Can companies' input of data factor eliminate investors' home biases?

IF 7.5 1区 经济学 Q1 BUSINESS, FINANCE
Rongda Chen , Weidao Mao , Shengnan Wang , Chenglu Jin
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引用次数: 0

Abstract

Data as a new production factor plays an increasingly crucial role in influencing investor decision-making. This paper investigates how the data factor input, measured using a two-stage regression decomposition approach, impacts investors' home biases. Analyzing a sample of Chinese listed companies from 2012 to 2022, we find that: 1) companies' input of data factor effectively reduces investors' home biases; 2) this reduction is primarily driven by a decrease in information asymmetry; 3) the mitigating effect of data factor input is further strengthened by external factors such as heightened attention from analysts and stronger corporate governance. Additionally, our results reveal that this mitigating effect is more pronounced among companies facing high financing constraints, possessing low reputations, operating in low-technology industries, or located in regions with underdeveloped digital financial infrastructure. These findings offer new insights into underscore the critical role of data factor in shaping capital markets.
公司输入的数据因子能否消除投资者的家庭偏见?
数据作为一种新的生产要素,在影响投资者决策方面发挥着越来越关键的作用。本文采用两阶段回归分解法研究了数据要素投入如何影响投资者的主场偏见。通过分析 2012 年至 2022 年的中国上市公司样本,我们发现1)公司投入数据因子可有效降低投资者的本土偏见;2)降低本土偏见的主要原因是信息不对称程度的降低;3)分析师的高度关注和公司治理的加强等外部因素进一步强化了数据因子投入的缓解效应。此外,我们的研究结果表明,这种缓解效应在面临高融资约束、声誉较低、从事低技术行业或位于数字金融基础设施不发达地区的公司中更为明显。这些发现提供了新的见解,强调了数据因素在塑造资本市场方面的关键作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.30
自引率
9.80%
发文量
366
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.
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