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Policy perception and private firm investment: An attention-based view

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  • Zhan, Heng
  • Duan, Lingling
  • Duan, Yulan

Abstract

Drawing on the Attention-based View (ABV) and data from the Chinese Private Enterprise Survey, this study examines how entrepreneurs’ policy perception affects private firm investment in transitional economies. We find that stronger policy perception significantly promotes corporate new investment, particularly in regions with high policy uncertainty and for micro and small firms. Further mechanism tests reveal that policy perception exerts its effect by improving operational vitality and enhancing opportunity identification. This study contributes to the drivers of corporate investment in transitional economies from the perspective of entrepreneurial policy perception, deepening insights into how attention allocation shapes decision-making.

Suggested Citation

  • Zhan, Heng & Duan, Lingling & Duan, Yulan, 2026. "Policy perception and private firm investment: An attention-based view," Finance Research Letters, Elsevier, vol. 104(C).
    • Handle: RePEc:eee:finlet:v:104:y:2026:i:c:s1544612326007257
    DOI: 10.1016/j.frl.2026.110197
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