Externalities of public firm presence: Evidence from private firms' investment decisions

被引：256

作者：

Badertscher, Brad ^{[1
]}

Shroff, Nemit ^{[2
]}

White, Hal D. ^{[3
]}

机构：

[1] Univ Notre Dame, Notre Dame, IN 46556 USA

[2] MIT, Cambridge, MA 02142 USA

[3] Univ Michigan, Ann Arbor, MI 48109 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2013年 / 109卷 / 03期

关键词：

Corporate investment; Uncertainty; Q theory; Private companies; Corporate disclosure; Financial accounting; Disclosure regulation; INFORMATION-CONTENT; CAPITAL-MARKETS; MEASUREMENT ERROR; EARNINGS QUALITY; CEO TURNOVER; AGENCY COSTS; CASH FLOW; UNCERTAINTY; EQUITY; GEOGRAPHY;

D O I：

10.1016/j.jfineco.2013.03.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Public firms provide a large amount of information through their disclosures. In addition, information intermediaries publicly analyze, discuss, and disseminate these disclosures. Thus, greater public firm presence in an industry should reduce uncertainty in that industry. Following the theoretical prediction of investment under uncertainty, we hypothesize and find that private firms are more responsive to their investment opportunities when they operate in industries with greater public firm presence. Further, we find that the effect of public firm presence is greater in industries with better information quality and in industries characterized by a greater degree of investment irreversibility. Our results suggest that public firms generate positive externalities by reducing industry uncertainty and facilitating more efficient private firm investment. (c) 2013 Elsevier B.V. All rights reserved.

引用

页码：682 / 706

页数：25

共 90 条

[41] Putty-clay and investment: A business cycle analysis [J].