A Study on Efficiency Monitoring and Interest Assimilation in Corporate Governance: Listed Companies in Taiwan

被引:2
|
作者
Yang, Yao-Hung [1 ]
Lin, Ya-Hui [1 ]
Yen, Ghi-Feng [1 ]
机构
[1] Chung Yuan Christian Univ, Dept Business Adm, Jhongli, Taiwan
关键词
board-seat control-voting rights divergence; controlling shareholder; corporate performance; interest assimilation; shared interest group; OWNERSHIP STRUCTURE; FIRM VALUE; EQUITY OWNERSHIP; STOCK RETURNS; AGENCY COSTS; COMPENSATION; PERFORMANCE; MARKET; CHINA;
D O I
10.2753/REE1540-496X48S210
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper examines whether efficiency monitoring has a positive influence on corporate performance by using the fixed effect model with panel data of listed firms in Taiwan from 2005 to 2010. The results show that having a shared interest group, formed by the controlling shareholders of a company and its board directors, leads to a failing monitoring function of the board of directors. Moreover, greater divergence between the number of board seats controlled and voting rights leads to a higher likelihood of corporate performance appearing to be an inverted curve. If this divergence exceeds a certain threshold, the interests of external shareholders may be harmed by large shareholders.
引用
收藏
页码:169 / 183
页数:15
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