Chen Fengwen, Xu Jingwei, Wang Wei, Liao Fangnan, Guo Yineng
School of Economics and Business Administration, Chongqing University, Chongqing, China.
College of Economics and Management, Southwest University, Chongqing, China.
Front Psychol. 2022 May 13;13:887510. doi: 10.3389/fpsyg.2022.887510. eCollection 2022.
The enterprise network is of great significance in explaining the risk-taking of individual firm. However, some unobservable networks hidden in different firms have long been neglected. Using the text data of the annual reports of China's listed firms from 2007 to 2018, this paper adopts a textual analysis method to capture the managers' perceptions of pressure, and build a special kind of hidden inter-firm networks, that is, the perceived competition networks of managers. In addition, this paper discusses the impact of network characteristics on corporate risk-taking behavior. Empirically, there is a positive association between competition strength and corporate risk-taking, as well as the density of perceived competition network. Furthermore, this paper explores the risk-taking behaviors of peer firms in focal firm's perceived competition network, and finds that the improvement of peer firms' risk-taking significantly increases the risk bearing level of focal firm, that is, the positive spillover effect of risk-taking behavior among firms in perceived competition networks. Moreover, managers' personal traits significantly moderate the impact of network characteristics on corporate risk-taking, which is mainly reflected in younger and male managers. Our findings can enrich the literature on social interactions and corporate behaviors, and help firms to improve their understanding of perceptible peer firms.
企业网络对于解释单个企业的风险承担具有重要意义。然而，长期以来，不同企业中隐藏的一些不可观测网络一直被忽视。本文利用2007年至2018年中国上市公司年报的文本数据，采用文本分析方法来捕捉管理者对压力的感知，并构建一种特殊的企业间隐藏网络，即管理者感知竞争网络。此外，本文还探讨了网络特征对企业风险承担行为的影响。实证研究表明，竞争强度与企业风险承担以及感知竞争网络的密度之间存在正相关关系。此外，本文还探究了焦点企业感知竞争网络中同行企业的风险承担行为，发现同行企业风险承担的提高显著增加了焦点企业的风险承担水平，即在感知竞争网络中企业间风险承担行为存在正溢出效应。而且，管理者的个人特质显著调节了网络特征对企业风险承担的影响，这主要体现在年轻管理者和男性管理者身上。我们的研究结果可以丰富关于社会互动和企业行为的文献，并帮助企业更好地理解可感知的同行企业。
