The impacts of economy policy uncertainty on peer effects of firms R&D investment: Based on LDA machine learning and regression statistical modeling approach

Shanshan Wang, Xingxing Yang, Xia Zhu and Xiangyu Ge

PLOS ONE, 2024, vol. 19, issue 6, 1-23

Abstract: The Latent Dirichlet Allocation (LDA) model is used to extract the text themes of newspaper news and construct the Chinese Economic Policy Uncertainty (EPU) Index. On this basis, based on the relevant data of Chinese A-share listed companies from 2008 to 2020, this paper empirically analyzes the impact of EPU on peer effects of firms R&D investment, and finds that EPU will aggravate the peer effects of firms R&D investment. Furthermore, the moderating effect of manager’s motivation to maintain reputation on the process of EPU influencing the peer effects of firms R&D investment was tested, and the mechanism of EPU influencing the peer effects of firms R&D investment through financial frictions was verified.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0305715

DOI: 10.1371/journal.pone.0305715

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