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Internationalization and Firm Performance---Agency Prospective
|Keywords: ||公司治理;所有權結構;國際化;Corporate governance;Ownership structure;Internationalization|
|Issue Date: ||2012-08-27T11:33:06Z
A growing number of listed firms in developed and developing markets have substantially expanded their operations abroad to increase their performance. Prior empirical evidence suggests that ownership concentration lead to the situation that the controlling owner will expropriate minority interests through enhancing their controlling rights by pyramid and management participations, which in turn undermines corporate values. Based on the view point of minority interest expropriation, this work attempts to investigate whether the ownership concentration will affect performance of corporate internationalization. To probe into this question, we use a proxy variable, the divergence between the controlling rights and the cash flow rights, and controlling owners'stock pledge ratio to measure corporate governance risks. Our empirical findings suggest that large divergence between the controlling rights and the cash flow rights and the larger pledge ratio of controlling owners will significantly have negative effects on performance of corporate internationalization. Moreover, the negative effects will be more severe when the controlling owner is CEO or has more director seats.
|Relation: ||2008會計理論與實務研討會, 國立中興大學, 2008年12月4-5日|
|Appears in Collections:||[商業教育學系] 會議論文|
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