Cross-firm technological linkage and peer effects on investment efficiency

Kailin Zeng, Wen Kuang and Ebenezer Fiifi Emire Atta Mills

Economics Letters, 2025, vol. 248, issue C

Abstract: This study provides compelling and robust evidence of investment imitation arising from technological peer relationship. The documented peer effect operates through competition-based, outcome-oriented, learning-based, and market feedback channels. Mimicking investment strategies of technological peers positively influences the future performance of focal firms, especially in highly competitive markets and when these peers exhibit superior financial performance or favorable stock returns.

Keywords: Technological linkage; Peer effects; Investment efficiency (search for similar items in EconPapers)
JEL-codes: D81 E44 G12 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:248:y:2025:i:c:s0165176525000576

DOI: 10.1016/j.econlet.2025.112220

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