Stock price idiosyncratic information and corporate innovation: A discussion of corporate innovation strategy

被引：4
|
作者：
Wang, Anqi [1 ]
Wang, Huifang [2 ,3 ]
机构：
[1] Henan Finance Univ, Sch Business Adm, Zhengzhou 451464, Henan, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Business Adm, Wuhan 430073, Hubei, Peoples R China
[3] Huanghe Sci & Technol Univ, Business Sch, Zhengzhou 450061, Henan, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 58卷
关键词：
Share price idiosyncratic information; Corporate innovation; Innovation strategy; Corporate governance; MARKETS; GOVERNANCE; EFFICIENCY;
D O I：
10.1016/j.frl.2023.104321
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using data from Chinese A-share listed companies from 2010 to 2017, this paper examines the impact of stock price idiosyncratic information on corporate innovation and explores the choice of corporate innovation strategies. It is found that stock price idiosyncratic information can optimize the efficiency of corporate resource allocation, alleviate financing constraints, and thus enhance corporate innovation. In addition, we also found that the choice of corporate innovation strategy changed with the fluctuation of stock price idiosyncratic information. Of course, the innovation effect of stock price information is heterogeneous across firms.
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页数：11
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