Internal Corporate Governance Mechanisms and Stock Return Skewness: Evidence from Financial Industry

• Main Authors: Yen-Ying Chang, 張延英
• Other Authors: CHU-HSIUNG LIN
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/88513783067537140106

碩士 === 國立高雄第一科技大學 === 風險管理與保險研究所 === 100 === Financial crisis brings the big shock to global financial system. It makes financial firms’ stock prices receive negative impact. This paper attampts to confor wherether internal corporate governance mechanisms reduce financial firms’ negative impact and dirve stock return more positive skewness. This study investigates how internal corporate governance mechanisms impact return skewness based on the Taiwanese data from 2006 to 2010, and finds out the key corporate governance mechanisms which can avoid financial firms’ from negative skewness. This study estimates the return skewness based on the methodologies of Bae, et al. (2006). By the way, this study considers the internal and external corporate governances, such like ownership structure, board composition, information transparency, managerial incentive, will be used to evidence how they impact on return skewness through our panel data model. The contributions of this study are to find out the key corporate governance mechanisms that can reduce firms’ risk and improve firms’ risk management through investigating how the internal and external corporate governance mechanisms influence return skewness. This study indicates that higher quality of internal corporate governance can make return distribution less negative skewed.