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The Effect of Peer Information on Investment Decision : 동종기업의 정보가 기업의 투자의사결정에 미치는 영향
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | 황이석 | - |
| dc.contributor.author | 정태진 | - |
| dc.date.accessioned | 2017-07-14T05:17:16Z | - |
| dc.date.available | 2017-07-14T05:17:16Z | - |
| dc.date.issued | 2016-02 | - |
| dc.identifier.other | 000000131955 | - |
| dc.identifier.uri | https://hdl.handle.net/10371/124617 | - |
| dc.description | 학위논문 (석사)-- 서울대학교 대학원 : 경영학과 회계학 전공, 2016. 2. 황이석. | - |
| dc.description.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. | - |
| dc.description.tableofcontents | 1. INTRODUCTION 4
2. HYPOTHESES DEVELOPMENT 8 3. RESEARCH DESIGN 10 3.1 Sample construction and definition of peer firms 10 3.2 Peer effect model 11 4. MAIN EMPIRICAL RESULTS 13 4.1 Descriptive statistics 13 4.2 Main empirical results. 13 4.3 Change analysis 15 4.4 Lead-lag results 16 4.5 The effect of Recession period 17 5. WHY FIRMS MIMIC ONE ANOTHER 19 5.1 Theoretical Motivation 19 5.2 Empirical Results 21 5.3 Leader-follower analysis 22 6. MIMICKING ACTIONS AND INVESTMENT EFFICIENCY 24 7. ROLE OF CORPORATE GOVERNANCE AND ACCOUNTING QUALITY 26 7.1 Corporate Governance 26 7.2 Accounting Quality 27 8. CONCLUSION 28 REFERENCES 31 APPENDIX 36 | - |
| dc.format | application/pdf | - |
| dc.format.extent | 680998 bytes | - |
| dc.format.medium | application/pdf | - |
| dc.language.iso | en | - |
| dc.publisher | 서울대학교 대학원 | - |
| dc.subject | peer effect | - |
| dc.subject | spillover effect | - |
| dc.subject | mimicking action | - |
| dc.subject | accounting information sharing | - |
| dc.subject | investment decision | - |
| dc.subject | investment | - |
| dc.subject | corporate governance | - |
| dc.subject | accounting quality | - |
| dc.subject.ddc | 658 | - |
| dc.title | The Effect of Peer Information on Investment Decision | - |
| dc.title.alternative | 동종기업의 정보가 기업의 투자의사결정에 미치는 영향 | - |
| dc.type | Thesis | - |
| dc.contributor.AlternativeAuthor | Jung, Taejin | - |
| dc.description.degree | Master | - |
| dc.citation.pages | 61 | - |
| dc.contributor.affiliation | 경영대학 경영학과 | - |
| dc.date.awarded | 2016-02 | - |
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