The Value-Relevance of Corporate Governance

• Main Authors: Pei-Jing Liu, 劉佩靜
• Other Authors: Yu-Chih Lin
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/03549039079567980866

碩士 === 雲林科技大學 === 會計系研究所 === 99 === After Asian financial crisis, issues on corporate governance are abruptly getting more attention. The establishment of corporate governance system is vital for the regulator to regulate the market, for the firms to improve their performance and for the investors to protect their interests. Moreover, through the mechanisms of corporate governance, investors can rebuild their confidence in the market. The purpose of this study is to investigate the value relevance of corporate governance proxies by using Ohlson model. The data was gathered from those firms listed on Taiwan Stock Exchange from 2005 to 2009. The results are as expected except that the proxy of information transparency measured by the ratio of long-term investment in stocks performs better than the other proxy which is measured by the assessment results of disclosure ranking system or Information Transparency and Disclosure Ranking System (ITDRS). The ranking system was launched by the Securities and Future Institute (SFI), entrusted by the Taiwan Stock Exchange Corporation (TSEC) and the OTC.