Exploring the Dynamic Relationship between Ownership Structure and Firm Performance
| Autor: | 劉香君 |
|---|---|
| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 The Asian financial crisis in 1997 made governments start to pay attention to corporate governance. Corporate governance is a continuous task. As the market structure evolves, although new concepts and issues emerge, the functions of the board of directors and the ownership structure are still the core of corporate governance and directly affect the company's performance. Past studies have pointed out that the ownership structure is related to the company's performance. However, most of them are static, failing to show how the changes in the ownership structure affect the change in financial performance. The purpose of this study is to explore the dynamic relationship between ownership structure and firm performance. Data were collected from the listed companies in the Taiwan stock market from 2009 to 2016. The companies were categorized into three industries: electronics, finance, and others (neither electronics nor finance). The dynamic relationship was analyzed by regressing the change in performance on the change in the ownership structure based on financial indicators. The results have indicated that the influence of the change in the ownership structure on the change in profitability and the change in solvency would be moderated by the industry and the company size. We have summarized the dynamic relationships obtained and discussed some implications. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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