{"title":"Investor–firm interactions and corporate investment efficiency: Evidence from China","authors":"Weidong Xu , Zijun Luo , Donghui Li","doi":"10.1016/j.jcorpfin.2024.102539","DOIUrl":null,"url":null,"abstract":"<div><p>Using a sample of A-listed companies from 2010 to 2020, this paper investigates how investor–firm interactions on Easy Interaction and <em>E</em><span>-interaction affect corporate investment efficiency measured as investment-to-Tobin's Q sensitivity. The empirical results show that investor–firm interactions are positively correlated with corporate investment efficiency. Possible economic channels include information asymmetry<span> and corporate governance channels. Moreover, investor–firm interactions have a greater impact on firms with fewer financial constraints, higher stock price efficiency, higher media coverage, and higher analyst coverage. When interaction sentiment is more positive, interaction quality is higher, and the topic pertains to technology research and development, the impact of investor–firm interactions is also more pronounced. The main conclusion still holds after adopting a series of endogeneity tests and robustness tests.</span></span></p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":null,"pages":null},"PeriodicalIF":7.2000,"publicationDate":"2024-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0929119924000014","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Using a sample of A-listed companies from 2010 to 2020, this paper investigates how investor–firm interactions on Easy Interaction and E-interaction affect corporate investment efficiency measured as investment-to-Tobin's Q sensitivity. The empirical results show that investor–firm interactions are positively correlated with corporate investment efficiency. Possible economic channels include information asymmetry and corporate governance channels. Moreover, investor–firm interactions have a greater impact on firms with fewer financial constraints, higher stock price efficiency, higher media coverage, and higher analyst coverage. When interaction sentiment is more positive, interaction quality is higher, and the topic pertains to technology research and development, the impact of investor–firm interactions is also more pronounced. The main conclusion still holds after adopting a series of endogeneity tests and robustness tests.
期刊介绍：
The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.
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