Enterprises'Divestment Decision Under Aspiration Loss
Based on the Behavioral Theory of the Firm,using the data from 2004 to 2019 of Chi-nese listed companies,this study investigates the impact of aspiration loss on enterprises'divestment decisions and the role of operating environment in these processes.The results indicate that historical aspiration loss and social aspiration loss both have significant positive impacts on enterprises'divest-ment decisions,and the latter exhibits a stronger impact.In addition,the supplementary test results further confirm that risk-taking plays a partial mediating role between historical aspiration loss and en-terprises'divestment decisions,while media attention plays a partial mediating role between social as-piration loss and enterprise'divestment decisions.Also,regional risk culture and the development of intermediary market both have positive moderating effects on the positive relationship between social aspiration loss and enterprises'divestment decisions.Economic policy uncertainty only strengthens the positive correlation between historical aspiration loss and enterprises'divestment decisions.
aspiration lossenterprises divestitureregional risk culturethe development of in-termediary marketeconomic policy uncertainty
NETL
NSTL
万方数据
