دانلود رایگان مقاله انگلیسی اثرات همتراز در تصمیم گیری: شواهدی از سرمایه گذاری شرکت ها - الزویر 2017

عنوان فارسی
اثرات همتراز در تصمیم گیری: شواهدی از سرمایه گذاری شرکت ها
عنوان انگلیسی
Peer effects in decision-making: Evidence from corporate investment
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
22
سال انتشار
2017
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
نوع مقاله
ISI
نوع نگارش
مقالات پژوهشی (تحقیقاتی)
رفرنس
دارد
پایگاه
اسکوپوس
کد محصول
E10637
رشته های مرتبط با این مقاله
مدیریت، اقتصاد
گرایش های مرتبط با این مقاله
مدیریت کسب و کار، اقتصاد مالی
مجله
مجله چینی تحقیقات حسابداری - China Journal of Accounting Research
دانشگاه
School of Economics and Management - Inner Mongolia University - China
کلمات کلیدی
اثرات همتراز، سرمایه گذاری شرکت، یادگیری مدیریتی
doi یا شناسه دیجیتال
http://dx.doi.org/10.1016/j.cjar.2016.11.002
۰.۰ (بدون امتیاز)
امتیاز دهید
چکیده

ABSTRACT


We show that peer effects influence corporate investment decisions. Using a sample of China’s listed firms from 1999 to 2012, we show that a one standard deviation increase in peer firms’ investments is associated with a 4% increase in firm i’s investments. We further identify the mechanisms, conditions and economic consequences of peer effects in firms’ investment decisions. We find that peer effects are more pronounced when firms have information advantages and the information disclosure quality of peer firms is higher, or if they face more fierce competition. When firms are industry followers, are young or have financial constraints, they are highly sensitive to their peers firms. We also quantify the economic consequences generated by peer effects, which can increase firm performance in future periods.

نتیجه گیری

Conclusion


It is common for corporations to interact with peer firms in decision-making, through actions such as signing strategic cooperating agreements and developing marketing strategies. Recent studies examine whether the characteristics or behavior of peer firms affects corporate capital structure (Leary and Roberts, 2014), mergers and acquisitions (Bizjak et al., 2009) and tax avoidance (Li et al., 2014). Investment decisions are important and determine corporate development. Most studies examining the peer effect in corporate investment hold that managers can gain useful information from the stock price of peer firms. Edmans et al. (2012a, 2012b) and Bond et al. (2012) point out that stock prices contain useful information that is helpful in guiding a firm’s investment policy, such as industry growth opportunities, external environment, strategy of competitors and consumer demands. Valuing the stock price of peer firms can capture useful information, which can reduce investment uncertainty. However, few studies examine the direct effect of peer firms’ investment behavior on the firm’s investment policy. The aim of this study was therefore to identify whether, how, and why peer firm behavior matters for corporate investment policies.


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