Proceeding of 2025 8th International Conference on Humanities Education and Social Sciences (ICHESS 2025)

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Research on the Impact of Investor Sentiment on Corporate Investment Behavior

Authors
Bo Zhang1, Tao Liang1, *
1School of Economics and Management, Xi’an University of Technology, Xi’an, 710000, China
*Corresponding author. Email: 3210230039@qq.com
Corresponding Author
Tao Liang
Available Online 26 March 2026.
DOI
10.2991/978-2-38476-551-5_62How to use a DOI?
Keywords
Investor sentiment; Corporate investment behavior; Market returns
Abstract

This study focuses on the impact of investor sentiment on corporate investment behavior. Against the backdrop of traditional financial theories confronting market anomalies and the rise of behavioral finance, and considering the unique environment of China’s capital market, it abandons the complete rationality hypothesis and conducts research using literature and empirical methods on Shanghai and Shenzhen A-shares from 2008 to 2022.

We find investor sentiment positively correlates with investment scale and overinvestment, negatively with underinvestment. The conclusions of this study indicate that the investment behavior of companies is influenced not only by traditional financial theories such as free cash flow and financing constraints, but also by the sentiment of investors in the market. This has important implications for stabilizing stock prices in the financial market.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceeding of 2025 8th International Conference on Humanities Education and Social Sciences (ICHESS 2025)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
26 March 2026
ISBN
978-2-38476-551-5
ISSN
2352-5398
DOI
10.2991/978-2-38476-551-5_62How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Bo Zhang
AU  - Tao Liang
PY  - 2026
DA  - 2026/03/26
TI  - Research on the Impact of Investor Sentiment on Corporate Investment Behavior
BT  - Proceeding of 2025 8th International Conference on Humanities Education and Social Sciences (ICHESS 2025)
PB  - Atlantis Press
SP  - 580
EP  - 589
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-551-5_62
DO  - 10.2991/978-2-38476-551-5_62
ID  - Zhang2026
ER  -