School of Economics and Management, Fuzhou University, Fuzhou, 350108, China
This paper empirically investigates the effect of managerial competence on investor attention, using A-share listed companies from 2007-2021 as the research object. The study finds that managerial competence has a positive enhancing effect on investor attention. The moderating mechanism suggests that the degree of corporate diversification has a dampening effect on the enhancing effect of managerial competence on investor attention. The above findings still hold after applying robustness tests in various ways. Heterogeneity analysis shows that the promotion of managerial competencies on investor attention is more pronounced in firms with a higher degree of digitalisation under non-state enterprises. The study has implications for attracting investor attention and enhancing corporate competitiveness in the new era.
investor focus, managerial competence, corporate diversification
Xinyi Pan. The impact of managerial competence on investor attention. Academic Journal of Business & Management (2023) Vol. 5, Issue 11: 137-144. https://doi.org/10.25236/AJBM.2023.051121.
 Gaar E, Moritz V, Schiereck D. The Impact of Media Attention on the Illiquidity of Stocks: Evidence from the Global FinTech Sector[J]. Credit and Capital Markets, 2021, 54.
 Chen Y Y, Edward J, Podolski, et al. Does managerial ability facilitate corporate innovative success? [J].Journal of Empirical Finance, 2015, 34: 313 -326.
 Yao Lj, Chen Xueying, Zhou Y, Chen Sj. Management capacity and investment efficiency [J]. Accounting Research, 2020(04): 100-118.
 Zhang Linyi, Zhang Honghui. No controlling shareholder, insider control and internal control quality [J]. Audit Research, 2020(01):96-104.
 Liu B. The Impact of Institutional Investor Attention on Enterprise Performance: Empirical Test Based on Chain Multiple Mediating Effect Model[J]. Science Publishing Group, 2021(3).
 Peltomki J, Graham M, Hasselgren A. Investor attention to market categories and market volatility : The case of emerging markets[J]. Research in International Business & Finance, 2017, 44(apr.):532-546.
 Gao Lifang, Li Lu. Research on the impact of enterprise diversification on bank borrowing financing [J]. Journal of Anhui University (Philosophy and Social Science Edition), 2022, 46(03): 118-131. DOI:10.13796/j.cnki.1001-5019. 2022.03.013.
 Ma H, Zheng X, Tang N. The Impact of Leader's Competence of Inclusion on Employee's Managerial Overall Evaluation: Work Clarity as a Mediatorte[J]. Shanghai Management Science, 2016.
 Qi Huaijin, Wei Yujia, Liu Yanxia. Digital transformation of enterprises and business credit supply [J/OL]. Economic Management: 1-27 [2023-02-06]. DOI:10.19616/j.cnki.bmj. 2022.12.009.