Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance
碩士 === 國立彰化師範大學 === 會計學系 === 104 === In order to solve the problem of low wage and increase labor income in Taiwan, the authority proposed mandatory bonuses in 2015, resulting in large society concerns. This study uses the event study to investigate whether mandatory bonuses would cause abnormal ret...
Main Author: | |
---|---|
Other Authors: | |
Format: | Others |
Language: | zh-TW |
Published: |
2016
|
Online Access: | http://ndltd.ncl.edu.tw/handle/32132687705186740873 |
id |
ndltd-TW-104NCUE5385047 |
---|---|
record_format |
oai_dc |
spelling |
ndltd-TW-104NCUE53850472017-08-27T04:30:15Z http://ndltd.ncl.edu.tw/handle/32132687705186740873 Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance 投資人對加薪四法之認知反應:兼論公司治理之角色 李欣恬 碩士 國立彰化師範大學 會計學系 104 In order to solve the problem of low wage and increase labor income in Taiwan, the authority proposed mandatory bonuses in 2015, resulting in large society concerns. This study uses the event study to investigate whether mandatory bonuses would cause abnormal returns for listed companies, and discuss how the role corporate governance plays and its moderated effects on abnormal returns. The empirical results show that investors view mandatory bonuses as an incentive effect, listed companies have significantly positive abnormal returns. When the market has positive abnormal returns, the companies with better corporate governance have lower abnormal returns. On the other hand, when the market has negative abnormal returns, the companies with better corporate governance have higher abnormal returns. This study suggests that when the market has positive abnormal returns, the companies with better corporate governance do not lead to higher abnormal returns. On the other hand, when the market reaction to the events related to mandatory bonuses gradually ease and has negative abnormal returns, better corporate governance can mitigate the adverse impact and play a role of share stabilization, lead to higher abnormal returns. 陳皆碩 林芳綺 2016 學位論文 ; thesis 87 zh-TW |
collection |
NDLTD |
language |
zh-TW |
format |
Others
|
sources |
NDLTD |
description |
碩士 === 國立彰化師範大學 === 會計學系 === 104 === In order to solve the problem of low wage and increase labor income in Taiwan, the authority proposed mandatory bonuses in 2015, resulting in large society concerns. This study uses the event study to investigate whether mandatory bonuses would cause abnormal returns for listed companies, and discuss how the role corporate governance plays and its moderated effects on abnormal returns. The empirical results show that investors view mandatory bonuses as an incentive effect, listed companies have significantly positive abnormal returns. When the market has positive abnormal returns, the companies with better corporate governance have lower abnormal returns. On the other hand, when the market has negative abnormal returns, the companies with better corporate governance have higher abnormal returns. This study suggests that when the market has positive abnormal returns, the companies with better corporate governance do not lead to higher abnormal returns. On the other hand, when the market reaction to the events related to mandatory bonuses gradually ease and has negative abnormal returns, better corporate governance can mitigate the adverse impact and play a role of share stabilization, lead to higher abnormal returns.
|
author2 |
陳皆碩 |
author_facet |
陳皆碩 李欣恬 |
author |
李欣恬 |
spellingShingle |
李欣恬 Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance |
author_sort |
李欣恬 |
title |
Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance |
title_short |
Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance |
title_full |
Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance |
title_fullStr |
Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance |
title_full_unstemmed |
Investors’ Perceptions on Mandatory Bonuses: The Role of Corporate Governance |
title_sort |
investors’ perceptions on mandatory bonuses: the role of corporate governance |
publishDate |
2016 |
url |
http://ndltd.ncl.edu.tw/handle/32132687705186740873 |
work_keys_str_mv |
AT lǐxīntián investorsperceptionsonmandatorybonusestheroleofcorporategovernance AT lǐxīntián tóuzīrénduìjiāxīnsìfǎzhīrènzhīfǎnyīngjiānlùngōngsīzhìlǐzhījiǎosè |
_version_ |
1718519232601260032 |