https://scholars.lib.ntu.edu.tw/handle/123456789/165877
標題: | The Controlling Shareholder's Personal Stock Loan and Firm Performance | 作者: | Chen, Yehning Hu, Shing-Yang |
公開日期: | 十月-2001 | 出版社: | 臺北市:國立臺灣大學財務金融學系 | 摘要: | This paper studies companies that have a controlling shareholder. In particular, it examines the relationship between firm performance and its controlling shareholder’s personal loan. We present a model to identify two effects of a personal loan that is secured by stocks. The loan can be beneficial ex ante, because it relaxes the wealth constraint of controlling shareholders and allows firms to invest in good projects. The loan can also be harmful ex post, because it will create an incentive for controlling shareholders to pursue risky projects. We use a sample of listed companies in Taiwan to test our hypotheses and find consistent evidence. |
URI: | http://ntur.lib.ntu.edu.tw//handle/246246/2006092712273055450 | 其他識別: | 2006092712273055450 |
顯示於: | 財務金融學系 |
在 IR 系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。