Active Learning and Passive Reaction:Peer Effect of Diversification in Chinese Listed Companies
Taking the A-share listed companies in Shanghai and Shenzhen of China from 2007 to 2020 as research samples,this paper tests the existence of the peer effect of diversification and further explores the motivation mechanism and heteroge-neity of enterprises to carry out diversification from the perspective of peer effect.The results show that the diversification of listed companies in China has an obvious industry and regional peer effect phenomenon,which is still significant after a se-ries of robustness tests.The mechanism analysis shows that learning-based active imitation and competition-based passive response are two important reasons for enterprises to carry out diversified operations from the perspective of peer effect.Het-erogeneity analysis shows that the higher the degree of marketization in the region,the lower the degree of concentration in the industry,and the stronger the degree of diversification by imitating the peer group of enterprises.
万方数据
维普
