_facet	Hsissou, Amal Romon, Frédéric
author_sort	Hsissou, Amal
title	Goodwill impairment, economic policy uncertainty and CEO overconfidence
title_short	Goodwill impairment, economic policy uncertainty and CEO overconfidence
title_full	Goodwill impairment, economic policy uncertainty and CEO overconfidence
title_fullStr	Goodwill impairment, economic policy uncertainty and CEO overconfidence
title_full_unstemmed	Goodwill impairment, economic policy uncertainty and CEO overconfidence
title_sort	goodwill impairment, economic policy uncertainty and ceo overconfidence
publisher	Finance Contrôle Stratégie
publishDate	2026
container_title	URI:https://journals.openedition.org/fcs
url	https://ezproxy.univ-orleans.fr/login?url=https://doi.org/10.4000/15x86 https://ezproxy.univ-orleans.fr/login?url=https://journals.openedition.org/fcs/13821
_version_	1877291753088745472

Goodwill impairment, economic policy uncertainty and CEO overconfidence

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