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The Effect of Peer Information on Investment Decision : 동종기업의 정보가 기업의 투자의사결정에 미치는 영향
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- Authors
- Advisor
- 황이석
- Major
- 경영대학 경영학과
- Issue Date
- 2016-02
- Publisher
- 서울대학교 대학원
- Keywords
- peer effect ; spillover effect ; mimicking action ; accounting information sharing ; investment decision ; investment ; corporate governance ; accounting quality
- Description
- 학위논문 (석사)-- 서울대학교 대학원 : 경영학과 회계학 전공, 2016. 2. 황이석.
- Abstract
- Recent researches on many areas of economics and finance focus on peer effects. By testing the peer effect in investment field, I find that peer firms real operational decisions play an important role in determining own firms real investment decisions (e.g., Investment). Prior evidence that firms are affected by industry peers leaves an unaddressed question whether this peer effect makes a firms investment more effective. I show that highly sensitive firms that react more to peer firms are likely to underinvest or overinvest. In addition, I also find that accounting quality can play a moderating role in the sensitivity of mimicking action through the shareholders monitoring effect.
- Language
- English
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