National Changhua University of Education Institutional Repository : Item 987654321/19057
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题名: Corporate Governance and Long-Run Performance of Equity Issues: The Role of Foreign Ownership in Taiwan
作者: Chen, Yenn-Ru;Chiou, Jeng-Ren;Chou, Ting-Kai;Hsueh, Ming-Hsien
贡献者: 會計學系
关键词: Corporate governance;Seasoned equity offerings;Long-run performance;Foreign ownership
日期: 2009-03
上传时间: 2014-10-01T08:54:39Z
出版者: 國立成功大學管理學院
摘要: 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.
關聯: Asia Pacific Management Review, 14(1): 27-46
显示于类别:[會計學系] 期刊論文


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