stata syntax

This study examines the impact of investor sentiment on the efficiency of investment in listed companies. The empirical results show that investor sentiment has a significant positive effect on over-investment and a significant negative effect on under-investment. In addition, director network centrality can significantly moderate the effect of investor sentiment on investment efficiency and negatively influence it. However, based on heterogeneity analysis, our results suggest that the effect of investor sentiment on investment efficiency is more pronounced in non-state owned enterprises. The moderating effect of director network centrality is more pronounced in non-state owned enterprises. The research conclusion helps to seek new entry points for exploring how to reduce the impact of investor sentiment on the investment efficiency of listed companies.