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Short Selling and Investment Efficiency

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한국전문경영인학회|2022.10|전문경영인연구 (Journal of CEO and Management Studies)|제25권 제3호|pp. 241-257|DOI 10.37674/CEOMS.25.3.12

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참고문헌

키워드

K-IFRSShort sellingInvestment efficiencyOutside directorBoard size

초록

This study empirically analyzes how short selling affects investment efficiency. There is a mixed view that short selling has a positive function and a negative function in the capital market. In this study, it was predicted and analyzed that if short selling had a positive function, it would increase investment efficiency, and if it had a negative function, it would decrease investment efficiency. We find that the more active the short-selling, the more inefficient the investment. When divided into overinvestment sample and underinvestment sample, negative relationship was maintained only in overinvestment sample. In other words, it can be inferred that the investment inefficiency is due to the over-investment sample. Second, as a result of analyzing the samples according to the ratio of outside directors, a negative relationship was found only in the group with a small ratio of outside directors. Third, as a result of analyzing the samples according to the size of the board, a negative relationship was found only in the group with a large board size. Overall, this study is meaningful in that it revealed the implications of short selling on investment efficiency.

Abstract

This study empirically analyzes how short selling affects investment efficiency. There is a mixed view that short selling has a positive function and a negative function in the capital market. In this study, it was predicted and analyzed that if short selling had a positive function, it would increase investment efficiency, and if it had a negative function, it would decrease investment efficiency. We find that the more active the short-selling, the more inefficient the investment. When divided into overinvestment sample and underinvestment sample, negative relationship was maintained only in overinvestment sample. In other words, it can be inferred that the investment inefficiency is due to the over-investment sample. Second, as a result of analyzing the samples according to the ratio of outside directors, a negative relationship was found only in the group with a small ratio of outside directors. Third, as a result of analyzing the samples according to the size of the board, a negative relationship was found only in the group with a large board size. Overall, this study is meaningful in that it revealed the implications of short selling on investment efficiency.

참고문헌 (39)

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