Impacts of Corporate Growth and Governance on Treasury Stock Announcement
| Autor: | Wang,Mao-san, 王茂森 |
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| Rok vydání: | 2017 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 The stock market reflects the economic status of the nation. Irrational non-fundamentals in the market lead to the fall in stocks, due to the characteristics of the Taiwan stock market and the interference of political factors. So, the government declares the policy that Treasury stock is publicly traded in August 2000. Through the policy, the companies can buy back their own stock to protect shareholders' equity when unreasonable factors cause the stock price down. Foreign references has proved that the purchase of treasury stocks issued by the signal effect can bring positive abnormal stock remuneration .This study was mainly based on the case study method, supplemented by regression analysis, that we verify TWSE-listed, TPEx-listed companies as research samples from August 2000 to December 2016. The purpose of the study is to verify the above signal effects, we try to understand on the abnormal relationship of the stock price between the company's growth and corporate governance. The empirical study found that the company did have a significant positive abnormal remuneration in the declaration of the Treasury stock on the day and the next day. In the impact of corporate growth on the cumulative abnormal remuneration of declaring treasury stocks, the study also shows that more high growth companies have more significant and positive impact on stock prices. But, in the case of corporate governance's effect on the cumulative abnormal remuneration of declaring treasury stocks, the study show that the better corporate governance have not more significant positive impact on stock prices. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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