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内部情報の質と企業の投資行動, Internal information quality and corporate investment

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  • 藤谷, 涼佑

Abstract

企業内部の情報環境が整備されていると、経営者が投資機会に関する情報を正確・適時的に把握することができると考えられる。すると、当該企業は投資機会に対して投資が行えるようになると予想される。分析の結果、開示速度の速さで測定した内部情報の質が高くなるほど、企業の投資行動が積極的になることが明らかになった。またこの投資の増加効果が、より大きい投資機会に直面する企業においてのみ観察されることも明らかにした。, This study shows that internal information quality enhances corporate investment behavior. This finding is consistent with the argument that internal information environment provides managers the useful information to find investment opportunity. Additional tests show that my findings are not consistent with the alternative explanations. This study contributes to the literature on the relationship between internal information quality and managerial decision making.

Suggested Citation

  • 藤谷, 涼佑, 2019. "内部情報の質と企業の投資行動, Internal information quality and corporate investment," Working Paper Series G-2-13_v2, Hitotsubashi University Center for Financial Research.
    • Handle: RePEc:hit:hcfrwp:g-2-13_v2
    Note: Revised version: October 2019 (First version: June 2019)
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/30856/070hcfrWP_2_013.pdf
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    More about this item

    Keywords

    内部情報の質; 報告速度; 設備投資; 資本予算; internal information quality; reporting speed; corporate investment;
    All these keywords.

    JEL classification:

    • D25 - Microeconomics - - Production and Organizations - - - Intertemporal Firm Choice: Investment, Capacity, and Financing
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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