期刊
FRONTIERS IN PSYCHOLOGY
卷 13, 期 -, 页码 -出版社
FRONTIERS MEDIA SA
DOI: 10.3389/fpsyg.2022.887510
关键词
perceived competition networks; perceived pressure; corporate risk-taking; peer firms; social interactions
资金
- National Natural Science Foundation of China [72172020]
This study examines the perceived competition networks of managers in China's listed firms and the impact of these networks on corporate risk-taking behavior. The findings show a positive association between competition strength, perceived competition network density, and corporate risk-taking. The study also finds a positive spillover effect of risk-taking behavior among firms in perceived competition networks. Additionally, the personal traits of managers, specifically younger age and male gender, significantly moderate the impact of network characteristics on corporate risk-taking.
The enterprise network is of great significance in explaining the risk-taking of individual firm. However, some unobservable networks hidden in different firms have long been neglected. Using the text data of the annual reports of China's listed firms from 2007 to 2018, this paper adopts a textual analysis method to capture the managers' perceptions of pressure, and build a special kind of hidden inter-firm networks, that is, the perceived competition networks of managers. In addition, this paper discusses the impact of network characteristics on corporate risk-taking behavior. Empirically, there is a positive association between competition strength and corporate risk-taking, as well as the density of perceived competition network. Furthermore, this paper explores the risk-taking behaviors of peer firms in focal firm's perceived competition network, and finds that the improvement of peer firms' risk-taking significantly increases the risk bearing level of focal firm, that is, the positive spillover effect of risk-taking behavior among firms in perceived competition networks. Moreover, managers' personal traits significantly moderate the impact of network characteristics on corporate risk-taking, which is mainly reflected in younger and male managers. Our findings can enrich the literature on social interactions and corporate behaviors, and help firms to improve their understanding of perceptible peer firms.
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