教師資料查詢 | 類別: 期刊論文 | 教師: 陳明園 CHEN MING-YUAN (瀏覽個人網頁)

標題:Group Affiliation, Identity of Managers, and the Relation between Managerial Ownership and Performance
學年94
學期1
出版(發表)日期2005/11/01
作品名稱Group Affiliation, Identity of Managers, and the Relation between Managerial Ownership and Performance
作品名稱(其他語言)
著者Chen, Ming-yuan
單位淡江大學產業經濟學系
出版者
著錄名稱、卷期、頁數International Review of Financial Analysis 14(5), pp.533-558
摘要Two features in Taiwan's companies complicate the ownership–performance relationship. First, the firm's management is usually controlled, either directly or indirectly via equity interlocks, by the controlling family. The shareholding of managers is an access through which the controlling owners can secure control and entrench their private benefits. Second, the management generally consists of individual managers and representatives appointed to top managerial positions by institutions that hold a substantial percentage of shares. The role of corporate managers played by institutions is important in Taiwan's companies. Echoing these two features, empirical results suggest a low inflection point for the nonlinear relation between managerial ownership and performance. Moreover, the impact of managerial ownership on performance varies between different identities of managers and depends on whether the firm is group-affiliated or independent. There is also evidence to show that the relation between individual and institutional managerial ownership is complementary at low levels of ownership and becomes substitutive as ownership gets higher.
關鍵字Managerial ownership;Performance;Group affiliation;Identity of managers
語言英文
ISSN
期刊性質國外
收錄於
產學合作
通訊作者
審稿制度
國別中華民國
公開徵稿
出版型式,電子版
相關連結
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