This study examines the influence of peer firms on a firm’s investment policy in Pakistan during the period 2001–2017. It also investigates the heterogeneity in peer effects by taking into account a firm’s age and its leadership role in the industry. The system-GMM estimation results suggest that peer firms significantly influence a firm’s investments on both tangible and intangible assets. Yet, peer effects are more pronounced for tangible investment. We also observe that young firms are more prone to imitate the investment decisions of their industry peers. However, the findings indicate that mimicking is not a tactical behaviour for industry leader firms. These findings have important implications for both the firm management and the owner community.

本研究考察了2001-2017年间同行企业对巴基斯坦企业投资政策的影响。它还通过考虑公司的年龄及其在行业中的领导作用来研究同伴效应的异质性。系统GMM估算结果表明，同业公司对有形和无形资产的投资都有重大影响。然而，有形投资对同行的影响更为明显。我们还观察到，年轻的公司更倾向于模仿同行的投资决策。但是，研究结果表明，模仿不是行业领导者公司的战术行为。这些发现对公司管理层和所有者社区都具有重要意义。