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The Effect of the Restructuring of Peer Firms on Investment.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	The Effect of the Restructuring of Peer Firms on Investment./
Author:	Kim, Hojoong.
Description:	1 online resource (65 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-11, Section: A.
Contained By:	Dissertations Abstracts International85-11A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798382537603

The Effect of the Restructuring of Peer Firms on Investment.
Kim, Hojoong.

The Effect of the Restructuring of Peer Firms on Investment. - 1 online resource (65 pages)

Source: Dissertations Abstracts International, Volume: 85-11, Section: A.

Thesis (Ph.D.)--University of North Texas, 2023.

Includes bibliographical references

Firms' operational restructuring involves information relevant to strategic choices as well as future demand and cost conditions. This study examines the relationship between peer firms' restructuring and a company's responsiveness to its growth opportunities. Peer firm restructuring can increase uncertainty with respect to a company's payoffs regarding its investment projects, leading to decreased responsiveness to growth opportunities. Using a large sample of public companies during 2006-2020, I find that peer firms' restructuring is negatively associated with the responsiveness of capital expenditures (Capex) to growth opportunities. The results suggest that peer firms' restructuring activities provide information about a company's investment projects above and beyond industry shocks reflected in changes in industry sales. Furthermore, these associations are moderated by industry competition. The negative effects of peer firms' restructuring on Capex sensitivity are the strongest in high-competition industries.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382537603Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

InvestmentIndex Terms--Genre/Form:

554714
Electronic books.

The Effect of the Restructuring of Peer Firms on Investment.
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520 $a Firms' operational restructuring involves information relevant to strategic choices as well as future demand and cost conditions. This study examines the relationship between peer firms' restructuring and a company's responsiveness to its growth opportunities. Peer firm restructuring can increase uncertainty with respect to a company's payoffs regarding its investment projects, leading to decreased responsiveness to growth opportunities. Using a large sample of public companies during 2006-2020, I find that peer firms' restructuring is negatively associated with the responsiveness of capital expenditures (Capex) to growth opportunities. The results suggest that peer firms' restructuring activities provide information about a company's investment projects above and beyond industry shocks reflected in changes in industry sales. Furthermore, these associations are moderated by industry competition. The negative effects of peer firms' restructuring on Capex sensitivity are the strongest in high-competition industries.
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653 $a Uncertainty
653 $a Competition
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