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| 001 | 000046116261 | |
| 005 | 20230627111154 | |
| 007 | ta | |
| 008 | 211231s2022 ulk bmAC 000 eng | |
| 040 | ▼a 211009 ▼c 211009 ▼d 211009 | |
| 041 | 0 | ▼a eng ▼b kor |
| 085 | 0 | ▼a 0510 ▼2 KDCP |
| 090 | ▼a 0510 ▼b 6YB2 ▼c 597 | |
| 100 | 1 | ▼a 전성민 |
| 245 | 1 1 | ▼a (The) effect of industry clusters on management disclosures and cost of equity capital / ▼d Sung Min Jeon |
| 260 | ▼a Seoul : ▼b Graduate School, Korea University, ▼c 2022 | |
| 300 | ▼a iv, 61장 ; ▼c 26 cm | |
| 500 | ▼a 지도교수: 유용근 | |
| 500 | ▼a 부록수록 | |
| 502 | 1 | ▼a 학위논문(박사)-- ▼b 고려대학교 대학원, ▼c 경영학과, ▼d 2022. 2 |
| 504 | ▼a 참고문헌: 장 51-54 | |
| 530 | ▼a PDF 파일로도 이용가능; ▼c Requires PDF file reader(application/pdf) | |
| 653 | ▼a voluntary disclosures ▼a cost of equity capital ▼a Industry cluster | |
| 776 | 0 | ▼t The Effect of Industry Clusters on Management Disclosures and Cost of Equity Capital ▼w (DCOLL211009)000000256661 |
| 900 | 1 0 | ▼a Jeon, Sung Min, ▼e 저 |
| 900 | 1 0 | ▼a 유용근, ▼g 兪龍根, ▼d 1969-, ▼e 지도교수 ▼0 AUTH(211009)153175 |
| 900 | 1 0 | ▼a Yoo, Yong Keun, ▼e 지도교수 |
| 945 | ▼a ITMT |
Electronic Information
| No. | Title | Service |
|---|---|---|
| 1 | (The) effect of industry clusters on management disclosures and cost of equity capital (34회 열람) |
View PDF Abstract Table of Contents |
Holdings Information
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| No. 1 | Location Centennial Digital Library/Thesis/ | Call Number 0510 6YB2 597 | Accession No. 163082098 | Availability Available | Due Date | Make a Reservation | Service |
| No. 2 | Location Centennial Digital Library/Thesis/ | Call Number 0510 6YB2 597 | Accession No. 163082099 | Availability Available | Due Date | Make a Reservation | Service |
Contents information
Abstract
This study examines how information spillover in industry clusters affects management voluntary disclosures, and in turn information asymmetry. I posit that information spillover in industry clusters is related to the firms’ accounting information, especially management voluntary disclosures. In particular, I introduce industry clusters as a mechanism that influences a firm’s proprietary costs of disclosures. In industry clusters, information can transfer among companies that are located in the same industry cluster even if they compete. Because they already know the information, they should have fewer concerns about disclosing information to the capital market. Thus, a firm’s proprietary costs can decrease when a firm is located in an industry cluster. Specifically, I find that firms in industry clusters issue more management forecasts disclosures because information spillover in industry clusters reduces firms’ proprietary cost and this positive association is stronger for firms in high market competition. Furthermore, I show that industry clusters increase the negative association between the management capital expenditure forecast and its cost of equity capital. This effect is stronger when firms are in a high competition market. The result indicates that the increased disclosures in industry clusters reduce the information asymmetry. The potential contributions of this study are as follows. First, this paper is the first study to link industry clusters and accounting information, especially disclosures. By exploring information spillover in industry clusters as a decrease in proprietary cost, I provide evidence that industry clusters increase management forecasts disclosure. Second, for policymakers attempting to recruit firms to industry clusters, my results support their intentions from the new perspective of accounting information. Firms can have not only economic, strategic, and financial benefits from industry clusters, but also they can reduce the cost of equity capital.
Table of Contents
I. Introduction 1 II. Prior Literature and Hypotheses Development 7 2.1. Industry clusters and Information Spillover 7 2.2. Geographic Proximities and Accounting Literature 9 2.3. Voluntary Disclosure 10 2.4. Hypotheses Development 12 III. Data and Methodology 16 3.1. Data 16 3.2. Measuring Industry Cluster 16 3.3. Research Design 17 IV. Empirical Results 21 4.1. Descriptive Statistics 21 4.2. Industry Clusters Effect on Firm’s Voluntary Disclosure 25 4.3. The Industry Cluster’s Effect on the Association between the Management Forecast and Cost of Equity Capital 29 4.4. Alternative Industry Clusters Measures 33 4.5. Alternative Product Market Competition Measures 37 4.6. Peer Effects 42 4.7. Propensity Score Matching 46 V. Conclusion 49 References 51 Appendix 1: Measurement of Variables 55 Appendix 2: Measurement of Cost of Equity Capital 57
