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Article: Peer Effects in Corporate Investment Decisions: Imitation and Learning
| Title | Peer Effects in Corporate Investment Decisions: Imitation and Learning 企业投资决策中的同行效应研究:模仿与学习 |
|---|---|
| Authors | |
| Keywords | 企业经济 金融 证券 投资 |
| Issue Date | 2020 |
| Publisher | Peking University Journal. The Journal's web site is located at http://www.theceq.info/ |
| Citation | 经济学(季刊), 2020, July, 19 n. 4, p. 1375-1400 How to Cite? China Economic Quarterly, 2020, July, 19 n. 4, p. 1375-1400 How to Cite? |
| Abstract | Unbalanced investment growth has hindered the development of Chinese economy. In this paper we examine the peer effect of investment expenditure on new projects among listed companies in China between 2001 and 2015. Our research illustrates that firms' investment decisions are partly driven by a response to their peers. In particular, the firm's investment decisions have a significant positive correlation with its peers' decisions. It will also adjust its investment strategies by learning the financial information of its peers. Companies tend to imitate their larger peers. Meanwhile, the policies formulated by local governments will further aggravate the imitation effect. |
| Description | 国家自然科学基金项目（71972187、71672206）； 教育部人文社科基金项目（14YJC790086）； 广东省自然科学基金项目（2016A030313094）； 广州市自然科学基金项目（201904010189）的资助 |
| Persistent Identifier | http://hdl.handle.net/10722/290488 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Yang, H | - |
| dc.contributor.author | Liu, J | - |
| dc.contributor.author | Lian, Y | - |
| dc.contributor.author | JIANG, Y | - |
| dc.date.accessioned | 2020-11-02T05:42:57Z | - |
| dc.date.available | 2020-11-02T05:42:57Z | - |
| dc.date.issued | 2020 | - |
| dc.identifier.citation | 经济学(季刊), 2020, July, 19 n. 4, p. 1375-1400 | - |
| dc.identifier.citation | China Economic Quarterly, 2020, July, 19 n. 4, p. 1375-1400 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/290488 | - |
| dc.description | 国家自然科学基金项目（71972187、71672206）； 教育部人文社科基金项目（14YJC790086）； 广东省自然科学基金项目（2016A030313094）； 广州市自然科学基金项目（201904010189）的资助 | - |
| dc.description.abstract | Unbalanced investment growth has hindered the development of Chinese economy. In this paper we examine the peer effect of investment expenditure on new projects among listed companies in China between 2001 and 2015. Our research illustrates that firms' investment decisions are partly driven by a response to their peers. In particular, the firm's investment decisions have a significant positive correlation with its peers' decisions. It will also adjust its investment strategies by learning the financial information of its peers. Companies tend to imitate their larger peers. Meanwhile, the policies formulated by local governments will further aggravate the imitation effect. | - |
| dc.language | chi | - |
| dc.publisher | Peking University Journal. The Journal's web site is located at http://www.theceq.info/ | - |
| dc.relation.ispartof | China Economic Quarterly | - |
| dc.relation.ispartof | 经济学(季刊) | - |
| dc.subject | 企业经济 | - |
| dc.subject | 金融 | - |
| dc.subject | 证券 | - |
| dc.subject | 投资 | - |
| dc.title | Peer Effects in Corporate Investment Decisions: Imitation and Learning | - |
| dc.title | 企业投资决策中的同行效应研究:模仿与学习 | - |
| dc.type | Article | - |
| dc.description.nature | link_to_subscribed_fulltext | - |
| dc.identifier.doi | 10.13821/j.cnki.ceq.2020.03.11 | - |
| dc.identifier.hkuros | 317625 | - |
| dc.identifier.volume | 19 | - |
| dc.identifier.issue | 4 | - |
| dc.identifier.spage | 1375 | - |
| dc.identifier.epage | 1400 | - |
| dc.publisher.place | Beijing, China | - |