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The impact of top management team leadership on corporate investment behavior: An analysis of the moderating effect of annual report sentiment

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  • Du, Xiqiao
  • Yang, Bo

Abstract

This study uses data from Chinese listed companies (2012–2023) to examine how top management team leadership influences corporate investment behavior, with particular focus on the moderating effect of annual report sentiment within this dynamic relationship. The findings indicate that top management team leadership has a significant positive driving effect on corporate investment behavior; moreover, the enhancing effect of top management team leadership on corporate investment behavior exhibits heterogeneity across eastern, central, and western regions. As a key moderating variable, annual report sentiment significantly strengthens the association between top management team leadership and corporate investment behavior.

Suggested Citation

  • Du, Xiqiao & Yang, Bo, 2025. "The impact of top management team leadership on corporate investment behavior: An analysis of the moderating effect of annual report sentiment," Finance Research Letters, Elsevier, vol. 85(PC).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pc:s1544612325013194
    DOI: 10.1016/j.frl.2025.108073
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    References listed on IDEAS

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