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The purpose of this study is to examine the relationship between the investment propensity and cost of capital. According to prior studies, over£­investment propensity is regarded as a proxy of agency cost. It makes increase information asymmetry and information risk. Over£­investment makes hindering monitoring and checking on inefficient managerial decisions, which will lead to increase cost of capital.
In order to proceed research we extract data from KIS£­VALUE which is the database offered by NICE Information Service, Korea Financial Supervisory Service electronic disclosure System, DART and Data Guide 5 from FnGuide inc. between the years 2002 and 2011. To measure overinvestment, we use as same as McNichols and Stubben(2008). We also use cost of capital by estimating discount rate that showed in Easton(2004).
The research result shows that there is a positive relation between over£­investment propensity and cost of capital. Empirical results indicate that stockholders impose risk premium on over£­investment. It can be surmised that managers who made inefficient investment decision could more burden cost of capital. It is significant that abnormal level of investment can act as a factor that increases the required rate of return to shareholders.