Investor interaction and the valuation of listed companies

Haijun Wang, Shuaipeng Jiao and Guanglin Sun

Research in International Business and Finance, 2024, vol. 67, issue PB

Abstract: We examine the impact of investor interaction on the valuation of listed companies. We have developed distinctive micro-databases and indicators to delve into the impact of investor interaction on the valuation of listed companies and understand its underlying transmission mechanism. The research shows that: firstly, improving the interaction between listed companies and investors can significantly improve the valuation of listed companies. Secondly, investor interaction helps to enhance the quality of information disclosure, curb the non-systematic risk of stocks, increase stock activity and liquidity, and plays a mediating role in improving the valuation of companies. Thirdly, investor interaction has a moderating effect on the valuation of listed companies by influencing trading behaviors such as shareholding ratio and turnover.

Keywords: Investor interaction; Valuation improvement; Interaction quality; Governance capacity (search for similar items in EconPapers)
JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:67:y:2024:i:pb:s0275531923002702

DOI: 10.1016/j.ribaf.2023.102144

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