When one asks, many follow: Influence of individual investors direct communication to enterprise on corporate financialization

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-09 DOI:10.1016/j.frl.2025.107919

Chuanxin Xu , Xingchen Li

引用次数: 0

Abstract

With the development of technology, individual investors can communicate directly with the company, and the interactive content can be observed by other investors. We explore the influence of this direct communication on corporate financialization. The results show that individual investors' voices can significantly restrain corporate financialization, reducing financing constraints and management shortsightedness are important influencing mechanisms. The quality of communication and the timeliness of enterprise response is also negatively related to corporate financialization, but excessive attention to investors' returns in the communication process will aggravate the financial behavior of enterprises. This conclusion confirms the supervision effect of individual investors on enterprises and helps enterprises strengthen protection of retail investors.

查看原文本刊更多论文

一问多同：个人投资者与企业直接沟通对企业金融化的影响

随着技术的发展，个人投资者可以直接与公司沟通，互动内容可以被其他投资者观察到。我们将探讨这种直接沟通对企业金融化的影响。结果表明，个人投资者的声音对公司金融化具有显著的抑制作用，减少管理层的短视是重要的影响机制。沟通质量和企业反应的及时性也与企业金融化负相关，但在沟通过程中过度关注投资者的回报会加剧企业的财务行为。这一结论肯定了个人投资者对企业的监管作用，有助于企业加强对散户投资者的保护。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance