| Summary: | 碩士 === 中原大學 === 會計研究所 === 94 === This study investigates the change of corporate governance after cross-listing for
Taiwanese firms with international business activities. More companies prefer
overseas financing in recent years. It can attribute to increasing multination business
activities. Two major financing instruments used by Taiwanese firms are deposit
receipts (ADR or GDR) and Euro convertible bond (ECB).
Empirical results show that board number, board independent and outside
ownership structure after cross-listings. In addition, the outsider ownership structure,
board independent and blockholder before one year is significantly different. The
proportion of financial institution and foreign ownership of cross-listing firms is
higher and with lower board ownership, implying that better ownership structure is
associated with cross-listing.In time series, cross-listing company have higher
proportion of financial institution and foreign ownership and with lower forecast
error.
As examining the flotation spot and approach , there is no significant difference.
Board of directors independent character improve significant .As examining the
flotation scale, issuing ECB that audit quality and Institutional Investors holdings
are higher . However, the association between flotation scale and corporate
governance, there is no consistence conclusion.
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