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  • CN 31-2074/F
Volume 38 Issue 6
Nov.  2024
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Article Navigation >  Accounting and Economic Research  > 2024  >  38(6): 74-92
Min Jian, Yu Zhigang, Wang Zhitao. 2024. Retail Investors’ Online Voice and Enterprise Innovation:A Social Network Perspective. Accounting and Economic Research, 38(6): 74-92.
Citation: Min Jian, Yu Zhigang, Wang Zhitao. 2024. Retail Investors’ Online Voice and Enterprise Innovation:A Social Network Perspective. Accounting and Economic Research, 38(6): 74-92.
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Retail Investors’ Online Voice and Enterprise Innovation:A Social Network Perspective

  • 1.

    School of Management, Wuhan University of Technology, Wuhan Hubei 430070, China

  • 2.

    Research Institute of Digital Governance and Management Decision Innovation, Wuhan University of Technology, Wuhan Hubei 430070, China

  • 3.

    Asset and Finance Department of Three Gorges Electric Energy Co., Ltd., Wuhan Hubei 430070, China

  • Received Date: 2023-01-09
    Available Online: 2025-10-22
  • Publish Date: 2024-11-25
    Abstract
  • Taking China’s A-share listed firms in high-tech industry from 2015 to 2021 as samples, the study uses Python to crawl and manually collate more than 20 million retail postings from the East Money Stock Forum, builds an internet-based information interaction network among firms via a complex network model, and examines the impact of retail investors’ online voice on enterprise innovation. The findings reveal that: (1) Retail investors’ online voice exerts a network-based monitoring effect, which promotes enterprise innovation. (2) Retail investors’ online voice enhances enterprise innovation by curbing earnings management and alleviating information asymmetry, indicating that both factors play partial mediating roles. (3) The network-based monitoring effect exhibits significant heterogeneity across enterprises with different levels of government subsidies and ownership concentration. From a social network perspective, this study confirms that retail investors’ public oversight can foster enterprise innovation, and provides empirical insights for enhancing the supervisory role of both regulators and investors.

     

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