Peer Effects Of Internationalization For Engineering Enterprises

In the context of economic globalization,an increasing number of engineering enterprises hope to improve their strength and financial performance through internationalization.However,due to the fierce competition and uncertain international market environment,enterprises embedded in socioeconomic activities are inevitably influenced by some social factors.In order to reduce uncertainty and avoid the risk of failure,it is an effective way to learn from and refer to the decisions of other enterprises within a certain comparable range,which leads to the peer effects among enterprises.It is worth noting that peer effects can have an impact on the internationalization level of engineering enterprises.Therefore,this thesis focuses on the engineering field and explores the peer effects of engineering enterprises’ internationalization within the subdivision industries.This thesis takes 38 engineering enterprises listed in the Engineering News-Record as “The Top 250 International Contractors” from 2013 to 2021 and listed in Chinese A-shares as the research sample,a total of 342 panel data.The peer effects of engineering enterprises’ internationalization are systematically studied.The STATA 17.0 software is used to conduct multiple regression analysis to explore the following questions.First,do the peer effects of internationalization exist within the subdivision industry of engineering enterprises? Second,the imitation paths for the peer engineering enterprises within the industry when implementing internationalization strategies are analyzed under the peer effects.Then,the thesis also explores the moderating effects of the quality of peer enterprises’ information disclosure and the market competition on the peer effects of engineering enterprises’ internationalization.Finally,the heterogeneity of the peer effects is explored from the perspective of manager characteristics such as ability,power and age.The following conclusions obtained are as follows:(1)peer effects of engineering enterprises’ internationalization exist within the subdivision industry;(2)engineering enterprises in the same industry and region imitate each other;non-state-owned engineering enterprises imitate state-owned engineering enterprises in the same industry;in the industry follower-leader imitation process,small-scale engineering enterprises imitate the large-scale in the same industry,high-profitability engineering enterprises are imitation targets for low-profitability engineering enterprises in the same industry(3)the quality of peer enterprises’ disclosure information has a positive moderating effect on the peer effects and market competition can also intensify the peer effects of engineering enterprises’ internationalization;(4)the peer effects of internationalization are more pronounced in engineering enterprises with managers who have lower ability,hold greater power or are older.The thesis hopes to provide a reference for the internationalization development of engineering enterprise from the perspective of peer effects.