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The Effect of Peer Information on Investment Decision : 동종기업의 정보가 기업의 투자의사결정에 미치는 영향

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Authors
정태진
Advisor
황이석
Major
경영대학 경영학과
Issue Date
2016-02
Publisher
서울대학교 대학원
Keywords
peer effectspillover effectmimicking actionaccounting information sharinginvestment decisioninvestmentcorporate governanceaccounting 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
URI
https://hdl.handle.net/10371/124617
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Theses (Master's Degree_경영학과)
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