A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Analyst Following, Group Affiliation, and Labor Investment Efficiency: Evidence from Korea
This paper studies how analysts’ group affiliation affects firms’ labor investment efficiency. Using a 2001−2017 sample of Korean public companies, we find that labor investment efficiency increases when there are more unaffiliated analysts following business group (chaebol) firms. Our regression results also suggest that an increase in labor investment efficiency is attributed to a reduction in firms’ over-firing problem. However, affiliated analysts are not found to influence firms’ labor investment efficiency. We further document that the positive influence of unaffiliated analysts on labor investment efficiency holds when firms have high cash holdings. Our results are robust to different model specifications, including two-stage least square regression and firm-size matching.
Analyst Following, Group Affiliation, and Labor Investment Efficiency: Evidence from Korea
This paper studies how analysts’ group affiliation affects firms’ labor investment efficiency. Using a 2001−2017 sample of Korean public companies, we find that labor investment efficiency increases when there are more unaffiliated analysts following business group (chaebol) firms. Our regression results also suggest that an increase in labor investment efficiency is attributed to a reduction in firms’ over-firing problem. However, affiliated analysts are not found to influence firms’ labor investment efficiency. We further document that the positive influence of unaffiliated analysts on labor investment efficiency holds when firms have high cash holdings. Our results are robust to different model specifications, including two-stage least square regression and firm-size matching.
Analyst Following, Group Affiliation, and Labor Investment Efficiency: Evidence from Korea
Kyoungwon Mo (author) / Kyung Yun (Kailey) Lee (author)
2019
Article (Journal)
Electronic Resource
Unknown
Metadata by DOAJ is licensed under CC BY-SA 1.0
Does Analyst Coverage Enhance Firms’ Corporate Social Performance? Evidence from Korea
| DOAJ | 2018
Does Business Group Affiliation Matter for Superior Performance? Evidence from Pakistan
| DOAJ | 2018
| DOAJ | 2023