Central bank communication,corporate maturity mismatch and innovation |
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| Affiliation: | 1. School of Economics, Beijing International Studies University, Beijing, China;2. School of Finance, Capital University of Economics and Business, Beijing, China;3. School of Finance, Central University of Finance and Economics, Beijing, China;1. School of Humanities and Social Science, Beihang University, Beijing, PR China;2. College of Business, University of Texas at San Antonio, TX, United States;1. College of Economics and Management, Chang''an University, Xi''an, Shaanxi 710064, China;2. Norris-Vincent College of Business, Angelo State University, San Angelo, TX 76909, United States;3. A.R. Sanchez Jr. School of Business, Texas A&M International University, Laredo, TX 78041, United States;4. School of Business Administration, University of Mississippi, University, MS 38677, United States;1. College of Management and Economics, Tianjin University, Tianjin 300072, China;2. Laboratory of Computation and Analytics of Complex Management Systems (CACMS), Tianjin University, Tianjin 300072,China;3. School of Economics and Management, Dalian University of Technology, Dalian 116024, China;4. China Bohai Bank Co., Ltd, Tianjin 300012, China;1. School of Economics and Management, North China Electric Power University, Beijing, China;2. School of Economics, Beijing Technology and Business University, Beijing, China |
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| Abstract: | This paper analyzes the relationship between central bank communication and corporate innovation. The results show that: (1) Communication in a loose direction of the central bank will promote corporate innovation. (2) The higher the degree of consistency between words and deeds, the stronger the positive impact of central bank communication on corporate innovation. (3) The increase in the proportion of policy continuity words in the central bank communication text will amplify the positive impact of the loose communication on corporate innovation. (4) Communication in the loose direction of the central bank will inhibit the corporate behavior of “Corporate Maturity Mismatch”, so as to promote corporate innovation. (5) The positive impact of central bank communication on corporate innovation is more significant in companies with stable investor sentiment and a high degree of management myopia. (6) The period of low moderation of monetary policy will help to strengthen the role of central bank communication in promoting corporate innovation. |
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