The Relation between Corporate Governance Evaluation System, Firm Performance and Institutional Ownership - Electronics Industry as an Example
| Autor: | CHANG,FU-CHIEN, 張伏見 |
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| Rok vydání: | 2016 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 104 The main purposes of corporate governance are to make sure the company investors and the internal and external stakeholders are getting fair treatment, and make sure that they can trust the company. Since 1998, Taiwan’s government promotes the importance of corporate governance and held the first corporate governance rating in 2014. According to the findings of previous studies, the institutional investors’ holding rate is associated with the operating performance of company. Howerver, most of previous studies focus on finance industry and technology industry, seldem studies take electronics industry for research. Due to Taiwan electronics industry has been more prosperous, this study takes the electronics industry as an example and aims to investigate the effect of corporate governance on institutional investors’ holding rate and corporate operating performance which including Price-Book Ratios（PBR）, Return on Equity（ROE）and Earnings Per Share（EPS）. The results have shown that (1) The electronic companies within top 50% of the governance show better institutional ownership, PBR and ROE than the non-50% companies’. (2) OTC corporate governance within 50% show better ROE and EPS than the non-50% OTC corporates’s. Moreover, our study also finds that institutional investors’ holding rate has high correlation with the companys’ PBR, ROE and EPS. Our study suggests that future corporate governance rating must plus more parameters that correlated with corporate performance to build up a better evaluation mechanism. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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