اثرات همتراز در تصمیم گیری
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اثرات همتراز در تصمیم گیری

عنوان فارسی مقاله: اثرات همتراز در تصمیم گیری: شواهدی از سرمایه گذاری شرکت ها
عنوان انگلیسی مقاله: Peer effects in decision-making: Evidence from corporate investment
مجله/کنفرانس: مجله چینی تحقیقات حسابداری – China Journal of Accounting Research
رشته های تحصیلی مرتبط: مدیریت، اقتصاد
گرایش های تحصیلی مرتبط: مدیریت کسب و کار، اقتصاد مالی
کلمات کلیدی فارسی: اثرات همتراز، سرمایه گذاری شرکت، یادگیری مدیریتی
کلمات کلیدی انگلیسی: Peer effects، Corporate investment، Managerial learning
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus – Master Journal List – DOAJ
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.cjar.2016.11.002
دانشگاه: School of Economics and Management – Inner Mongolia University – China
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2017
ایمپکت فاکتور: ۰٫۵۳۱ در سال ۲۰۱۷
شاخص H_index: ۷ در سال ۲۰۱۹
شاخص SJR: ۰٫۳۳ در سال ۲۰۱۹
شناسه ISSN: ۱۷۵۵-۳۰۹۱
شاخص Quartile (چارک): Q3 در سال ۲۰۱۹
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 22
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E10637
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- Literature review


3- Hypothesis development


4- Research design, sample selection and summary statistics


5- The role and implications of the peer effect


6- Channels of identification


7- Heterogeneity in peer effect


8- Economic consequences of peer effect


9- Conclusion


References

نمونه متن انگلیسی مقاله

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.


Introduction


It is common for corporations to interact with peer firms in decision-making, such as signing strategic cooperating agreements and developing marketing strategies. Previous studies show that peer firms play an important role in shaping a variety of corporate policies, such as product pricing (Bertrand, 1883) and advertising (Stigler, 1968), but the effect of peer-firm behavior on corporate financial policy is often ignored in empirical research, or at most assumed to operate through an unmeasured effect on firm-specific determinants. Recent studies examine whether the characteristics or behavior of peer firms affect 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 that examine peer effects in corporate investment suggest 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 include information that is helpful in guiding a firm’s investment policy, such as industry growth opportunities, external environment, competitor strategy and consumer demands. Valuing the stock price of peer firms can therefore capture useful information to help reduce investment uncertainty. Ozoguz and Rebello (2013) find that firms’ investment policy reacts appropriately to volatility in a peer firms’ stock price. Using U.S. listed firms from 1996 to 2008, Foucault and Fresard (2014) find that the valuation of peers matters for a firm’s investment: a one standard deviation increase in a peers’ valuation is associated with a 5.9% increase in corporate investment. Fracassi (2012) and Dougal et al. (2012) provide similar empirical results. However, few studies investigate whether managers directly mimic the investment behavior of peer firms. In this study, we predict that firms’ investment behavior is influenced by peer firms’ investment decisions, and provide empirical evidence to support the prediction.

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