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

来源：

EMERGING MARKETS FINANCE AND TRADE | 2012年 / 48卷

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

页码：169 / 183

页数：15

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