Electronic Resource

Article - U-Shaped Relationship Between Managerial Herd Behavior and Corporate Financialization with the Moderating Effect of Corporate Governance: Evidence from China Vol. 24, No. 5. Halaman: 939–959

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Based on behavioral finance theory, we discuss the influence of managers’ herd behavior
on corporate financialization from the perspective of managers’ behavioral preferences. Empirical
testing was conducted using data from nonfinancial listed firms on the Shanghai and Shenzhen

A-shares from 2007 to 2021 and a U-shaped relationship was found between managerial herd be-
havior and corporate financialization. When managerial herd behavior is within an appropriate

range, the increase in managerial herd behavior has a negative influence on corporate financializa-
tion. In contrast, excessive managerial herd behavior leads to excessive corporate financialization.

Additionally, corporate governance has a weakening effect on this relationship. Heterogeneity analy-
ses indicate significant disparities in the effect of managerial herd behavior on corporate financial-
ization among enterprises with diverse ownership structures. Finally, corporate financialization and

innovation investments have an inverted U-shaped relationship, and their relationship is moderated
positively by management herd behavior. Our results have strong practical significance for fostering
the balanced growth of the financial sector and the real economy.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

658.15 WAN u

Penerbit

: Vilnius Gediminas Technical University., 2023

Deskripsi Fisik

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Bahasa

English

ISBN/ISSN

2029-4433

Klasifikasi

658.15

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

Vol. 24, No. 5. Halaman: 939–959

Subjek

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Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

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