{"title":"投资者关注与公司金融化:来自互联网搜索量的证据","authors":"","doi":"10.1016/j.irfa.2024.103576","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates the relationship between investor attention and corporate financialization from a behavioral finance perspective. We use Internet search volume as a proxy for investor attention and find that investor attention is significantly and positively related to corporate financialization using a sample of listed firms in China over the period 2011–2022, and that this relationship is more pronounced in firms with higher levels of managerial myopia. A series of robustness tests still support our baseline findings, such as considering endogeneity issues, substituting core variables, and changing the model setting. We further discuss the mechanisms of influence using two-stage regressions and find that investor attention promotes corporate financialization by increasing investor sentiment as well as heterogeneous beliefs. Finally, we perform a series of heterogeneity tests and find that the positive relationship between investor attention and corporate financialization is more pronounced among firms with higher information uncertainty, small firms, firms within monopolistic industries, and firms within high-tech industries. However, this relationship is not significantly different among firms with different levels of institutional ownership. This study provides new evidence for understanding investors' behavioral biases and how investor attention affects corporate investment strategies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Investor attention and corporate financialization: Evidence from internet search volume\",\"authors\":\"\",\"doi\":\"10.1016/j.irfa.2024.103576\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper investigates the relationship between investor attention and corporate financialization from a behavioral finance perspective. We use Internet search volume as a proxy for investor attention and find that investor attention is significantly and positively related to corporate financialization using a sample of listed firms in China over the period 2011–2022, and that this relationship is more pronounced in firms with higher levels of managerial myopia. A series of robustness tests still support our baseline findings, such as considering endogeneity issues, substituting core variables, and changing the model setting. We further discuss the mechanisms of influence using two-stage regressions and find that investor attention promotes corporate financialization by increasing investor sentiment as well as heterogeneous beliefs. Finally, we perform a series of heterogeneity tests and find that the positive relationship between investor attention and corporate financialization is more pronounced among firms with higher information uncertainty, small firms, firms within monopolistic industries, and firms within high-tech industries. However, this relationship is not significantly different among firms with different levels of institutional ownership. This study provides new evidence for understanding investors' behavioral biases and how investor attention affects corporate investment strategies.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2024-09-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521924005088\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924005088","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Investor attention and corporate financialization: Evidence from internet search volume
This paper investigates the relationship between investor attention and corporate financialization from a behavioral finance perspective. We use Internet search volume as a proxy for investor attention and find that investor attention is significantly and positively related to corporate financialization using a sample of listed firms in China over the period 2011–2022, and that this relationship is more pronounced in firms with higher levels of managerial myopia. A series of robustness tests still support our baseline findings, such as considering endogeneity issues, substituting core variables, and changing the model setting. We further discuss the mechanisms of influence using two-stage regressions and find that investor attention promotes corporate financialization by increasing investor sentiment as well as heterogeneous beliefs. Finally, we perform a series of heterogeneity tests and find that the positive relationship between investor attention and corporate financialization is more pronounced among firms with higher information uncertainty, small firms, firms within monopolistic industries, and firms within high-tech industries. However, this relationship is not significantly different among firms with different levels of institutional ownership. This study provides new evidence for understanding investors' behavioral biases and how investor attention affects corporate investment strategies.
期刊介绍:
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.