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영어
This paper examines whether analyst coverage affects firm innovation in an economy dominated by family-controlled business groups. Using a sample of Korean publicly traded firms from 2010- 2018, we find that an increase in financial analysts results in lower level of R&D. Especially, unlike in U.S., firms with more analyst coverage tend to cut investments in corporate venture capital. Moreover, the reduction in R&D is more pronounced when analysts are from other chaebol (family-controlled large business group) affiliated brokerages. These findings suggest that analyst coverage may function more as a “pressure” mechanism than “information” mechanism when information environment is less transparent.
목차
Abstract
1. Introduction
2. Literature review
3. Data and Methodology
3.1. Sample Selection
3.2. Variables
3.3. Methodology
4. Findings and robustness tests
4.1. Baseline results
4.2. Robustness Test
5. Conclusion
References
1. Introduction
2. Literature review
3. Data and Methodology
3.1. Sample Selection
3.2. Variables
3.3. Methodology
4. Findings and robustness tests
4.1. Baseline results
4.2. Robustness Test
5. Conclusion
References
저자정보
참고문헌
자료제공 : 네이버학술정보