The Chinese government promises to reach the carbon emission peak by 2030 and achieve the carbon neutrality by 2060.Renewable energy development is important for achieving this target.Local governments’behaviors and ...The Chinese government promises to reach the carbon emission peak by 2030 and achieve the carbon neutrality by 2060.Renewable energy development is important for achieving this target.Local governments’behaviors and attitudes might be influenced by neighbors.Therefore,this study uses simultaneous autoregressive models(SAR)to examine the peer effects on renewable energy development across China’s provinces and explain the imbalanced renewable energy developments across regions in China.The results exemplified:①The peer effects exist in China and the endogenous interaction is the main cause.②The interaction between geographically adjacent provinces have greatest peer effects.③Both competition mechanism and learning mechanism induce the peer effects and the imbalanced development.This research introduces energy-related peer effects at the provincial level to reflect the preferences of governments and reveal the underlying mechanisms involved.It also provides suggestions to policy makers:①Select developed provinces as the frontrunner to promote the renewable energy development in neighboring areas.②Regional renewable energy development policies need to be considered.③Central government should consider adding“green growth indicators”into evaluation system to avoid the asymmetrical incentives policies between economic growth and environmental protection.展开更多
As the goal of"low carbon"sustainable development becomes more salient,the corporations'environmental,social,and governance(ESG)practices are under higher visibility.How to promote the ESG performance of...As the goal of"low carbon"sustainable development becomes more salient,the corporations'environmental,social,and governance(ESG)practices are under higher visibility.How to promote the ESG performance of corporations has become a big challenge that needs to be solved.Spatial econometrics methods based on panel data on listed corporations in the period from 2018 to 2023 are used in the paper to empirically analyze the peer effect of a corporation from the view of strategic interaction.The results found relatively positive industry peer effects as well as regional peer effects.However,the latter is much weaker.Industry-wise results indicate that most sectors demonstrate positive peer competition on ESG issues,with only a few,like the special equipment manufacturing industry,not showing significant peer effects.The empirical results in this paper support the mode of cooperative interaction among firms,help broaden the scope of understanding factors that encourage ESG practices,and suggest relevant policies for boosting corporate social responsibilities and sustainable development through encouraging factors.展开更多
Corporate ESG performance is an important way for stakeholders to understand the corporate environment,social responsibility,and governance behavior.Under China’s implementation of the“carbon peak and carbon neutral...Corporate ESG performance is an important way for stakeholders to understand the corporate environment,social responsibility,and governance behavior.Under China’s implementation of the“carbon peak and carbon neutrality”dual carbon strategic background,ESG has become an important tool to promote the achievement of the“dual carbon”goals and high-quality development.How enterprises can reasonably and effectively improve their ESG performance and promote their green and sustainable development has become a major practical problem that urgently needs to be solved.Based on social learning and dynamic competition theories,this study takes Shanghai-Shenzhen A-share listed companies from 2011 to 2021 as research samples,empirically tests whether there is a peer effect in the ESG performance of listed companies in China,and examines the generation mechanism and influencing factors of the peer effect in the ESG performance of enterprises.The results show that:(i)There is an industry and regional peer effect on the ESG performance of enterprises,where the average ESG performance of other enterprises in the same industry and region,except for the focus enterprise,significantly affects the ESG performance of the focus enterprise.This core conclusion still holds true after robustness tests such as instrumental variable method,propensity score matching method,and first order difference method to eliminate endogeneity issues,replace key measurement indicators,and control for macro factors.(ii)The mechanism analysis results show that the“information learning”and“competitive pressure”mechanisms promote the peer effect of ESG performance.(iii)Further research has found that institutional investors’attention and government environmental regulations positively and significantly impact the peer effect of corporate ESG performance.(iv)Heterogeneity analysis shows that the ESG performance peer effect is more significant for large-scale,eastern,and state-owned enterprises than for small-scale,central,western,and non-state-owned enterprises.This study expands the boundaries of current ESG theory and empirical research,and the conclusions provide important policy implications for governments and enterprises.展开更多
Interlocking directors,those serving simultaneously on two or more corporate boards,facilitate exchanges of expertise and knowledge between companies,helping to reduce information gaps related to internationalization....Interlocking directors,those serving simultaneously on two or more corporate boards,facilitate exchanges of expertise and knowledge between companies,helping to reduce information gaps related to internationalization.This study analyzed investment data of 4,403 listed Chinese companies across 80 countries from 2000 to 2021,and identified a significant peer effect:the outward foreign direct investment(OFDI)experience of interlocking board directors strongly influenced companies'decisions to engage in OFDI in the same country.Key mechanisms affecting OFDI decisions include the focal company's cost of debt and the scope of available information.Heterogeneity analysis shows that peer effects were more pronounced in non-state-owned enterprises,companies with lower financing constraints,and those in more competitive industries.These effects were amplified in host countries with higher levels of government integrity and more favorable business environments.This research identifies the key drivers of OFDI and highlights the influential role of interlocking directors in shaping investment strategies,offering theoretical insights for emerging market companies seeking to leverage such networks.展开更多
Examining Chinese listed companies(2017–2021),we show that key audit matters(KAMs)disclosure exhibits a significant peer effect.We verify a rivalry-based theory of this effect.Audit firms with similar(vs.divergent)re...Examining Chinese listed companies(2017–2021),we show that key audit matters(KAMs)disclosure exhibits a significant peer effect.We verify a rivalry-based theory of this effect.Audit firms with similar(vs.divergent)resource endowments are more likely to mimic peers’KAMs disclosure,particularly when auditors face more intense competition and a more uncertain information environment.Material misstatement risks may dampen the peer effect for less economically significant clients and auditors with more industry specialists,suggesting that this effect reflects auditors’rational cost–benefit trade-off.Finally,the peer effect expands audit market share but reduces KAMs’communication value.Our findings enrich KAMs disclosure research and provide implications for enhancing audit report reforms and the communicative value of KAMs disclosure.展开更多
Second language(L2)motivation has been a topic which receives intensive attention.However,the peer effect on L2 motivation is insufficiently researched,although it is considered a crucial factor which may significantl...Second language(L2)motivation has been a topic which receives intensive attention.However,the peer effect on L2 motivation is insufficiently researched,although it is considered a crucial factor which may significantly mediate learners’L2 motivation.Hence,the current study adopted Dörnyei’s L2 Motivational Self System(L2MSS)as a theoretical framework and investigated in which specific aspects peers might affect the learners’L2 motivation and whether such effect was long-lasting.The research was designed as a small-scale qualitative study which was located in a language-focused experimental class project in China.Ten participants were recruited and individual interviews were conducted.The results demonstrated that,first,peers could remarkably influence the L2 motivation possessed by the students in the experimental class since they tended to create a clearer ideal L2 self and a more powerful ought-to L2 self.Second,although they had both positive and negative views towards the curriculum,a motivated peer climate could alleviate the pressure caused by the curriculum and reinforce positive attitudes.Third,such peer effect was not long-lasting.Based on the research results,pedagogical implications were proposed in terms of establishing a positive peer group and adjusting the emphasis of the curriculum.展开更多
This study investigates the influence of corporate social responsibility performance by industry peers on innovation outputs of focal firms,along with the underlying mechanism that drives the peer effect.Using a sampl...This study investigates the influence of corporate social responsibility performance by industry peers on innovation outputs of focal firms,along with the underlying mechanism that drives the peer effect.Using a sample of Chinese listed firms from 2010 to 2020,the analysis shows that higher corporate social responsibility performance among peer firms is associated with a reduction in the innovation outputs of focal firms.This outcome in-dicates that peer firms with superior corporate social responsibility performance hold competitive advantages that limit essential innovation resources for focal firms.Fur-thermore,the results demonstrate that customer demand partially mediates the negative peer effect.However,the adverse impact diminishes when focal firms maintain stable relationships with suppliers and customers.展开更多
We show that peer effects influence corporate investment decisions. Using a sample of China's listed firms from 1999 to 2012, we show that a one standard deviation increase in peer firms' investments is associ...We show that peer effects influence corporate investment decisions. Using a sample of China's listed firms from 1999 to 2012, we show that a one standard deviation increase in peer firms' investments is associated with a 4% increase in firm i's investments. We further identify the mechanisms, conditions and economic consequences of peer effects in firms' investment decisions. We find that peer effects are more pronounced when firms have information advantages and the information disclosure quality of peer firms is higher, or if they face more fierce competition. When firms are industry followers, are young or have financial constraints, they are highly sensitive to their peers firms. We also quantify the economic consequences generated by peer effects, which can increase firm performance in future periods.展开更多
In this study,we examine the peer effect on climate risk information disclosure by analyzing A-share listed companies in China.We find that industry peers influence target firms’climate risk information disclosure th...In this study,we examine the peer effect on climate risk information disclosure by analyzing A-share listed companies in China.We find that industry peers influence target firms’climate risk information disclosure through active(passive)imitation resulting from cost-benefit considerations(institutional pressures).Leader companies are more likely to be emulated by within-industry follower companies and target firms prefer to learn from similar withinindustry firms.Executive overconfidence and performance pressure negatively affect target firms’willingness to emulate their peers.Finally,the peer effect of climate risk information disclosure demonstrates a regional aspect.Our findings have implications for reasonable climate risk information disclosure at the micro level and effective regulation to move toward achieving carbon peak/neutrality at the macro level.展开更多
This study investigates the influence of strategic competition on peer effects in corporate investment by using a sample of 28,522 observations of Chinese listed companies from 2008 to 2020.The study develops a linear...This study investigates the influence of strategic competition on peer effects in corporate investment by using a sample of 28,522 observations of Chinese listed companies from 2008 to 2020.The study develops a linear-in means model and uses an instrumental variables approach,and uses the competitive strategy measure(CSM)and Lerner index as proxies of competitive strategies and competitive positions to capture the firm-level competition.The empirical results demonstrate that when firms compete as strategic substitutes and when firms are in higher competitive positions,the peer effects in corporate investment are significant and positive.In addition,in circumstances of high information asymmetry,firms competing as strategic substitutes and firms in high competitive positions rely more on information related to investment from peer firms.Moreover,industry policies and barriers do not significantly influence peer effects in investment.This study offers new empirical evidence regarding peer effects in corporate investment in China.展开更多
Financial fraud arises from the exaggeration of business interests,and an accurate detection or prediction is a useful tool for both corporate management and capital market systems.A collection of computer technologie...Financial fraud arises from the exaggeration of business interests,and an accurate detection or prediction is a useful tool for both corporate management and capital market systems.A collection of computer technologies has been made on this problem so far,and one of the most important solutions is unsupervised learning algorithms.Among them,most approaches work by analysing the internal relations in financial data and finding a new description of non-fraud firms.However,current studies focus a lot on the geometry attribute of financial data,while overlooking the obvious behaviour patterns and peer effects among firms.This has limited the accuracy of representation and furthermore the detection performance.In this work,a very general class of functions is allowed to represent firms,constraining them by peer effects between firms and presenting an error-distribution-based financial fraud firm detection approach.Experimental results have shown great performance of the proposed approach.展开更多
In recent years,the internet business model has become a popular concept,and has been adopted by an increasing number of traditional enterprises.However,the question remains whether this adoption is a strategy-driven ...In recent years,the internet business model has become a popular concept,and has been adopted by an increasing number of traditional enterprises.However,the question remains whether this adoption is a strategy-driven decision or a blind follow of trends.Therefore,this study is conducted on Chinese listed companies from 2007 to 2020 to examine the existence,underlying motives,and economic consequences of peer effects in traditional enterprises adopting internet business models.The results show significant peer effects among traditional enterprises adopting internet business models.The examination of driving mechanisms reveals that peer effects of internet business models are more significant in enterprises with asset-light structures,higher degrees of virtualization,lower market valuations,and greater financing pressure,supporting the conceptual catering hypothesis rather than the strategic drive hypothesis.Further tests reveal that while adopting internet business models enables enterprises to receive some government subsidy and market reaction in the short term,it only promotes tactical innovation rather than real innovation and does not improve the financial performance of these enterprises.This further indicates that peer effects of internet business models are not a strategic drive but rather a matter of conceptual catering.展开更多
Based on the students' capability of assessing peers' essays, this paper attempts to analyze the effectiveness of peer feed-back in EFL writing. Significant improvements can be made in writing proficiency, esp...Based on the students' capability of assessing peers' essays, this paper attempts to analyze the effectiveness of peer feed-back in EFL writing. Significant improvements can be made in writing proficiency, especially for the students who review others' essays. The reviewers may not only improve their peer's papers but also improve general writing skills and learn to self-evaluatetheir own writing.展开更多
Since the result of effect comparison is important for teacher's decision making,roles teacher feedback and peer review play respectively and collaboratively in tertiary-level EFL writing context should be address...Since the result of effect comparison is important for teacher's decision making,roles teacher feedback and peer review play respectively and collaboratively in tertiary-level EFL writing context should be addressed via quantitative study as this paper proposed.Quantitative data should be collected from students'first drafts,second drafts and written comments from teachers and peers.Gains for overall scores between the first and second drafts and correlation between suggestions and gains should be examined.展开更多
This study investigates the peer effect in the initial recognition of goodwill.We find that firms imitate their peers in the initial recognition of goodwill.The higher the tendency for imitation,the higher the proport...This study investigates the peer effect in the initial recognition of goodwill.We find that firms imitate their peers in the initial recognition of goodwill.The higher the tendency for imitation,the higher the proportion of goodwill recognized.Imitation behavior in the initial recognition of goodwill cannot be explained by information acquisition or rivalry motivations.Instead,we find evidence that managers’opportunistic motivations explain the peer effect in the initial recognition of goodwill and the overestimation of goodwill arising from imitation tendencies.Executive overconfidence weakens the peer effect but exacerbates the overestimation of goodwill caused by imitation tendencies.Finally,the higher the imitation tendency,the greater the probability and amount of goodwill impairment in the future.This further confirms that the peer effect leads to overestimation of goodwill.The findings of this study enrich the literature on goodwill and provide insightful empirical evidence for regulating goodwill accounting.The results show that the conservatism principle should be reinforced in the initial recognition of goodwill.展开更多
For Peer-to-Peer (P2P) streaming services in mobile networks, the selection of appropriate neighbour peers from candidate peers with demanding data is an important approach to improve Quality-of-Service (QoS). This pa...For Peer-to-Peer (P2P) streaming services in mobile networks, the selection of appropriate neighbour peers from candidate peers with demanding data is an important approach to improve Quality-of-Service (QoS). This paper proposes a novel Effective Capacity Peer Selection (ECPS) scheme based on effective capacity. In the ECPS scheme, the neighbour peer selection problem was modeled using the Multiple Attribute Decision Making (MADM) theory, which considered multiple factors of candidate peers, including Signal to Interference and Noise Ratio (SINR), residency time, power level, security, moving speed, and effective capacity. This model could increase the suitability of ECPS for wireless mobile environments. Then, the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) was used to solve the MADM problem and identify the preferred neighbour peers. Simulation results show that the ECPS scheme can improve the network throughput, reduce packet delay by about 82%, and almost double the packet delivery ratio of the mobile P2P streaming service.展开更多
IntroductionCurrently, there are at least 850,000 people living with human immuno-deficiency virus (HIV) and acquired immuno-deficiency syndrome (AIDS) in China. Among them 16-29 years old account for about 65%. A... IntroductionCurrently, there are at least 850,000 people living with human immuno-deficiency virus (HIV) and acquired immuno-deficiency syndrome (AIDS) in China. Among them 16-29 years old account for about 65%. According to the Chinese health authorities, if the preventive measures are not effective, the figure could reach as many as 10 million by the year 2010[1]. Since there are currently no cure or vaccines for HIV/AIDS, changing people's high-risk behaviors is the main approach that is taken to slow down the epidemic. This can be done through effective HIV/AIDS education, especially for young people. In 1997, a 4-year adolescent HIV/AIDS peer education program was introduced to in Beijing and Shanghai, which was based on a successful Australian model developed by Professor Roger Short, in which senior medical students were trained and used as peer educators to teach their junior peers about HIV/AIDS[2].……展开更多
This paper aims to examine whether peer response is effective in ESL/EFL writing to provide a theoretical foundation as well as some adaptable suggestions from teachers/researchers to enhance peer response activities ...This paper aims to examine whether peer response is effective in ESL/EFL writing to provide a theoretical foundation as well as some adaptable suggestions from teachers/researchers to enhance peer response activities in teaching context. Firstly,the literature review is conducted,exploring research addressing characteristics of peer response and relationship among peer response and student attitude,student revision and writing quality improvement. Secondly,pedagogical implications (implementation of peer response) are demonstrated.展开更多
This mini research explored effects of peer-scaffolding on EFL students through a collaborative oral task. In general,there are two research questions. The first one is: What kind of peer scaffolding behaviors can be ...This mini research explored effects of peer-scaffolding on EFL students through a collaborative oral task. In general,there are two research questions. The first one is: What kind of peer scaffolding behaviors can be reflected from the two participants? While the other is: How do these peer scaffolding behaviors affect or help EFL students to complete the collaborative oral task? From the research, 10 scaffolding behaviors were analyzed and classified into 5 aspects. Meanwhile, effects of peer-scaffolding can be investigated from 5 aspects mentioned above. In short, all the peer-scaffolding behaviors in this study play a positive role in helping two participants to complete the task.展开更多
基金supported by the National Natural Science Foundation of China[Grant No.71834003,72204111]the Major Program of National Social Science Foundation of China[Grant No.21&ZD110,22ZDA113].
文摘The Chinese government promises to reach the carbon emission peak by 2030 and achieve the carbon neutrality by 2060.Renewable energy development is important for achieving this target.Local governments’behaviors and attitudes might be influenced by neighbors.Therefore,this study uses simultaneous autoregressive models(SAR)to examine the peer effects on renewable energy development across China’s provinces and explain the imbalanced renewable energy developments across regions in China.The results exemplified:①The peer effects exist in China and the endogenous interaction is the main cause.②The interaction between geographically adjacent provinces have greatest peer effects.③Both competition mechanism and learning mechanism induce the peer effects and the imbalanced development.This research introduces energy-related peer effects at the provincial level to reflect the preferences of governments and reveal the underlying mechanisms involved.It also provides suggestions to policy makers:①Select developed provinces as the frontrunner to promote the renewable energy development in neighboring areas.②Regional renewable energy development policies need to be considered.③Central government should consider adding“green growth indicators”into evaluation system to avoid the asymmetrical incentives policies between economic growth and environmental protection.
基金supported by the National Natural Science Foundation of China(Grant No.72073045).
文摘As the goal of"low carbon"sustainable development becomes more salient,the corporations'environmental,social,and governance(ESG)practices are under higher visibility.How to promote the ESG performance of corporations has become a big challenge that needs to be solved.Spatial econometrics methods based on panel data on listed corporations in the period from 2018 to 2023 are used in the paper to empirically analyze the peer effect of a corporation from the view of strategic interaction.The results found relatively positive industry peer effects as well as regional peer effects.However,the latter is much weaker.Industry-wise results indicate that most sectors demonstrate positive peer competition on ESG issues,with only a few,like the special equipment manufacturing industry,not showing significant peer effects.The empirical results in this paper support the mode of cooperative interaction among firms,help broaden the scope of understanding factors that encourage ESG practices,and suggest relevant policies for boosting corporate social responsibilities and sustainable development through encouraging factors.
基金National Social Science Foundation General Project:Study on Audit Evaluation and Accountability Mechanism of Overall Budget Performance Management from the Perspective of National Governance [Grant No.20BGL080]Soft Science Research Project of Henan Science and Technology Department:Study on the Triggering Mechanism and Influencing Factors of the Peer Effect of Enterprise ESG Performance [Grant No.242400412067].
文摘Corporate ESG performance is an important way for stakeholders to understand the corporate environment,social responsibility,and governance behavior.Under China’s implementation of the“carbon peak and carbon neutrality”dual carbon strategic background,ESG has become an important tool to promote the achievement of the“dual carbon”goals and high-quality development.How enterprises can reasonably and effectively improve their ESG performance and promote their green and sustainable development has become a major practical problem that urgently needs to be solved.Based on social learning and dynamic competition theories,this study takes Shanghai-Shenzhen A-share listed companies from 2011 to 2021 as research samples,empirically tests whether there is a peer effect in the ESG performance of listed companies in China,and examines the generation mechanism and influencing factors of the peer effect in the ESG performance of enterprises.The results show that:(i)There is an industry and regional peer effect on the ESG performance of enterprises,where the average ESG performance of other enterprises in the same industry and region,except for the focus enterprise,significantly affects the ESG performance of the focus enterprise.This core conclusion still holds true after robustness tests such as instrumental variable method,propensity score matching method,and first order difference method to eliminate endogeneity issues,replace key measurement indicators,and control for macro factors.(ii)The mechanism analysis results show that the“information learning”and“competitive pressure”mechanisms promote the peer effect of ESG performance.(iii)Further research has found that institutional investors’attention and government environmental regulations positively and significantly impact the peer effect of corporate ESG performance.(iv)Heterogeneity analysis shows that the ESG performance peer effect is more significant for large-scale,eastern,and state-owned enterprises than for small-scale,central,western,and non-state-owned enterprises.This study expands the boundaries of current ESG theory and empirical research,and the conclusions provide important policy implications for governments and enterprises.
基金support from the Science and Technology Department of Sichuan Province(No.2021JDR0075).
文摘Interlocking directors,those serving simultaneously on two or more corporate boards,facilitate exchanges of expertise and knowledge between companies,helping to reduce information gaps related to internationalization.This study analyzed investment data of 4,403 listed Chinese companies across 80 countries from 2000 to 2021,and identified a significant peer effect:the outward foreign direct investment(OFDI)experience of interlocking board directors strongly influenced companies'decisions to engage in OFDI in the same country.Key mechanisms affecting OFDI decisions include the focal company's cost of debt and the scope of available information.Heterogeneity analysis shows that peer effects were more pronounced in non-state-owned enterprises,companies with lower financing constraints,and those in more competitive industries.These effects were amplified in host countries with higher levels of government integrity and more favorable business environments.This research identifies the key drivers of OFDI and highlights the influential role of interlocking directors in shaping investment strategies,offering theoretical insights for emerging market companies seeking to leverage such networks.
基金funded by the Shandong Provincial Natural Science Foundation(Grant No.ZR2022MG014)Shandong Social Science Planning Project(Grant No.23CGLJ19).Professional English language editing support provided by AsiaEdit(asiaedit.com).
文摘Examining Chinese listed companies(2017–2021),we show that key audit matters(KAMs)disclosure exhibits a significant peer effect.We verify a rivalry-based theory of this effect.Audit firms with similar(vs.divergent)resource endowments are more likely to mimic peers’KAMs disclosure,particularly when auditors face more intense competition and a more uncertain information environment.Material misstatement risks may dampen the peer effect for less economically significant clients and auditors with more industry specialists,suggesting that this effect reflects auditors’rational cost–benefit trade-off.Finally,the peer effect expands audit market share but reduces KAMs’communication value.Our findings enrich KAMs disclosure research and provide implications for enhancing audit report reforms and the communicative value of KAMs disclosure.
文摘Second language(L2)motivation has been a topic which receives intensive attention.However,the peer effect on L2 motivation is insufficiently researched,although it is considered a crucial factor which may significantly mediate learners’L2 motivation.Hence,the current study adopted Dörnyei’s L2 Motivational Self System(L2MSS)as a theoretical framework and investigated in which specific aspects peers might affect the learners’L2 motivation and whether such effect was long-lasting.The research was designed as a small-scale qualitative study which was located in a language-focused experimental class project in China.Ten participants were recruited and individual interviews were conducted.The results demonstrated that,first,peers could remarkably influence the L2 motivation possessed by the students in the experimental class since they tended to create a clearer ideal L2 self and a more powerful ought-to L2 self.Second,although they had both positive and negative views towards the curriculum,a motivated peer climate could alleviate the pressure caused by the curriculum and reinforce positive attitudes.Third,such peer effect was not long-lasting.Based on the research results,pedagogical implications were proposed in terms of establishing a positive peer group and adjusting the emphasis of the curriculum.
基金supported by the National Natural Science Foundation of China(Grant Nos.72171167).
文摘This study investigates the influence of corporate social responsibility performance by industry peers on innovation outputs of focal firms,along with the underlying mechanism that drives the peer effect.Using a sample of Chinese listed firms from 2010 to 2020,the analysis shows that higher corporate social responsibility performance among peer firms is associated with a reduction in the innovation outputs of focal firms.This outcome in-dicates that peer firms with superior corporate social responsibility performance hold competitive advantages that limit essential innovation resources for focal firms.Fur-thermore,the results demonstrate that customer demand partially mediates the negative peer effect.However,the adverse impact diminishes when focal firms maintain stable relationships with suppliers and customers.
基金supported by the National Natural Science Foundation of China (71263034,71572087)
文摘We show that peer effects influence corporate investment decisions. Using a sample of China's listed firms from 1999 to 2012, we show that a one standard deviation increase in peer firms' investments is associated with a 4% increase in firm i's investments. We further identify the mechanisms, conditions and economic consequences of peer effects in firms' investment decisions. We find that peer effects are more pronounced when firms have information advantages and the information disclosure quality of peer firms is higher, or if they face more fierce competition. When firms are industry followers, are young or have financial constraints, they are highly sensitive to their peers firms. We also quantify the economic consequences generated by peer effects, which can increase firm performance in future periods.
基金funded by grants from the National Social Science Foundation of China(No.18ZDA095,No.21BJY080 and No.22CJY049)the Social Science Planning Fund of Liaoning Province(No.L22ZD039).
文摘In this study,we examine the peer effect on climate risk information disclosure by analyzing A-share listed companies in China.We find that industry peers influence target firms’climate risk information disclosure through active(passive)imitation resulting from cost-benefit considerations(institutional pressures).Leader companies are more likely to be emulated by within-industry follower companies and target firms prefer to learn from similar withinindustry firms.Executive overconfidence and performance pressure negatively affect target firms’willingness to emulate their peers.Finally,the peer effect of climate risk information disclosure demonstrates a regional aspect.Our findings have implications for reasonable climate risk information disclosure at the micro level and effective regulation to move toward achieving carbon peak/neutrality at the macro level.
基金supported by the National Natural Science Foundation of China No.72202030China Postdoctoral Science Foundation No.2022M710630.
文摘This study investigates the influence of strategic competition on peer effects in corporate investment by using a sample of 28,522 observations of Chinese listed companies from 2008 to 2020.The study develops a linear-in means model and uses an instrumental variables approach,and uses the competitive strategy measure(CSM)and Lerner index as proxies of competitive strategies and competitive positions to capture the firm-level competition.The empirical results demonstrate that when firms compete as strategic substitutes and when firms are in higher competitive positions,the peer effects in corporate investment are significant and positive.In addition,in circumstances of high information asymmetry,firms competing as strategic substitutes and firms in high competitive positions rely more on information related to investment from peer firms.Moreover,industry policies and barriers do not significantly influence peer effects in investment.This study offers new empirical evidence regarding peer effects in corporate investment in China.
基金supported by the Science and Technology Research Project of Chongqing Education Commission(KJQN201801103)the Humanities and Social Science Research Project of Chongqing Education Commission(20SKGH176)the General Funded Projects of Chinese Postdoctoral Science Foundation(2021M693764).
文摘Financial fraud arises from the exaggeration of business interests,and an accurate detection or prediction is a useful tool for both corporate management and capital market systems.A collection of computer technologies has been made on this problem so far,and one of the most important solutions is unsupervised learning algorithms.Among them,most approaches work by analysing the internal relations in financial data and finding a new description of non-fraud firms.However,current studies focus a lot on the geometry attribute of financial data,while overlooking the obvious behaviour patterns and peer effects among firms.This has limited the accuracy of representation and furthermore the detection performance.In this work,a very general class of functions is allowed to represent firms,constraining them by peer effects between firms and presenting an error-distribution-based financial fraud firm detection approach.Experimental results have shown great performance of the proposed approach.
基金supported by the Major Project of the National Natural Science Foundation of China(No.71790604)the Distinguished Young Scholars Project of the University of International BusinessandEconomics(No.21JQ03).
文摘In recent years,the internet business model has become a popular concept,and has been adopted by an increasing number of traditional enterprises.However,the question remains whether this adoption is a strategy-driven decision or a blind follow of trends.Therefore,this study is conducted on Chinese listed companies from 2007 to 2020 to examine the existence,underlying motives,and economic consequences of peer effects in traditional enterprises adopting internet business models.The results show significant peer effects among traditional enterprises adopting internet business models.The examination of driving mechanisms reveals that peer effects of internet business models are more significant in enterprises with asset-light structures,higher degrees of virtualization,lower market valuations,and greater financing pressure,supporting the conceptual catering hypothesis rather than the strategic drive hypothesis.Further tests reveal that while adopting internet business models enables enterprises to receive some government subsidy and market reaction in the short term,it only promotes tactical innovation rather than real innovation and does not improve the financial performance of these enterprises.This further indicates that peer effects of internet business models are not a strategic drive but rather a matter of conceptual catering.
文摘Based on the students' capability of assessing peers' essays, this paper attempts to analyze the effectiveness of peer feed-back in EFL writing. Significant improvements can be made in writing proficiency, especially for the students who review others' essays. The reviewers may not only improve their peer's papers but also improve general writing skills and learn to self-evaluatetheir own writing.
文摘Since the result of effect comparison is important for teacher's decision making,roles teacher feedback and peer review play respectively and collaboratively in tertiary-level EFL writing context should be addressed via quantitative study as this paper proposed.Quantitative data should be collected from students'first drafts,second drafts and written comments from teachers and peers.Gains for overall scores between the first and second drafts and correlation between suggestions and gains should be examined.
基金supported by the National Natural Science Foundation of China,China(71790603,71672198,71772188).
文摘This study investigates the peer effect in the initial recognition of goodwill.We find that firms imitate their peers in the initial recognition of goodwill.The higher the tendency for imitation,the higher the proportion of goodwill recognized.Imitation behavior in the initial recognition of goodwill cannot be explained by information acquisition or rivalry motivations.Instead,we find evidence that managers’opportunistic motivations explain the peer effect in the initial recognition of goodwill and the overestimation of goodwill arising from imitation tendencies.Executive overconfidence weakens the peer effect but exacerbates the overestimation of goodwill caused by imitation tendencies.Finally,the higher the imitation tendency,the greater the probability and amount of goodwill impairment in the future.This further confirms that the peer effect leads to overestimation of goodwill.The findings of this study enrich the literature on goodwill and provide insightful empirical evidence for regulating goodwill accounting.The results show that the conservatism principle should be reinforced in the initial recognition of goodwill.
基金supported in part by the National Natural Science Foundation of China under Grant No. 60902047the Fundamental Research Funds for the Central Universities under Grant No. BUPT2013RC0111
文摘For Peer-to-Peer (P2P) streaming services in mobile networks, the selection of appropriate neighbour peers from candidate peers with demanding data is an important approach to improve Quality-of-Service (QoS). This paper proposes a novel Effective Capacity Peer Selection (ECPS) scheme based on effective capacity. In the ECPS scheme, the neighbour peer selection problem was modeled using the Multiple Attribute Decision Making (MADM) theory, which considered multiple factors of candidate peers, including Signal to Interference and Noise Ratio (SINR), residency time, power level, security, moving speed, and effective capacity. This model could increase the suitability of ECPS for wireless mobile environments. Then, the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) was used to solve the MADM problem and identify the preferred neighbour peers. Simulation results show that the ECPS scheme can improve the network throughput, reduce packet delay by about 82%, and almost double the packet delivery ratio of the mobile P2P streaming service.
基金the Ford Foundation for their financial support to the program
文摘 IntroductionCurrently, there are at least 850,000 people living with human immuno-deficiency virus (HIV) and acquired immuno-deficiency syndrome (AIDS) in China. Among them 16-29 years old account for about 65%. According to the Chinese health authorities, if the preventive measures are not effective, the figure could reach as many as 10 million by the year 2010[1]. Since there are currently no cure or vaccines for HIV/AIDS, changing people's high-risk behaviors is the main approach that is taken to slow down the epidemic. This can be done through effective HIV/AIDS education, especially for young people. In 1997, a 4-year adolescent HIV/AIDS peer education program was introduced to in Beijing and Shanghai, which was based on a successful Australian model developed by Professor Roger Short, in which senior medical students were trained and used as peer educators to teach their junior peers about HIV/AIDS[2].……
文摘This paper aims to examine whether peer response is effective in ESL/EFL writing to provide a theoretical foundation as well as some adaptable suggestions from teachers/researchers to enhance peer response activities in teaching context. Firstly,the literature review is conducted,exploring research addressing characteristics of peer response and relationship among peer response and student attitude,student revision and writing quality improvement. Secondly,pedagogical implications (implementation of peer response) are demonstrated.
文摘This mini research explored effects of peer-scaffolding on EFL students through a collaborative oral task. In general,there are two research questions. The first one is: What kind of peer scaffolding behaviors can be reflected from the two participants? While the other is: How do these peer scaffolding behaviors affect or help EFL students to complete the collaborative oral task? From the research, 10 scaffolding behaviors were analyzed and classified into 5 aspects. Meanwhile, effects of peer-scaffolding can be investigated from 5 aspects mentioned above. In short, all the peer-scaffolding behaviors in this study play a positive role in helping two participants to complete the task.
