투자자관심수준과 정보비대칭의 관련성에 대한 연구(The Association between Investor Attention and Information Asymmetry)

2020 ◽  
Author(s):  
Ji Yeong Yoon ◽  
Pyung Kyung Kang
Keyword(s):  
Information Asymmetry ◽  
Investor Attention

Information Asymmetry and Investor Valuations of Initial Public Offerings: Two Dimensions of Organizational Reputation as Stock Market Signals

2019 ◽  
Vol 16 (4) ◽  
pp. 945-964
Author(s):  
Yang Liu ◽  
Peng Cheng ◽  
Zhe OuYang ◽  
Ao Wang
Keyword(s):  
Information Asymmetry ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Two Dimensions ◽  
Negative Effects ◽  
Investor Attention ◽  
Public Offerings ◽  
Organizational Reputation ◽  
Public Offering ◽  
Organizational Value

ABSTRACTThe uncertainty and information asymmetry that surround initial public offering firms (IPOs) often introduce difficulties for potential investors to discern organizational value, thereby leading to ‘underpricing’. Using the signaling theory, we investigate the role of organizational reputation in the underpricing of IPOs. We analyze 463 initial public offerings in China from the period of 2010 to 2016 and find that being known for quality and generalized favorability dimensions of reputation are negatively related with underpricing on the first day of trading. In addition, we find that the negative effects of organizational reputation on underpricing are mediated by investor attention.

scholarly journals Investor Attention and Corporate Innovation Performance: Evidence from Web Search Volume Index of Chinese Listed Companies

Mathematics ◽  
2021 ◽  
Vol 9 (9) ◽  
pp. 930
Author(s):  
Nian Li ◽  
Chunling Li ◽  
Runsen Yuan ◽  
Muhammad Asif Khan ◽  
Xiaoran Sun ◽  
...  
Keyword(s):  
Economic Development ◽  
Information Asymmetry ◽  
Listed Companies ◽  
Agency Cost ◽  
Innovation Performance ◽  
Volume Index ◽  
Investor Attention ◽  
Search Volume ◽  
Corporate Innovation ◽  
Chinese Listed Companies

Leveraging from the online search index of Chinese listed companies from 2012 to 2018, we empirically test the relationship between investors’ attention and corporate innovation performance for the first time. The main results are as follows: (1) investors’ attention significantly improves listed companies’ innovation performance, which is reflected in the increase of patent applications. This indicates that investors’ active information collection behaviour affects China’s economic development by promoting enterprise innovation. (2) This paper’s conclusion remains intact after a battery of robustness checks, such as alternative measures of key variables and empirical specifications and a series of endogenous treatment. (3) The mechanisms tests show that: “information asymmetry”, “financing constraint”, and “agency cost” are supported. In other words, with the increase of investors’ attention, not only the information asymmetry is reduced, which greatly improved the information environment of the capital market, but also the external financing constraints of enterprises are alleviated. The opportunistic management behaviour is effectively suppressed, thus motivating the corporate innovation incentives and improving the corporate innovation of input, output and quality. (4) Further research shows that investor attention to listed companies also improves the efficiency of capital allocation. This paper’s conclusion shows that investors’ initiative information acquisition behaviour can improve enterprises innovation performance, thus providing a driving force for China’s economic development.

IPO of SMEs and Information Asymmetry

2020 ◽  
Vol 11 (2) ◽  
pp. 173-188
Author(s):  
Joo-Hwan Kim ◽  
Jin-Woo Park
Keyword(s):  
Information Asymmetry

Blockchain in Supply Chain: Case Study of Lottemart Ciputat

2019 ◽  
Vol 5 (1) ◽  
pp. 38-49 ◽  
Author(s):  
B. K. Handoyo ◽  
M. R. Mashudi ◽  
H. P. Ipung
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Supply Chain Management ◽  
Information Asymmetry ◽  
New Technology ◽  
Business Case ◽  
Analysis Method ◽  
Chain Management ◽  
Production Processes

Current supply chain methods are having difficulties in resolving problems arising from the lack of trust in supply chains. The root reason lies in two challenges brought to the traditional mechanism: self-interests of supply chain members and information asymmetry in production processes. Blockchain is a promising technology to address these problems. The key objective of this paper is to present qualitative analysis for blockchain in supply chain as the decision-making framework to implement this new technology. The analysis method used Val IT business case framework, validated by the expert judgements. The further study needs to be elaborated by either the existing organization that use blockchain or assessment by the organization that will use blockchain to improve their supply chain management.

PENGARUH PARTISIPASI ANGGARAN, ASIMETRI INFORMASI, TEKANAN ANGGARAN DAN KOMITMEN ORGANISASI TERHADAP SENJANGAN ANGGARAN DI PEMERINTAH KABUPATEN BANYUMAS

2017 ◽  
Vol 13 (2) ◽  
pp. 142-153
Author(s):  
Ody Tegar Permana ◽  
Eliada Herwiyanti ◽  
I Wayan Mustika
Keyword(s):  
Organizational Commitment ◽  
Information Asymmetry ◽  
Linear Regression Analysis ◽  
Sample Selection ◽  
Multiple Linear Regression Analysis ◽  
Budgetary Slack ◽  
Budgetary Participation ◽  
Independent Variable ◽  
Spss Software ◽  
Government Institution

This study aims to determine the effect of budgetary participation, information asymmetry, budget pressure, and organizational commitment to budgetary slack. Population in this research is all government institution in Banyumas Regency. The sample selection was conducted by census method. Dependent variable used in this research is budget slack, while the independent variable used in this research is budget participation, information asymmetry, budget pressure, and organizational commitment. The data has been collected through questionnaires, then processed with the help of SPSS software. Based on the results of multiple linear regression analysis concluded that budgetary participation, information asymmetry, and organizational commitment affect the budget slack while budget pressure has no effect. The results of this study increasingly complement previous studies in the field of management accounting, especially in the scope of budgeting.   Penelitian ini bertujuan untuk mengetahui pengaruh partisipasi anggaran, asimetri informasi, tekanan anggaran, dan komitmen organisasi terhadap senjangan anggaran. Populasi dalam penelitian ini adalah seluruh instansi pemerintahan di Kabupaten Banyumas. Pemilihan sampel dilakukan dengan metode sensus. Variabel dependen yang digunakan dalam penelitian ini adalah senjangan anggaran, sedangkan variabel independen yang digunakan dalam penelitian ini adalah partisipasi anggaran, asimetri informasi, tekanan anggaran, dan komitmen organisasi. Data yang telah dikumpulkan melalui isian kuesioner, selanjutnya diolah dengan bantuan software SPSS. Berdasarkan hasil analisis regresi linear berganda disimpulkan bahwa partisipasi anggaran, asimetri informasi, dan komitmen organisasi berpengaruh terhadap senjangan anggaran sedangkan tekanan anggaran tidak berpengaruh. Hasil penelitian ini semakin melengkapi penelitian-penelitian sebelumnya di bidang akuntansi manajemen khususnya di lingkup penganggaran.

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