Research on Firm Innovation Decision under Peer Effect:Rational Expectations or Reference Point Dependence
Studying whether enterprises under peer effects tend to innovate actively or conservatively helps formulate relevant policies to stimulate corporate innovation vitality and optimize the group innovation environment.By combining theoretical models with empirical tests to study enterprise innovation decisions under peer effects,we find that such decisions exhibit reference point dependence.The further the distance between early-stage innovation investment and peer enterprises,the higher the enthusiasm for innovation within the enterprise;likewise,a greater difference in innovation success rates compared to peer enterprises leads to higher enthusiasm for innova-tion within the enterprise.As the difference in innovation success rates changes,there is a threshold effect on the impact of investment distance on enthusiasm for innovation.The robustness of these conclusions is demonstrated through instrumental variables,substitution variables,replacement of samples,and resampling of groups.Further analysis reveals that corporations exhibit stronger tendencies to-ward reference point dependence in groups with lower information quality and higher competition intensity.
innovation decisionpeer effectrational expectationsreference point dependence
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