| Summary: | 碩士 === 靜宜大學 === 財務金融學系 === 99 === The purpose of this study is to examine the mediating effect of agency costs on the association among internal and external corporate governance and the post-issue performance in the US for 2000-2009.In the SEM setting, we firstly examine the direct effect of internal and external governance on agency costs and the performance. The results show that IPO and SEO of internal and external governance are negatively correlated with agency costs at a conservative level, whereas the impact of governance on internal and external performance remains significantly positive. In addition, external governance has relatively influence on the performance compared with internal governance.
We further include agency costs as a mediating variable. Through the analysis of results, we can draw the following conclusions. For the post-IPO, the results show that internal and external governance is negative correlated with agency costs, whereas the impact of external governance on performance of issue whereas the impact of external governance on performance of issue remains positive but less significant. Opposite, the internal governance and performance is nonexistent mediating variable. For the post-SEO, the results of external governance are consistent with the post-IPO. On the contrary, the internal governance and performance on direct effect was no significantly decrease. Specifically, decreasing agency costs is an important gateway for external governance to improve performance. Further tests reveal that external governance can effectively sieves out agency problems and then improves performance.
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