The influence of foreign institutional investors, institutional directors and the share pledge ratio of directors on financial performance of tourism firms
學年 108
學期 2
出版（發表）日期 2020-02-01
作品名稱 The influence of foreign institutional investors, institutional directors and the share pledge ratio of directors on financial performance of tourism firms
作品名稱（其他語言）
著者 Chien Mu Yeh
單位
出版者
著錄名稱、卷期、頁數 Tourism Economics 26(1), p.179-201
摘要 Corporate governance is a critical component relevant to firm performance. In the tourism sector, corporate governance is an underexamined issue. The purpose of the current study is to bridge this gap by examining the influence of foreign institutional investors, institutional directors, and shares pledged by directors on tourism firms’ financial performance. Data are derived from listed tourism firms in Taiwan. Ordinary least square regressions and two-stage least square regressions are used to examine the hypotheses. Results show that the presence of foreign institutional investors and a low share pledge ratio of directors have significant effects on return on assets and Tobin’s Q. The presence of institutional directors has a positive effect on Tobin’s Q. Implications for owners, policy makers, and investors are discussed.
關鍵字 foreign institutional investors;institutional directors;share pledge ratio;tourism governance
語言 en
ISSN 2044-0375
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 否
國別 GBR
公開徵稿
出版型式 ,電子版,紙本
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