불확실성 환경에서의 특성기반 모방: 코스닥 기업의 외국인 투자 결정요인

초록

Based on the theoretical arguments of trait-based Imitation in uncertainty, this study is aimed to investigate the determinants of foreign investment in KOSDAQ listed Firms. This is mainly because most of the previous studies assume that foreign investors are rational actors and the empirical setting tends to be limited to the stock market listed companies. To test hypotheses, 663 non-financial, KOSDAQ- listed companies was used during the period from 2001 to 2010. The fixed effect model results of unbalanced panel data are as follows. The foreign investors tend to prefer the firms whose similar status firms attracted large amount of foreign investments. This result shows that foreign investors might include the similar status firms of a focal firm in consideration set in their investment decisions.

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