Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

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Retail Investor Attention and Firm Investment Efficiency

Authors
Li Jianhong1, a,*, †, Sun Zhuoran2, b, *, †, Zhou Qi3, c, *, †
1Li Jianhong (Xi’an Jiaotong-liverpool University)
2Sun Zhouran (Northeast Agricultural University)
3Zhou Qi (Northeast Agricultural University)
†

These authors contributed equally.

*Corresponding author. Email: a1441979068@qq.com
Corresponding Authors
Li Jianhong, Sun Zhuoran, Zhou Qi
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211209.149How to use a DOI?
Keywords
Retail investor; firm investment efficiency
Abstract

In this paper, we investigate the impact of retail investor attention on a firm’s investment efficiency. We found that retail investor attention is positively associated with a firm’s investment efficiency by means of baseline regression. Further analyses show that the impact of retail investor attention is more pronounced in firms with lower social regulation, small market capitalization, non-state-owned, and non-Big 4 auditing. The association is robust to a series of robustness checks, and the results are in line with our expectations. This provides us with a new perspective to measure the return on investment of firms. Therefore, the retail investor attention even has a crucial impact on the company’s future governance and corporate decisions.

Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
10.2991/assehr.k.211209.149
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.149How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

risenwbib
TY  - CONF
AU  - Li Jianhong
AU  - Sun Zhuoran
AU  - Zhou Qi
PY  - 2021
DA  - 2021/12/15
TI  - Retail Investor Attention and Firm Investment Efficiency
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 911
EP  - 921
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.149
DO  - 10.2991/assehr.k.211209.149
ID  - Jianhong2021
ER  -