Earticle

초록

영어

This study examines how sentiment exposure shapes corporate innovation investment. We find that firms with higher uncertainty of sentiment exposure significantly reduce their innovation investment, whereas the effects of the degree of exposure are relatively ambiguous. Our findings suggest that firms’ heterogeneous responses to investor sentiment influence their innovation investment decisions. Moderation analyses show that the reduction in innovation investment is pronounced for firms with high managerial risk aversion, proxied by large size and high market competition. Our results remain robust when controlling for macroeconomic conditions and using alternative measures of sentiment exposure.

목차

Abstract
1. Introduction
2. Data and Methodology
2.1 Sample data
2.2 Sentiment exposure measures
2.3 Impacts of sentiment exposure on innovation investment
3. Empirical findings
3.1. Baseline results
3.2. Moderating effect of managerial risk aversion
4. Robustness tests
5. Conclusion
References
Fig
Table

키워드

저자

• Karam Kim [ Department of Economics, Sungkyunkwan University, Seoul, Korea ]
• Jonathan A. Batten [ College of Business and Law, RMIT University, Melbourne, Victoria, Australia ]
• Doojin Ryu [ Department of Economics, Sungkyunkwan University, Seoul, Korea ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330