The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China
This article investigates the extent to which inflation perceptions affect firms’ innovation input and investment expenditure. We adopt dummy variables data to quantify the firm inflation perceptions of China’s listed manufacturing companies from corporate annual reports during the period from 2008–...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
EDP Sciences
2021-01-01
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| Series: | E3S Web of Conferences |
| Online Access: | https://www.e3s-conferences.org/articles/e3sconf/pdf/2021/51/e3sconf_eilcd2021_01043.pdf |
| _version_ | 1818677031463813120 |
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| author | Zhang Chi Liu Zhixin Lv Lei |
| author_facet | Zhang Chi Liu Zhixin Lv Lei |
| author_sort | Zhang Chi |
| collection | DOAJ |
| description | This article investigates the extent to which inflation perceptions affect firms’ innovation input and investment expenditure. We adopt dummy variables data to quantify the firm inflation perceptions of China’s listed manufacturing companies from corporate annual reports during the period from 2008–2018. Results reveal that inflation perceptions have a positive Tobin effect on investment spending decisions of the firms whose inflation perceive risen, vice versa. Besides, the investment expenditure of large manufacturing/ SOEs enterprises are more sensitive than small/non-SOEs firms when inflation perceptions have risen, and small/non-SOEs companies tend to reduce much more investment spending when inflation perceptions decline. Our results have significant implications for policymakers and firm managers. |
| first_indexed | 2024-12-17T08:52:54Z |
| format | Article |
| id | doaj.art-a85dd74198d840f68e58d430f4ceba54 |
| institution | Directory Open Access Journal |
| issn | 2267-1242 |
| language | English |
| last_indexed | 2024-12-17T08:52:54Z |
| publishDate | 2021-01-01 |
| publisher | EDP Sciences |
| record_format | Article |
| series | E3S Web of Conferences |
| spelling | doaj.art-a85dd74198d840f68e58d430f4ceba542022-12-21T21:56:01ZengEDP SciencesE3S Web of Conferences2267-12422021-01-012750104310.1051/e3sconf/202127501043e3sconf_eilcd2021_01043The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in ChinaZhang Chi0Liu Zhixin1Lv Lei2School of Economics and Management, Beihang UniversitySchool of Economics and Management, Beihang UniversitySchool of Economics and Management, Beihang UniversityThis article investigates the extent to which inflation perceptions affect firms’ innovation input and investment expenditure. We adopt dummy variables data to quantify the firm inflation perceptions of China’s listed manufacturing companies from corporate annual reports during the period from 2008–2018. Results reveal that inflation perceptions have a positive Tobin effect on investment spending decisions of the firms whose inflation perceive risen, vice versa. Besides, the investment expenditure of large manufacturing/ SOEs enterprises are more sensitive than small/non-SOEs firms when inflation perceptions have risen, and small/non-SOEs companies tend to reduce much more investment spending when inflation perceptions decline. Our results have significant implications for policymakers and firm managers.https://www.e3s-conferences.org/articles/e3sconf/pdf/2021/51/e3sconf_eilcd2021_01043.pdf |
| spellingShingle | Zhang Chi Liu Zhixin Lv Lei The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China E3S Web of Conferences |
| title | The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China |
| title_full | The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China |
| title_fullStr | The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China |
| title_full_unstemmed | The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China |
| title_short | The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China |
| title_sort | impact of firms inflation perceptions on investment evidence from listed manufacturing enterprises in china |
| url | https://www.e3s-conferences.org/articles/e3sconf/pdf/2021/51/e3sconf_eilcd2021_01043.pdf |
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