An Empirical Study of Relationship between Corporate Governance ,Ownership Structure and Performance

• Main Authors: Shi-Bing Hong, 洪世炳
• Other Authors: Mei-Hua Chen
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/58032071320516906963

碩士 === 國立彰化師範大學 === 商業教育學系 === 93 === 　This study was to investigate whether ownership structure can influence the quality of corporate governance, and to identify the relationship between corporate governance, ownership structure and firm’s performance by panel data analysis. The firm-level corporate governance rankings constructed by Credit Lyonnais Securities Asia （CLSA） were taken as proxies for corporate governance quality. The empirical results are as follows: 1.There is a significant positive relationship between foreigner shareholding ratio and governance quality of a firm. 2.A firm’s governance quality is significant positive associated with its performance while performance proxies are ROA, ROE, and stock price, but significant negative with its performance while the proxy is stock rate of return. 3.In insider ownership: manager shareholding ratio and directors’ shareholding ratio are significant negative associated with financial performance (ROE, ROA), but large shareholder shareholding ratio is significant positive associated with stock price. 4.In institutional ownership: foreigner shareholding ratio is significant positive associated with performance (ROE, ROA, and Price). Financial institutors shareholding ratio is significant negative associated with ROA. Trust fund shareholding ratio is significant positive associated with stock rate of return. Others are not significant.