Earticle

초록

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

키워드

저자

• Woojin Kim [ Professor of Finance, Seoul National University Business School ]
• Yoon Young Choy [ Seoul National University Business School ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330