The Impacts of Ownership Structure and Board Characteristics on Efficiency of Business Capital Investment

• Main Authors: Yu,Chi-Yu, 余岐育
• Other Authors: Shih,Lun-Min
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/33779257855327692396

碩士 === 大葉大學 === 管理學院碩士在職專班 === 103 === The purpose of this paper is to examine the effect of ownership structure and board characteristics on efficiency of business investment decisions from the perspective of core agency problem. In addition, we also investigate the monitoring effect of institutional ownership. The main feature of this study is that we use BCG model and divide the sample into several groups to measure the potential impact of ownership structure and board characteristics under different business types. We divide the agency problem into core agency problem and equity agency problem, and we explore the relation between corporate governance and inefficient investment under different business types. Finally, we explore efficient investment decisions whether firms increase investment opportunities and value. Overall, this paper can explain corporate governance can reduce inefficient investment and the efficient corporate governance can increase investment opportunities.