Do Mutual Fund Managers Care Corporate Governance Mechanisms of Stock Firms？
| Autor: | LIN PI-CHU, 林碧珠 |
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| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 This study investigates whether mutual fund managers follow the prudent rules to invest in stock firms of good corporate governance mechanisms. The stock firms include listed firms in TWSE and OTC from 2006 to 2013. This paper uses mutual funds’ ownership of each firm as the dependent variable and corporate governance variables as independent variables to explore whether mutual fund managers take corporate governance variables into consideration as they select the stocks into their portfolio. The results of study are as follows: Mutual fund managers prefer the companies of high rate of family directors, a high rate of corporate ownership. Mutual fund managers prefer stock firms with higher ratios of family directors and corporate institutional ownership instead of stock firms with higher directors’ ownership and block-holders’ ownership. This paper also finds that during the period of 2008 subprime debt crisis, funds’ managers do not take corporate governance variables into consideration. The thesis concludes that for the stock firms with higher ratios of directors’ ownership and block-holders’ ownership, they may not perform well on corporate governance. On the contrary, the stock firms with higher ratios of corporate institutional ownership will perform well on corporate governance. Empirical results prove that mutual fund managers care part of the corporate governance mechanisms. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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