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The year of fate is a special cultural phenomenon between Chinese folk custom and religious belief in Chinese traditional culture, and culture as an informal institutional arrangement may affect the behavior of enterprises and their managers. The thesis conducts an empirical analysis on the impact of the actual controller of a listed company on the company's excessive investment behavior during the actual controller’s year of fate, using LOGIT model. The empirical results show that in private listed companies, the probability of over-investment in the actual controller’s year of fate is significantly lower, whereas this relationship is insignificant in state-owned listed companies. Further, the probability of over-investment in the full sample and the sample of private listed companies is significantly lower at the age of 48. By contrast, the probability of over-investment in the full sample and the sample of state-owned listed companies is significantly higher at the age of 60. The above results suggest that as an informal institutional arrangement, the cultural phenomenon of the year of fate significantly affects the investment behavior of enterprise managers.

The Impact of the Birth Year on the Company’s Actual Controller Over-Investment Behavior Based on 2007–2017 A-Share-Listed Company Data