기업의 IR활동이 투자-현금흐름 민감도에 미치는 영향

This study examines whether IR (investor relations) activities reduce information asymmetry between managers and outside investors using non-financial companies listed on the Korean stock exchange. This paper conjectures the decrease in the sensitivity of investment to cash flows due to the improved information asymmetry resulted from IR activities. In addition, this study investigates how the sensitivity of investments to cash flows varies depending on the chaebol affiliation, the soundness of corporate governance, and the degree of intimacy of relationship banking. The results show that cash flow measures play a significant role in investment expenditures for Korean firms. Using the flow concept of cash flows, which measures a firm's ability to generate profits, we find that cash flows are positively correlated with investments. We also find that a significantly positive relation between investments and cash flows (CF1) when firms do not have IR activities. Meanwhile, regardless of the ability to access the capital markets and the quality of corporate governance, IR plays a key role in the sensitivity of investments to cash flows. The ability to access the capital markets and the quality of corporate governance do not have a impact on the relationship between investments and cash flows. This result indicates that IR is an effective tool in reducing information asymmetry resulting in the lower sensitivity of investments to cash flows.