BOARD OWNERSHIP AND FIRM VALUE IN TAIWAN - A PANEL SMOOTH TRANSITION REGRESSION MODEL

被引：0
|
作者：
Lin, Feng-Li [1 ]
机构：
[1] Chaoyang Univ Technol, Dept Accounting, Taichung 41349, Wufong Township, Taiwan
来源：
ROMANIAN JOURNAL OF ECONOMIC FORECASTING | 2013年 / 16卷 / 04期
关键词：
firm value; Tobin's Q; board ownership; board of directors; entrenchment; panel smooth transition regression; CORPORATE GOVERNANCE; MANAGERIAL BEHAVIOR; FAMILY OWNERSHIP; AGENCY COSTS; TIME-SERIES; PERFORMANCE;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a panel of 504 Taiwanese listed firms during a 10-year period (2002-2011), this study tests whether there is an optimal level of board ownership, which maximizes firm value. This work adopts Tobin's Q as the proxy for firm value and finds that board ownership between 11.57% and 14.35% are an optimal level of board ownership to maximize firm value. This shift in financing sources propels the nonlinear relationship uncovered in this study and sheds light on Taiwan's legal system of ownership structure.
引用
收藏
页码：148 / 160
页数：13
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