空頭市場中公司治理溢酬之研究
Other Title
A Study on the Premium of Corporate Governance in the Downward Market
Date Issued
2003
Date
2003
Author(s)
柯承恩
DOI
912416H002043
Abstract
The corporate governance function is designed to mitigate the agency
problems and to protect the interests of minor stockholders. A strong corporate governance function will make the company earns trust in the
capital market, and maintains the long-term competitive advantages.
To explain the loss of confidence emerging in the Asian Financial Crisis,
Johnson, Boone, Breach, and Friedman (2000) conclude that measures of
corporate governance explain the extent of exchange rate depreciation and
stock market decline better than do standard macroeconomic measures. They
think that a possible explanation is that in countries with weak corporate
governance, worse economic prospects result in more expropriation by
managers and thus a large fall in asset price.
Based on the findings of Johnson et al. (2000), we propose to examine
whether the premium of corporate governance in the downward market exists
in Taiwan market.
The results of this study suggest that corporate governance mechanisms can
explain whether the firm will fail well, and the results also show that the firms
with better corporate governance can earn excess returns no matter when in
bull or bear market. Further, the corporate governance premium is larger in
bear market. The above results support our expectations.
Subjects
Corporate Governance
Downward Market
Corporate Governance Premium
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
other
File(s)![Thumbnail Image]()
Loading...
Name
912416H002043.pdf
Size
169.22 KB
Format
Adobe PDF
Checksum
(MD5):27f90ded6803a9d4d81e49da483e8c61