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Investor attention and corporate financialization: Evidence from internet search volume

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  • Ju, Chunhua
  • Fang, Xusheng
  • Shen, Zhonghua

Abstract

This paper investigates the relationship between investor attention and corporate financialization from a behavioral finance perspective. We use Internet search volume as a proxy for investor attention and find that investor attention is significantly and positively related to corporate financialization using a sample of listed firms in China over the period 2011–2022, and that this relationship is more pronounced in firms with higher levels of managerial myopia. A series of robustness tests still support our baseline findings, such as considering endogeneity issues, substituting core variables, and changing the model setting. We further discuss the mechanisms of influence using two-stage regressions and find that investor attention promotes corporate financialization by increasing investor sentiment as well as heterogeneous beliefs. Finally, we perform a series of heterogeneity tests and find that the positive relationship between investor attention and corporate financialization is more pronounced among firms with higher information uncertainty, small firms, firms within monopolistic industries, and firms within high-tech industries. However, this relationship is not significantly different among firms with different levels of institutional ownership. This study provides new evidence for understanding investors' behavioral biases and how investor attention affects corporate investment strategies.

Suggested Citation

  • Ju, Chunhua & Fang, Xusheng & Shen, Zhonghua, 2024. "Investor attention and corporate financialization: Evidence from internet search volume," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    • Handle: RePEc:eee:finana:v:96:y:2024:i:pa:s1057521924005088
    DOI: 10.1016/j.irfa.2024.103576
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    More about this item

    Keywords

    Investor attention; Corporate financialization; Information asymmetry; Investor sentiment; Heterogeneous beliefs;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G40 - Financial Economics - - Behavioral Finance - - - General

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