투자심리와 현금전환주기 간의 관계

Abstract

This paper empirically investigates the effects of investors' sentiment and the cash conversion cycle. In particular, this research investigates whether investors' sentiment is related to the cash conversion cycle and whether the level of uncertainty and competition in each firm affects the relation. Three hypotheses were drawn. To investigate the hypotheses, stock prices and accounting information data of firms listed on KOSDAQ market at Korea Exchange(KRX) were collected, and the hypotheses were examined by panel regressions and Fama-MacBeth regressions. This research finds that investor sentiment has negative effects on the cash conversion cycle. Further, this study finds that the level of uncertainty and the level of competition in the industry increases the negative relation between investors' sentiment and the cash conversion cycle. This work finds uncertainty and competition has a certain role in the relation between investors sentiment and cash management. The findings suggest that an increase in uncertainty may cause cash management to be less effective. In addition, firms in the high-competition industry may have difficulties in working capital management.