Analysing a large firm-level dataset from 47 countries, we document robust and significant positive peer effects on cash holdings. Specifically, a firm increase cash holdings, on average, by 5%–7% in response to a one standard deviation increase in peer firms’ cash holdings. However, this response is heterogeneous – being relatively higher in countries with well-developed legal systems, higher national governance quality and more developed capital markets. These findings are consistent with rivalry-based motives of mimicking, where firms mimic to stay abreast or ahead of rivals in increasingly competitive product markets. We further find that mimicking is not a sub-optimal strategy per se, as it is beneficial in good economic states but less beneficial or distracting in bad economic states. Our findings are important as peer effects not only have real implications at the firm level but could potentially attenuate or amplify firm-specific shocks within and across industries and countries, more so, with increased globalisation and economic intergration.

通过分析来自 47 个国家/地区的大型公司级数据集，我们记录了对现金持有量的稳健且显着的积极同行影响。具体而言，一家公司平均增加现金持有量 5%–7%，以响应同行公司现金持有量增加一个标准差。然而，这种反应是异质的——在法律制度完善、国家治理质量较高和资本市场较发达的国家，这种反应相对较高。这些发现与基于竞争的模仿动机一致，即公司模仿是为了在竞争日益激烈的产品市场中与竞争对手保持同步或领先于竞争对手。我们进一步发现模仿本身并不是一种次优策略，因为它在经济状况良好的情况下是有益的，但在经济状况不佳的情况下则不太有利或分散注意力。我们的发现很重要，因为同行效应不仅在公司层面具有实际影响，而且可能会减弱或放大行业和国家内部和跨行业的特定于公司的冲击，随着全球化和经济一体化的增加，更是如此。