Loading...
|
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 |
Size | Format | |
|---|
| index.html | 0Kb | HTML | 486 | View/Open |
|
All items in NCUEIR are protected by copyright, with all rights reserved.
|
