Digital transformation and the herd behavior of corporate investment

被引：0
|
作者：
Li, Xiaoyun [1 ]
Wang, Qianning [2 ]
Wu, Tong [3 ]
Bian, Qing [4 ]
机构：
[1] China Univ Lab Relat, Sch Lab Relat & Human Resources, Beijing, Peoples R China
[2] Univ Nottingham Ningbo China, Nottingham Univ Business Sch China, Ningbo 315100, Peoples R China
[3] Western Kentucky Univ, Gordon Ford Coll Business, Bowling Green, KY 42101 USA
[4] Guangzhou Coll Commerce, Sch Manage, Guangzhou 511363, Guangdong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 67卷
关键词：
Digital transformation; Herd behavior; Information disclosure; Information intermediation;
D O I：
10.1016/j.frl.2024.105887
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Digital technology is a widespread integration of the benefits of digital transformation into all aspects of modern company operations. This paper examines how digital transformation affects firms' investment herd behavior. Based on listed firms from 2012 to 2022, this paper adopts a two-fixed model to explore the effects and underlying mechanisms. The findings indicate that digital transformation can effectively inhibit corporate investment herd behavior, and the impact is achieved by enhancing internal information disclosure and external information intermediation. The findings offer empirical proof of how to effectively regulate the herd behavior observed in financial markets in the digital era.
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页数：6
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