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Corporate investment behavior : an empirical comparison of Norwegian public and private firms

Hjelmeland, Eirik; Moldvær, Kristian Kaldhol
Master thesis
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URI
http://hdl.handle.net/11250/2382960
Date
2015
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  • Master Thesis [4657]
Abstract
This thesis examines whether short-termism among Norwegian public firms distorts their

investment decisions. We follow the study by Asker, Farre-Mensa and Ljungqvist (2014), using

private firms as a counterfactual for how public firms would invest absent such short-term

pressures. By relying on exact and propensity score matching, we do so by identifying public

and private firms similar on dimensions thought to affect corporate investment. We find that

public firms invest significantly less than their private counterparts. In addition, public firms

invest in a way that tend to be less sensitive to changes in investment opportunities. These

findings are not due to how we measure investment, nor to sampling or matching choices. Our

findings suggest that short-term pressures distort the investment behavior of public firms, thus

consistent with the study by Asker, Farre-Mensa and Ljungqvist (2014) of U.S. firms. Our

thesis can thus be seen as one of the first linking short-termism to Norwegian corporate

investment, and highlight a potential trade-off related to the going-public decision in Norway.

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