Study on the Peer Effect of Goodwill Impairment——Based on the Perspective of Managerial Entrenchment
Taking A-share listed companies from 2007 to 2022 as research samples,this paper focuses on how managerial entrenchment acts on the peer effect of goodwill impairment and its economic consequences.The results show that managerial entrenchment aggravates the peer effect of goodwill impairment,industry competition degree and industry boom degree play a regulating role in the relationship between them.Information asymmetry and manager's risk aversion constitute the internal logic for firms to follow peer goodwill impairment decisions in the role of managerial entrenchment.Compared with industry leader,the managerial entrenchment of industry follower firms has a more significant impact on the peer effect of goodwill impairment.Moreover,managerial entrenchment intensifies the peer effect of goodwill impairment,which has no significant impact on the firm value in the short term,but will damage the long-term value of the firm.Therefore,it is proposed that the relevant regulatory departments should give full play to the functions of regulating,guiding and governing goodwill impairment behavior,and strengthen the review and supervision of the rationality of goodwill impairment decision of the peer firms,so as to promote the healthy and stable development of the capital market.
managerial entrenchmentpeer effect of goodwill impairmentinformation asymmetrydegree of risk aversion
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