信息不对称与投资效率:大股东的作用

IF 3.9 Q1 BUSINESS, FINANCE
Mubashir Ali Khan, Josephine Tan-Hwang Yau, Aitzaz Ahsan Alias Sarang, Ammar Ali Gull, Muzhar Javed
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引用次数: 0

摘要

目的本研究旨在探讨信息不对称在多大程度上影响投资效率,以及大股东的存在是否会缓和这种关系。我们的最终样本包括市值最大的 100 家非金融企业。这 100 家公司合计占总市值(17 300 亿马来西亚令吉)的 84.2%,在整个市场中具有代表性。主要估算方法是普通最小二乘法回归。为了解决潜在的内生性问题,我们还使用了系统广义矩法、两阶段最小二乘法和倾向得分匹配法。这些结果表明,信息不对称会降低投资效率,增加次优投资。我们还发现,集团股东对信息不对称与投资低效之间的关系起到负向调节作用。进一步的分析表明,由于信息不对称程度较高,低增长企业的投资低效率高于高增长企业。Graff(2008 年)指出,投资者在不同法律体系中受到的待遇不同,欧洲大陆国家与盎格鲁-撒克逊国家之间也存在差异。La Porta 等人(1999 年)的研究表明,在盎格鲁-撒克逊国家,投资者往往受到更多的法律保护。我们研究结果的一个重要意义是,利益相关者可以鼓励大股东的存在,并给予他们发言权,以削弱信息不对称与投资效率低下之间的正相关关系。尽管这种调节作用非常重要,但在文献中却大多被忽视了。我们的研究有助于了解大股东如何影响投资决策,为学术界、投资者和政策制定者提供见解,帮助他们提高投资决策和治理结构的效率。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Information asymmetry and investment efficiency: the role of blockholders

Purpose

This study aims to examine the extent to which information asymmetry affects investment efficiency and whether the presence of blockholders moderate this relationship.

Design/methodology/approach

We employ the data of firms listed on the Malaysian stock exchange for the period 2010–2018, to compose our sample. Our final sample includes the 100 largest non-financial firms based on market capitalization. Collectively, these 100 companies contribute 84.2% to the total market capitalization (MYR 1,730bn) which is representative of the whole market. The ordinary least squares regressions were used as the main estimation technique. The system generalized method of moments, two-stage least squares and propensity score matching were also used, to address potential endogeneity concerns.

Findings

We document a positively significant association of information asymmetry with investment inefficiency. These results imply that information asymmetry reduces investment efficiency and enhances sub-optimal investments. We also document that blockholders negatively moderate the relationship of information asymmetry with investment inefficiency. Further analyses show that investment inefficiency is higher in low-growth firms than in high-growth firms because of higher information asymmetry.

Research limitations/implications

We focus on Malaysia, which is a predominantly common-law Anglo-Saxon country. Graff (2008) documented that the investors are treated differently across legal systems and there are differences between the continental European and Anglo-Saxon countries. La Porta et al. (1999) documented that investors tend to have more legal protection in Anglo-Saxon countries. Therefore, our results may not be generalized to countries with different legal systems.

Practical implications

An important implication of our findings is that stakeholders may encourage the presence of blockholders and give them a voice to weaken the positive relationship between information asymmetry and investment inefficiency.

Originality/value

This study contributes to the contingency literature by investigating the moderating effect of an important governance mechanism, i.e. the presence of blockholders on information asymmetry-investment efficiency nexus. Despite being important, this moderating effect has been largely overlooked in the literature. Our study contributes by providing an understanding of how blockholders can influence investment decisions, offering insights for academics, investors and policymakers focused on improving the efficacy of investment decisions and governance structure.

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来源期刊
CiteScore
6.00
自引率
13.30%
发文量
44
期刊介绍: The Journal of Applied Accounting Research provides a forum for the publication of high quality manuscripts concerning issues relevant to the practice of accounting in a wide variety of contexts. The journal seeks to promote a research agenda that allows academics and practitioners to work together to provide sustainable outcomes in a practice setting. The journal is keen to encourage academic research articles which develop a forum for the discussion of real, practical problems and provide the expertise to allow solutions to these problems to be formed, while also contributing to our theoretical understanding of such issues.
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