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- W4382364180 startingPage "102752" @default.
- W4382364180 abstract "Different from extant literature on peer effects within industries or locations, this study aims to investigate whether and why R&D investment of a focal firm is influenced by that of interlocked peer firms. Using instruments based on intransitivity, we identify positive interlock-based peer effects in R&D investment. Firm-pair evidence corroborates the existence of peer effects by showing that interlocks render similar R&D policies and exogenous policy-induced fractures of interlocks lead to diverging R&D investments. Further analysis indicates that the interactive effects are more salient among firms with access to more peer information and more severe information asymmetry, suggesting that peer effects are consistent with the information theory. Moreover, peers from different industries/places and focal firms with orientation to the differentiation strategy, embodiment of greater supply and demand of heterogeneous information, are associated with stronger peer effects. Finally, corporate patent outcomes and Tobin's Q react positively to peers' R&D investment, a sign that the interlock-based peer effects are beneficial to the performance of the focal firm." @default.
- W4382364180 created "2023-06-29" @default.
- W4382364180 creator A5058474387 @default.
- W4382364180 date "2023-10-01" @default.
- W4382364180 modified "2023-09-25" @default.
- W4382364180 title "Peer effects in R&D investment based on interlock network: Evidence from China" @default.
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- W4382364180 doi "https://doi.org/10.1016/j.irfa.2023.102752" @default.
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