The Impact of Share Pledge on Operating Performance in Taiwan's OTC Stock Market
| Autor: | HUANG, SHIH-HAN, 黃詩涵 |
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| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 The purpose of this study is to examine the impact of share pledge on operating performance in Taiwan’s OTC stock market. Different from previous literature, this study focuses on the investigation of Taiwan’s OTC stock market. The sample period in this study is from the first quarter of 2014 to the fourth quarter of 2018. The empirical results indicate that, in Taiwan’s OTC stock market, the impact of share pledge ratio on operating performance is significantly negative. Moreover, adding the quadratic term of share pledge ratio into consideration, this study finds that the negative impact of share pledge ratio on operating performance exists in the firms with relative high share pledge ratio. Finally, even considering the corporate governance evaluation issued by Securities and Futures Institute, the share pledge ratio still has significantly negative influence on operating performance for Taiwanese OTC listed companies. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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