Institutional Investor Distraction and Investment Efficiency

被引：1

作者：

Zhou, Taiyun ^{[1
]}

Sun, Xuefeng ^{[1
]}

Yao, Gang ^{[2
]}

Wang, Xiaorun ^{[1
]}

机构：

[1] Anhui Agr Univ, Sch Econ & Management, Hefei 230036, Peoples R China

[2] Anhui Polytech Univ, Sch Econ & Management, Wuhu 241000, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2025年 / 61卷 / 03期

基金：

中国国家自然科学基金;

关键词：

Institutional investors; distraction effect; limited attention; investment efficiency; G31; G34; G23; FINANCIAL-REPORTING QUALITY; CORPORATE GOVERNANCE; SHAREHOLDERS; INFORMATION; FIRMS;

D O I：

10.1080/1540496X.2024.2399557

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the causal impact of institutional investor distraction on investment efficiency. Exploiting exogenous changes in shareholder attention following the extreme returns of unrelated industry, we find that institutional investor distraction is positively associated with investment inefficiency. This association is robust to different measures, specifications, and subsamples. We further explore two potential channels through which distracted institutional investors exert an influence on investment efficiency: monitoring effectiveness and information transparency. Moreover, we show that the distraction effect is stronger for firms with weaker governance strength and poorer information environments. Our evidence indicates that institutional investors with the superior disseminating, monitoring, and advising functions are constraint due to limited attention.

引用

页码：714 / 733

页数：20

共 39 条

[1] The Mutual Friend: Dual Holder Monitoring and Firm Investment Efficiency [J].

Anton, Miguel ;

Lin, Luca X. .

REVIEW OF CORPORATE FINANCE STUDIES, 2020, 9 (01) :81-115

[2] THE MODERATOR MEDIATOR VARIABLE DISTINCTION IN SOCIAL PSYCHOLOGICAL-RESEARCH - CONCEPTUAL, STRATEGIC, AND STATISTICAL CONSIDERATIONS [J].

BARON, RM ;

KENNY, DA .

JOURNAL OF PERSONALITY AND SOCIAL PSYCHOLOGY, 1986, 51 (06) :1173-1182

[3] Enjoying the quiet life? Corporate governance and managerial preferences [J].

Bertrand, M ;

Mullainathan, S .

JOURNAL OF POLITICAL ECONOMY, 2003, 111 (05) :1043-1075

[4] How does financial reporting quality relate to investment efficiency? [J].

Biddle, Gary C. ;

Hilary, Gilles ;

Verdi, Rodrigo S. .

JOURNAL OF ACCOUNTING & ECONOMICS, 2009, 48 (2-3) :112-131

[5] Do Institutional Investors Demand Public Disclosure? [J].

Bird, Andrew ;

Karolyi, Stephen A. .

REVIEW OF FINANCIAL STUDIES, 2016, 29 (12) :3245-3277

[6]

Bushee BJ, 1998, ACCOUNT REV, V73, P305

[7] Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets [J].

Chen, Feng ;

Hope, Ole-Kristian ;

Li, Qingyuan ;

Wang, Xin .

ACCOUNTING REVIEW, 2011, 86 (04) :1255-1288

[8] Institutional shareholders and corporate social responsibility [J].

Chen, Tao ;

Dong, Hui ;

Lin, Chen .

JOURNAL OF FINANCIAL ECONOMICS, 2020, 135 (02) :483-504

[9] Distracted institutional shareholders and corporate cash holdings [J].

Cheung, Adrian ;

Hasan, Mostafa Monzur ;

Khoo, Joye .

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2021, 71 :453-466

[10] An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency [J].

Choi, Jin Kyung ;

Hann, Rebecca N. ;

Subasi, Musa ;

Zheng, Yue .

CONTEMPORARY ACCOUNTING RESEARCH, 2020, 37 (04) :2615-2648

← 1 2 3 4 →