| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士班 === 107 === This paper studies how peer firms’ performance affect firms’ investment decisions. Nu-merous researches have shown that a company’s share and relative factors all may directly affect its investment decision. However, other competitors within the same industry, who are also fac-ing the similar legislations and having the same external environment, tend to result in using the similar investment decision. Additionally, sponsors’ investment decision may also be influenced by the companies’ competitors. As a result, when companies are examining sponsors’ invest-ment decision, they are not only taking their value of shares and basic factor into account but also the impact of their competitors’ management decision.
Using peer firms’ idiosyncratic returns as an exogenous peer performance measure and the instrumental variable approach. Taking the transportation, transportation and shipping industry of the Taiwan Securities Development Foundation's industrial value chain information platform as the analysis object. we have analyzed the figures from 2007 to 2017, and using two-stage least-square method to verify the result.
In conclusion, this study found that sea, air and land logistics and transportations’ invest-ment decision are strongly be affected by their competitors.
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