In this paper, the quantitative analysis is implemented on the relationship between strategy deviation of listed firms and institutional investors’ recognition. For research methodology, financial complex networks and clustering techniques are employed to measure the de-gree of recognition by creating links to the common stockholding behaviour of institutional investors. Besides, quarterly panel data from 2006 to 2020 are constructed for an innovative study of the degree of recognition of institutional investors’ strategy deviation of listed firms under different innovation fields, firm properties, and market style heterogeneity and asymmetry. The stability test is conducted by the transformation of the measures and methods, thereby effectively avoiding the “cluster fallacy”. We validate the mechanism by which the differences in strategic choices and propensities of listed firms affect capital market recognition, and enrich the microscopic research perspective and methodology on related issues.

中文翻译：

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企业战略偏差和机构投资者认可：基于复杂网络的图聚类分析

本文对上市公司战略偏差与机构投资者认可度的关系进行了量化分析。对于研究方法，金融复杂网络和聚类技术通过与机构投资者的普通持股行为建立联系来衡量认可度。此外，构建2006-2020年季度面板数据，创新研究机构投资者对上市公司在不同创新领域、公司属性、市场风格异质性和不对称性下的战略偏差的认知程度。稳定性检验是通过改变措施和方法来进行的，从而有效地避免了“集群谬误”。