National Changhua University of Education Institutional Repository : Item 987654321/13914
English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 6491/11663
造訪人次 : 24647521      線上人數 : 56
RC Version 3.2 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 進階搜尋


題名: Corporate ownership structure and innovation: Evidence from Taiwan's electronics industry
作者: Chin, Chen-Lung;Chen, Yu-Ju;Kleinman, G.;Lee, P. P.
貢獻者: 商業教育系
關鍵詞: Cash flow rights;Innovation;Intellectual capital;Ownership structure;Patent;Voting rights
日期: 2009-01
上傳時間: 2012-08-27T11:35:11Z
出版者: Greenwood Publishing Group Inc.
摘要: The agency problem of listed companies in East Asia is closely related to their typically concentrated ownership structures. Tight control creates an entrenchment problem that allows the controlling owners' self-interested behaviors to go unchallenged internally by the boards of directors or externally by takeover markets. The primary objective of this paper is to explore the association between the ownership and control structure and innovation. The ownership and control structure is measured first as the divergence between the ultimate owner's voting rights and the ultimate owner's cash flow rights, and second by the presence of ultimately controlling shareholder's family member as CEO or Chairman of the board, or both. Innovation is measured by patent quantity and patent quality. This paper uses patents granted by the U.S. Patent and Trademark Office (USPTO) to measure innovation activities. We find that innovation is significantly and negatively related to the level of agency problems. We further find that innovation is lower for firms whose controlling owner is also either the chief executive officer or the chair of the board of directors. Our findings appear to be robust with respect to examining patent count and patent quality variables.
關聯: Journal of Accounting, Auditing and Finance, 24(1): 145 -175
顯示於類別:[商業教育學系] 期刊論文


檔案 大小格式瀏覽次數
2030300710002.pdf85KbAdobe PDF826檢視/開啟



DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋