The Impact of Board Re-election on Stock Price -An Empirical Analysis of TAIEX-Listed Companies
Date Issued
2014
Date
2014
Author(s)
Hsu, Ya-Ting
Abstract
The main purpose of this research is to investigate the relationship between re-election of board members and the company stock price. This report uses event study methodology to analyze the share price of 1,100 companies from 2011~2013.
The empirical research shows the following:
(1)The stock price has a positive cumulative abnormal return between 45 transaction days before the last registration date of the re-election of board.
(2)Company’s size, director stock ownership, the companies’ control right, the percentage of director seats held by the ultimate control, whether there is interlocking shareholding or not, and the percentage of shares held by foreign investors have impacts on the cumulative abnormal return.
(3)Positive cumulative abnormal return on share prices are negative related to the size of the company, percentage of director seats held by the ultimate control and the percentage of shares held by foreign investors.
Subjects
董監改選
事件研究法
股權結構
Type
thesis
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