Media Attention, Investor Attention and Corporate Innovation Investment: Empirical Study Based on China GEM Listed Companies

2019 ◽  
pp. 255-269
Author(s):  
Yuzhu Wei ◽  
Hongchang Mei
Keyword(s):  
Empirical Study ◽  
Listed Companies ◽  
Investor Attention ◽  
Media Attention ◽  
Corporate Innovation

scholarly journals Investor Attention and Corporate Innovation Performance: Evidence from Web Search Volume Index of Chinese Listed Companies

Mathematics ◽  
2021 ◽  
Vol 9 (9) ◽  
pp. 930
Author(s):  
Nian Li ◽  
Chunling Li ◽  
Runsen Yuan ◽  
Muhammad Asif Khan ◽  
Xiaoran Sun ◽  
...  
Keyword(s):  
Economic Development ◽  
Information Asymmetry ◽  
Listed Companies ◽  
Agency Cost ◽  
Innovation Performance ◽  
Volume Index ◽  
Investor Attention ◽  
Search Volume ◽  
Corporate Innovation ◽  
Chinese Listed Companies

Leveraging from the online search index of Chinese listed companies from 2012 to 2018, we empirically test the relationship between investors’ attention and corporate innovation performance for the first time. The main results are as follows: (1) investors’ attention significantly improves listed companies’ innovation performance, which is reflected in the increase of patent applications. This indicates that investors’ active information collection behaviour affects China’s economic development by promoting enterprise innovation. (2) This paper’s conclusion remains intact after a battery of robustness checks, such as alternative measures of key variables and empirical specifications and a series of endogenous treatment. (3) The mechanisms tests show that: “information asymmetry”, “financing constraint”, and “agency cost” are supported. In other words, with the increase of investors’ attention, not only the information asymmetry is reduced, which greatly improved the information environment of the capital market, but also the external financing constraints of enterprises are alleviated. The opportunistic management behaviour is effectively suppressed, thus motivating the corporate innovation incentives and improving the corporate innovation of input, output and quality. (4) Further research shows that investor attention to listed companies also improves the efficiency of capital allocation. This paper’s conclusion shows that investors’ initiative information acquisition behaviour can improve enterprises innovation performance, thus providing a driving force for China’s economic development.

scholarly journals Corporate Innovation and Dividend Payout Policy: Evidence From China’s Listed Companies

IEEE Access ◽  
2021 ◽  
Vol 9 ◽  
pp. 61090-61100
Author(s):  
Liping Liao ◽  
Kwok Fai Geoffrey Tso ◽  
Jingjing Yang
Keyword(s):  
Listed Companies ◽  
Payout Policy ◽  
Dividend Payout ◽  
Corporate Innovation

scholarly journals The Impact of Religious Atmosphere on Corporate Governance: An Empirical Study Based on the Number of Temples around Listed Companies

2021 ◽  
Vol 7 (3) ◽  
pp. p11
Author(s):  
Kaikai Liu ◽  
Xinyi Wang ◽  
Jingjing Liang
Keyword(s):  
Corporate Governance ◽  
Empirical Study ◽  
Religious Belief ◽  
Religious Tradition ◽  
Active Role ◽  
Listed Companies ◽  
Economic Behavior ◽  
Risk Averse ◽  
Religious Traditions ◽  
The Impact

Religious belief can affect individual’s behavior. It usually induces managers to be more risk averse, thereby mitigating the agency problem and positively influencing governance. This paper conducts an empirical study to analysis the effect of religious atmosphere on corporate governance. It could be figured out that strong religious atmosphere plays an active role in corporate governance. The stronger the influence of religious tradition on listed companies, the less likely the managers are to violate the rules. Through precepts and deeds, these religious traditions are passed on from generation to generation and have become a significant factor affecting human economic behavior.

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