Investors' Opinion Divergence and Corporate Innovation
Based on the linkage relationship between corporate financial decisions and the capital market,this study investigates the impact of investor disagreements on corporate innovation behavior,as well as the impact of heterogeneity in reporting attitudes of multi-ple media sources,including traditional news media and online news media,on the relationship between the two.The results indicate that investor disagreement suppresses corporate innovation through the management sentiment effect,and compared to traditional news media,the heterogeneity of reporting attitudes in online news media can strengthen the inhibitory effect of investor disagreement on cor-porate innovation.Further research has found that the pessimistic sentiment effect of management triggered by investor disagreements is positively influenced by the degree of equity dispersion and negatively influenced by executive heterogeneity.The disagreement among investors has a greater impact on exploratory innovation through the emotional effect of management,ultimately reducing the value of the enterprise.
investors'opinion divergencecorporate innovationmanagement sentiment effecttype of innovation
国家科技期刊平台
NSTL
万方数据
维普
