Corporate Finance Policies and Social Networks
研究发现，公司高管和董事的社会关系会影响公司财务决策，社会联系越紧密的公司，其资本投资越相似，且处于网络中心位置的公司投资更少异质性、经济表现更好。
This paper shows that managers are influenced by their social peers when making corporate policy decisions. Using biographical information about executives and directors of U.S. public companies, we define social ties from current and past employment, education, and other activities. We find that more connections two companies share with each other, more similar their capital investments are. To address endogeneity concerns, we find that companies invest less similarly when an individual connecting them dies. The results extend to other corporate finance policies. Furthermore, central companies in the social network invest in a less idiosyncratic way and exhibit better economic performance. This paper was accepted by Amit Seru, finance.