教師資料查詢 | 類別: 期刊論文 | 教師: 錢思敏 CHIEN, SZU-MIN (瀏覽個人網頁)

標題:A Corporate Life Cycle Analysis on the Relationship Between Ownership Structure and Performance: Evidence from the Taiwan Stock Exchange
學年
學期
出版(發表)日期2013/02/01
作品名稱A Corporate Life Cycle Analysis on the Relationship Between Ownership Structure and Performance: Evidence from the Taiwan Stock Exchange
作品名稱(其他語言)
著者Liao, Wen-Chih; Shyu, Jonchi; Chien, Szu-Min
單位淡江大學企業管理學系
出版者臺南市成功大學管理學院
著錄名稱、卷期、頁數Asia Pacific Management Review 18(2), pp.53-64
摘要This study analyzes the relationship between a firm's ownership structure and its performance. Directorial and managerial ownership are two types of ownership. The corporate life cycle stages analyzed in this paper are the growth stage, maturity stage, and the life cycle as a whole. The data was taken from a 1994-2004 panel of 488 manufacturing firms listed on the Taiwan stock exchange. In order to correct endogeneity issues, a simultaneous model is used to analyze the relationship. As a result, in both the growth and maturity stages, directorial ownership is influenced by corporate performance; however, corporate performance does not influence managerial ownership. On the one hand, the paper deciphers an inverted U-shaped relationship between directorial ownership and performance, which suggests optimal ownership shares for directors; on the other hand, a U-shaped relationship between managerial ownership and performance is found. These relationships refer to the alignment and entrenchment effect respectively.
關鍵字Corporate governance;performance;ownership structure;corporate life cycle
語言英文(美國)
ISSN1029-3132‎
期刊性質國外
收錄於TSSCI;
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,紙本
相關連結
SDGs
Google+ 推薦功能,讓全世界都能看到您的推薦!