과대투자, 중립적투자, 과소투자 및 산업 특성이 기업의 경영성과에 미치는 영향

초록

This study attempts to analyze the effect of each investment propensity on future management performance according to the characteristics of the industry to which the investment propensity is subdivided into overinvestment, moderate investment and underinvestment. At this time, the characteristics of the industry were industrial concentration, growth, entry barriers, and technology volatility. The impact of the investment tendency of the company on future management performance was analyzed by the industrial characteristics of the company. Existing studies have mainly focused on the risks of managers' overconfidence tendencies, but risks by investment size may vary depending on the management environment of the company. This study differs from the previous studies in that it analyzes the impact on business performance by various characteristics of the industry to which it belongs by breaking down the investment tendency by size in the medium and long term. The research targets are KOSPI and KOSDAQ listed companies from 2008 to 2018. The investment tendency of the firm was measured by the amount of investment in asset expansion according to Schrand and Zechman(2012), and the future management performance by the gross asset return. The competitiveness of the industry was measured by the Huffindal-Hirshman index, the growth rate of the industry by sales growth rate by industry, the barriers to entry by industry, the concentration of tangible assets, and the technological variability of the industry by high technology and high technology. According to the analysis, overinvestment and underinvestment of firms significantly reduced future management performance compared to neutral investments. If a firm belongs to a low-competitive industry with high industrial concentration, its overinvestment is higher than that of a high-competitive industry. The negative impact on the company's future profitability is mitigated. On the other hand, if a company belongs to a growth industry, the negative effect of the company's underinvestment on the company's future profitability is strengthened compared to that of a non-growth industry. This is expected to provide implications for management decision-making regarding the size and timing of investment by industry characteristics.

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