Internal Control Quality and Internal Capital Market Efficiency
碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 104 === This paper focuses on the relationship between internal control quality and internal capital allocation efficiency in conglomerate firms. The prior literature suggests that accounting information quality affects the information asymmetry in external capita...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/5te8kz |
| Summary: | 碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 104 === This paper focuses on the relationship between internal control quality and internal capital allocation efficiency in conglomerate firms. The prior literature suggests that accounting information quality affects the information asymmetry in external capital markets. The empirical evidence shows that higher accounting quality leads to more efficient investment. In this study we use internal control quality as a measure of the quality of internal information, and examine whether internal control quality affects internal capital allocation efficiency, using a sample of U.S. conglomerate firms over the period 2004-2014. The empirical results show that internal capital allocation is less efficient for firms with lower internal control quality.
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