기업의 IR에 대한 인식차이: 투자자 유형의 효과

Abstract

The main objective of this study is to investigate which differences in perceptions of firm's IR activities exist by investor types.. Since it is possible that the same information can be interpreted differently from different perspectives, both the identification of the investor types and the investigation of the effects on the behaviors through the decision making and information processing are very important. For those regards, in this paper, we identify the investor's focuses on the IR information of the firms, and investigate the degrees of trust and use of IR information. This will allow for firms to identify the roles of information that firms should provide to investors. In the empirical research, we divided investors into short-term investors and long-term investors based on the two criteria: :one is based on the stock investor tendencies questions and the other one is based on the respondent's own views on the investor types. We selected samples in which met two criteria and compared those two groups. Empirical research results show that there are clear differences in the degree of perceptions on various IR information, trust, and use intention between long-term investors and short-term investors. Long-term investors tend to emphasis the utilization of information than short-term investors. In particular, long-term investors tend to emphasize asset value informations on technology, research and development. On the other hand, short-term investors have tendencies to focus on price information on the real-time stock price and past prices.