關於公司決策同儕效應的兩篇論文;Two Essays on Peer Effects on Corporate Decisions

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题名:	關於公司決策同儕效應的兩篇論文;Two Essays on Peer Effects on Corporate Decisions
作者:	阮胡義;Nghia, Nguyen Huu
贡献者:	財務金融學系
关键词:	股利政策;投資期間;同儕效應;現金持有;越南;Dividend Policy;Investor Horizons;Peer Effects;Cash Holdings;Vietnam
日期:	2022-06-06
上传时间:	2022-07-13 20:43:32 (UTC+8)
出版者:	國立中央大學
摘要:	本論文共兩章。第一章研究機構投資人與公司股利同儕效應的關係。我們發現相較於長期機構投資人，短期機構投資人對於隨著產業同儕一起增加股利有正向且顯著的影響。上述對股利同儕效應的效果較可能來自於短期機構投資人針對預期股利增加的交易行為，特別是對股價中資訊的反應。此外，短期機構投資人對於小型、沒有信用評等，或有較高資訊不確定性的公司的股利同儕效應有較強的效果。最後，我們在大幅股利增加有類似的效果，但對於股利減少以及股利改變期間沒有效果。本文的結果在使用不同方法估計機構投資人投資期間以及考慮同儕效應以及機構投資人持股的內生性下仍然穩健。第二章研究越南此一新興市場中的公司現金政策，並發現一反向的同儕效應，亦即公司的現金持有與其產業同儕的現金持有為負相關。此一反向的同儕效應在競爭壓力與無形資產比率較低的公司更強。由於相較於已開發經濟體如美國來說越南市場整體有較低的競爭程度與創新投資，我們發現支持競爭與創新投資對於公司現金政策的重要性，也對於聚焦在已開發經濟體的相關文獻做了補充。我們的結果也支持同儕效應在不同國家應有相異的效果，也對越南市場的公司現金政策文獻有所貢獻。;This dissertation comprises two chapters. The first chapter examines the association between institutional investors and dividend peer effects. We find that the presence of short-term institutional investors positively relates to changes in dividend payments in response to firms′ peers, whereas long-term institutional investors have no impact. The former′s impact on dividend mimicking connects more to trading on their expectation of a dividend increase. In particular, short-term investors facilitate the dividend peer effects through a trading channel of stock price informativeness. Our findings on these investors′ facilitation towards the peer effects extend to large dividend increases, but not for dividend decreases and time to change. Our results are robust against different definitions of investor horizons as well as endogeneity concerns on both peer effects and institutional holding. The second chapter examines cash holdings in Vietnam, an emerging market, and finds reverse peer effects on them - that is, a firm′s level of cash holdings negatively relates to those of its peers. We also note the reverse peer effects are stronger for firms facing less competition and with low intangibility. Because the Vietnam market has noticeably lower competition and investment in innovation than in developed economics like the U.S., our evidence supports the role of competition and innovation investment in driving cash holdings′ peer effects and complements the literature that mostly focuses on developed economies. Our findings also support heterogeneity across countries in peer mimicking behavior and contribute to the cash holdings literature for the Vietnam market.
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