http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
Peer Innovation Tone and Corporate Innovation Adjustments: Evidence from China
Liu Zhiqiang,Rao Pingui,Wang Xinlu,Yue Raymon 한국증권학회 2022 Asia-Pacific Journal of Financial Studies Vol.51 No.6
Using textual information regarding innovation in the annual reports of Chinese listed firms for the period from 2007 to 2019, we examine how firms alter their innovation activities in response to the tone of peer firms’ discussions of innovation in their annual reports (“innovation tone”). We find that a positive innovation tone in peer firms’ annual reports results in a significant reduction in R&D investments by the focal firm, especially when such a tone pertains to the future. Our cross-sectional analyses show that peers’ innovation tone strongly affects R&D investments when the focal firm operates in a non-high-tech or highly competitive industry, or is readily willing to adjust its innovation strategy. Further investigation shows that the marginal benefits of a focal firm’s R&D investments decline when annual peer reports adopt relatively positive innovation tones. Our results enrich the literature on the peer effects of textual information on innovation and have implications for firms’ innovation strategies.