English  |  正體中文  |  简体中文  |  Items with full text/Total items : 6487/11649
Visitors : 28604556      Online Users : 400
RC Version 3.2 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Adv. Search

Please use this identifier to cite or link to this item: http://ir.ncue.edu.tw/ir/handle/987654321/19057

Title: Corporate Governance and Long-Run Performance of Equity Issues: The Role of Foreign Ownership in Taiwan
Authors: Chen, Yenn-Ru;Chiou, Jeng-Ren;Chou, Ting-Kai;Hsueh, Ming-Hsien
Contributors: 會計學系
Keywords: Corporate governance;Seasoned equity offerings;Long-run performance;Foreign ownership
Date: 2009-03
Issue Date: 2014-10-01T08:54:39Z
Publisher: 國立成功大學管理學院
Abstract: It is widely argued that foreign shareholding is a mechanism for improving corporate governance in emerging markets. We provide the evidence of the monitoring benefits of foreign ownership of equity issues, a setting where we argue the effects of monitoring are likely to be important. We analyze the relationship between foreign ownership and stock price, as well as operating performance following public equity issues, by using a sample of Taiwanese firms conducting seasoned equity offerings (SEOs) from 1991 to 2002. Empirical results show that post-issue stock returns and changes in operating performance are positively and significantly related to the post-issue level of foreign ownership. The effects of domestic institutional investors such as family and business affiliations are insignificant. We empirically exclude the argument that the findings are due to sophisticated investment strategies or momentum propensity of foreign investors. To our knowledge, this result has not been previously documented.
Relation: Asia Pacific Management Review, 14(1): 27-46
Appears in Collections:[會計學系] 期刊論文

Files in This Item:

File SizeFormat

All items in NCUEIR are protected by copyright, with all rights reserved.


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