Peer Influence and Corporate Risk-taking
Research output: Conference Papers › RGC 32 - Refereed conference paper (without host publication) › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Publication status | Presented - 7 Dec 2023 |
Conference
| Title | 2023 New Zealand Finance Meeting |
|---|---|
| Location | Auckland University of Technology |
| Place | New Zealand |
| City | Auckland |
| Period | 7 - 8 December 2023 |
Link(s)
| Document Link | |
|---|---|
| Permanent Link | https://scholars.cityu.edu.hk/en/publications/publication(00335423-3811-40de-ba8e-7c02528d4138).html |
Abstract
This paper documents that corporate risk-taking is responsive to peer influence. Firms take more risks if they encounter greater peer firms’ risk-taking. Furthermore, we find that firms with low-talented CEOs and poor-performance are more eager to learn from their peers, that better governance firms have the greater need to mimic their peers, and that firms in more competitive industries are more prone to follow their peers. Our conclusion is robust to alternative identification strategies such as network identification including endogenous selection of peers and traditional instrumental variable estimation.
Research Area(s)
- Peer effects, Corporate risk-taking, Learning
Bibliographic Note
Research Unit(s) information for this publication is provided by the author(s) concerned.
Citation Format(s)
Peer Influence and Corporate Risk-taking. / Jie, Elaine Yongshi; Ma, Yue; Zhou, Yinggang.
2023. Paper presented at 2023 New Zealand Finance Meeting, Auckland, New Zealand.
2023. Paper presented at 2023 New Zealand Finance Meeting, Auckland, New Zealand.
Research output: Conference Papers › RGC 32 - Refereed conference paper (without host publication) › peer-review
