The Impact on Stock Returns from the Network Relationship of Corporate Directors
| Autor: | HUANG,SHIUAN-SHIN, 黃萱心 |
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| Rok vydání: | 2017 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 105 Social network analysis (SNA) has been widely used in various academic and industrial fields. In Taiwan, the overlapping of corporate board directors is prevalent between companies, especially when they share a similar industry. The impact on stock returns for this kind of network relationship may be an important economic issue. In this study, we use SNA to study the connection between companies listed in stock exchange, over-the-counter and emerging three stock markets in which the overlapping directors form a significant social network. Specifically, we calculate the degree of centrality, between-ness centrality and closeness centrality as three measures for network and test their impact on stock returns. The empirical results show that the relationship between corporate stock returns and board directors overlapping is significant. Industry, group enterprises and shareholding ratio may also be the factors that affect stock returns link. The companies with similar industry and companies with similar size are more closely linked with their stock returns. In addition, we found that various network position has resulted in different stock returns link. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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