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This study investigates how peer effects impact corporate total factor productivity (TFP) in Chinese listed firms.

Peer effect and corporate total factor productivity: evidence from China

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Randomized trial shows peer effects boost total factor productivity in Chinese firms, indicating a new path for growth.

This study investigates how peer effects impact corporate total factor productivity (TFP) in Chinese listed firms.
Analyzed 18,626 firm-year observations from Chinese listed companies.
Constructed peer-effect networks to identify key firms and used social network metrics like structural holes.
Applied panel regressions, Bartik-style instrumental variable, and two-stage least squares to manage endogeneity.
Peer effects significantly enhance TFP, particularly for firms centrally positioned in networks accessing peer information.
Knowledge and technology spillovers were identified as the main channels driving these peer effects.

Ren et al. (2026) studied this question.

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