The impact of herding behaviour of Chinese securities investment funds on firm value: the mediating effects of stock price informativeness and agency cost

被引：21

作者：

Wang, Liang ^{[1
]}

Xiong, Xianyan ^{[1
]}

机构：

[1] Xian Univ Technol, Sch Econ & Management, Dept Accounting & Finance, Xian, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2022年 / 29卷 / 14期

关键词：

Herding behaviour; stock price informativeness; agency cost; firm value;

D O I：

10.1080/13504851.2021.1923633

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the impact of herding behaviour of Chinese Securities Investment Funds (SIFs) on firm value by taking stock price informativeness and agency cost as intermediary variables. It constructs LSV model to measure herding behaviour of SIFs, and develops logarithmic conversion method of the goodness-of-fit to characterize stock price informativeness. The stepwise regression method is employed for empirical analysis and it is found that: (i) The herding behaviour of SIFs significantly negatively affects the stock price informativeness, and the former is 'intentional herding' that ignores personal private information. (ii) The stock price informativeness is positively related to firm value, while agency cost has a significant negative influence on firm value. (iii) The stock price informativeness and agency cost play significant partial mediating effects between the herding behaviour of SIFs and firm value, respectively.

引用

页码：1248 / 1255

页数：8