Speculative culture and corporate high-quality development in China: mediating effect of corporate innovation

Bin Li, Honglei Li, Guangfan Sun, Jiayi Tao (), Chongluan Lu and Changwei Guo
Additional contact information
Bin Li: Shandong Sport University
Honglei Li: Renmin University of China
Guangfan Sun: Renmin University of China
Jiayi Tao: Southeast University
Chongluan Lu: Renmin University of China
Changwei Guo: Renmin University of China

Palgrave Communications, 2024, vol. 11, issue 1, 1-10

Abstract: Abstract This paper associates the speculative culture with the corporate total factor productivity (TFP), aiming to explore the influence of speculative culture on corporate high-quality development. The results reveal that the presence of a speculative atmosphere varies across different regions in China, leading to uneven development among companies located in these regions. Specifically, companies situated in regions with a weaker speculative culture demonstrate higher TFP. The finding suggests a causal relationship between speculative culture and corporate high-quality development by adopting an instrumental variable test using natural calamities. Moreover, the research indicates that speculative culture can impact corporate high-quality development by influencing their innovation activities. Additionally, the study identifies heterogeneous effects of speculative culture on companies of different sizes and levels of analyst attention. The implications of this research shed light on the influence of speculative culture on the real economy, providing insights into the informal institutional factors contributing to the corporate high-quality development in different geographical areas. These findings contribute to the promotion of economic high-quality development at the geographical level and inform related policy formulation.

Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://link.springer.com/10.1057/s41599-024-03404-8 Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-03404-8

Ordering information: This journal article can be ordered from
https://www.nature.com/palcomms/about

DOI: 10.1057/s41599-024-03404-8

Access Statistics for this article

More articles in Palgrave Communications from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().