An analysis of corporate governance of Taiwan cross-listed firms

• Main Authors: Mao-Hung Tu, 杜茂弘
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/47162210694973500081

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.