Peer effects and the mechanisms in corporate capital structure: Evidence from Chinese listed firms

IF 7.6 1区经济学 Q1 ECONOMICS

Oeconomia Copernicana Pub Date : 2023-03-25 DOI:10.24136/oc.2023.008

Jiali Liu, Xinran Xie, Duan Yu, Liang Tang

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引用次数: 1

Abstract

Research background: Peer effects, in which individuals learn and imitate their peers? behaviors, have been widely recognized in different contexts. Particularly, with increasingly fierce competition, firms can no longer make financial decisions in isolation when facing terrible external operational environments. In contrast, observing peers? actions in corporate policies can help reveal intentions regarding what peers are doing, which is vital for policymakers and financial managers. Studies on the existence of capital structure peer effects in the Chinese context have been conducted, but the mechanisms of peer effects are still ambiguous at present. Purpose of the article: This study aims to examine peer effects in capital structure and discover the mechanisms in the Chinese context. Understanding the mechanisms behind peer effects can help scholars and policymakers obtain more insights into the working mechanisms of peer effects. Furthermore, how the industry- and firm-specific characteristics affect peer effects and the selection of mechanisms should be analyzed. Methods: Using the fixed effects model (industry effect and year effect) and propensity score matching (PSM), as well as market leverage and heterogeneous stock shocks, we investigate peer effects, the mechanisms, and the effects of specific factors from industries and firms based on the sample of Chinese non-financial A-share listed firms on the Shanghai and Shenzhen stock markets from 2014 to 2021. Findings & value added: Study results show that peer effects exist in the corporate capital structure in the Chinese capital markets. Unlike previous studies, this analysis captures three mechanisms: the industrial average, industrial leaders, and industrial-similar firms. The intensity of peer effects and selection of mechanisms are influenced by both industry-specific characteristics (the degree of industrial competition and financing constraints) and firm-specific characteristics (firm size and market share).

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同伴效应与公司资本结构机制:来自中国上市公司的证据

研究背景：同伴效应，个体在其中学习和模仿同伴？行为在不同的背景下得到了广泛的认可。特别是，随着竞争的日益激烈，企业在面临可怕的外部运营环境时，不能再孤立地做出财务决策。相比之下，观察同龄人？企业政策中的行动有助于揭示同行的意图，这对决策者和财务经理来说至关重要。关于中国背景下资本结构同伴效应的存在问题，已有研究，但目前同伴效应的机制尚不明确。本文的目的：本研究旨在考察资本结构中的同伴效应，并在中国背景下发现其机制。了解同伴效应背后的机制可以帮助学者和政策制定者更多地了解同伴效应的工作机制。此外，应分析行业和企业的特定特征如何影响同行效应和机制的选择。方法：采用固定效应模型（行业效应和年份效应）和倾向得分匹配（PSM），以及市场杠杆和异质性股票冲击，基于2014-2011年沪深两市非金融A股上市公司样本，分析了行业和企业特定因素的影响。研究结果与附加值：研究结果表明，中国资本市场企业资本结构存在同伴效应。与之前的研究不同，这项分析捕捉到了三种机制：行业平均水平、行业领导者和行业相似企业。同行效应的强度和机制的选择受到特定行业特征（行业竞争程度和融资约束）和特定企业特征（企业规模和市场份额）的影响。

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

Oeconomia Copernicana ECONOMICS-

CiteScore

13.70

自引率

5.90%

发文量

审稿时长

24 weeks

期刊介绍： The Oeconomia Copernicana is an academic quarterly journal aimed at academicians, economic policymakers, and students studying finance, accounting, management, and economics. It publishes academic articles on contemporary issues in economics, finance, banking, accounting, and management from various research perspectives. The journal's mission is to publish advanced theoretical and empirical research that contributes to the development of these disciplines and has practical relevance. The journal encourages the use of various research methods, including falsification of conventional understanding, theory building through inductive or qualitative research, first empirical testing of theories, meta-analysis with theoretical implications, constructive replication, and a combination of qualitative, quantitative, field, laboratory, and meta-analytic approaches. While the journal prioritizes comprehensive manuscripts that include methodological-based theoretical and empirical research with implications for policymaking, it also welcomes submissions focused solely on theory or methodology.