The Influence of Environmental Management and Corporate Governance on Stock Price

• Main Authors: Hsing-I Ho, 何相儀
• Other Authors: Po-Chin Wu
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/jhf76z

碩士 === 中原大學 === 國際貿易研究所 === 92 === Based on Ohlson (1995) valuation models, this thesis investigates the effect of environmental management, corporate governance, and macroeconomics factors on firm value. The total 59 sampling anuual data are come from houses of stock market in Taiwan, excluding non-envirnomental management certification and other limited conditions. In empirical study, we adopt multiple regression method and divide firms into high-pollution and low-pollution companies, small, middle and large companies, positive earnings and negative earnings companies. The empirical results are as follows: 1. Ohlson valuation model is fit for companies had gotten ISO 14001 environmental management certification in Taiwan stock market. 2. The stock prices of high-pollution, middle scale, and positive earings companies will be promoted, after they has gotten ISO 14001 environmental management certification. 3. In a whole, while holding stock rate of chairman and manager is increasing will make stock price going down. 4. On the other hand, while holding stock rate of qualified foreign investment institution increases, stock price will go up. In addition, the increases of economic growth rate and consumer price index will bring stock price up.