新闻媒体情绪与企业创新投资

被引：6

作者：

原东良 ^{[1
]}

周建 ^{[1
,2
]}

机构：

[1] 南开大学商学院/中国公司治理研究院

[2] 不详

来源：

财经论丛 | 2021年 / 10期

关键词：

新闻媒体情绪; 企业创新投资; 管理者过度自信; 高级人才流动; 股票流动性;

D O I：

10.13762/j.cnki.cjlc.2021.10.005

中图分类号：

G206 [传播理论]; F273.1 [企业技术管理]; F832.51 [];

学科分类号：

摘要：

本文以2014—2018年沪深A股上市公司为研究样本,实证检验新闻媒体情绪对企业创新投资的影响及作用机制。结果显示,新闻媒体情绪越积极,企业创新投资水平越高,在克服内生性问题及稳健性检验后,该结论仍成立。机制检验表明,新闻媒体情绪通过诱发管理者过度自信、吸引高级人才、提高股票流动性三个渠道促进企业创新投资。进一步分析显示,在管理层女性占比低、管理层咨询需求高、非融资融券标的情况下,新闻媒体情绪对企业创新投资的影响更大。异质性检验显示,国有产权属性弱化了新闻媒体情绪对企业创新投资的促进作用,高新技术行业属性强化了新闻媒体情绪对企业创新投资的促进作用。

引用

页码：58 / 69

页数：12

共 31 条

[11] Media Coverage of Firms: Background, Integration, and Directions for Future Research[J] . Lorenz Graf-Vlachy,Abbie Griffith Oliver,Richard Banfield,Andreas K?nig,Jonathan Bundy.Journal of Management . 2020 (1)
[12] Top Management Human Capital, Inventor Mobility, and Corporate Innovation[J] . Thomas J. Chemmanur,Lei Kong,Karthik Krishnan,Qianqian Yu.Journal of Financial and Quantitative Analysis . 2019 (6)
[13] Better innovators or more innovators? Managerial overconfidence and corporate R&D
Zavertiaeva, Marina A.
Lopez-Iturriaga, Felix J.
Kuminova, Evgeniia V.
[J]. MANAGERIAL AND DECISION ECONOMICS, 2018, 39 (04) : 447 - 461
[14] The illiquidity premium: International evidence[J] . Yakov Amihud,Allaudeen Hameed,Wenjin Kang,Huiping Zhang.Journal of Financial Economics . 2015 (2)
[15] Rumor Has It: Sensationalism in Financial Media[J] . The Review of Financial Studies . 2015 (7)
[16] GENDER DIVERSITY AND SECURITIES FRAUD
Cumming, Douglas
Leung, T. Y.
Rui, Oliver
[J]. ACADEMY OF MANAGEMENT JOURNAL, 2015, 58 (05): : 1572 - 1593
[17] The Media and the Diffusion of Information in Financial Markets: Evidence from Newspaper Strikes[J] . JOEL PERESS.The Journal of Finance . 2014 (5)
[18] Credit supply and corporate innovation
Amore, Mario Daniele
Schneider, Cedric
Zaldokas, Alminas
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2013, 109 (03) : 835 - 855
[19] Are Overconfident CEOs Better Innovators?
Hirshleifer, David
Low, Angie
Teoh, Siew Hong
[J]. JOURNAL OF FINANCE, 2012, 67 (04): : 1457 - 1498
[20] Entropy Balancing for Causal Effects: A Multivariate Reweighting Method to Produce Balanced Samples in Observational Studies[J] . Jens Hainmueller.Political Analysis . 2012 (1)

← 1 2 3 4 →