最適家族董事比例結構之研究─縱橫門檻效果分析
| Autor: | Hsiao-Lan Yang, 楊曉嵐 |
|---|---|
| Rok vydání: | 2004 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 92 Examining the asymmetrical nonlinear relationships, this paper employs the panel threshold autoregressive (PTAR) technique developed by Hansen (1999) to investigate the threshold effect between the proportion of board seats held by family and firm’s value of Taiwan’s listing industries. Using Tobin’Q as a proxy for the firm’s value, this paper empirically finds a double-threshold effect exists between the family board structure and the firm’s value. The two thresholds of 0.29 and 0.39 imply an “optimal family board structure” exists, which states that when the proportion of board seats held by family is between 0.29 and 0.39, the firm’s value can be improved by increasing the number of board seats held by family. Other findings in this empirical study can be addressed on that R&D expense and debt ratio are both positively related to firm’s value. However, the Modigliani and Miller’s (1958) “capital structure irrelevance theory” is argued since the impact of debt ratio on firm’s value is found to be insignificant. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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