corporate governance and derivatives hedging
碩士 === 國立臺灣大學 === 財務金融學研究所 === 104 === After the Asia Financial Crisis of 1997, corporate governance has become an important issue in Asia. In 1999, OECD launched “OECD Principles of Corporate Governance” and declared that the competitiveness of Asian enterprises will lie on corporate governance. Af...
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ndltd-TW-104NTU053040092017-05-20T04:30:08Z http://ndltd.ncl.edu.tw/handle/71333824770121122551 corporate governance and derivatives hedging 公司治理與避險效果 Szu-Yu Kuo 郭思妤 碩士 國立臺灣大學 財務金融學研究所 104 After the Asia Financial Crisis of 1997, corporate governance has become an important issue in Asia. In 1999, OECD launched “OECD Principles of Corporate Governance” and declared that the competitiveness of Asian enterprises will lie on corporate governance. After 1998, Taiwan revises the Company Act in order to strengthen corporate governance and decrease corporation collapse due to accounting frauds. In addition to the importance of corporate governance, the hedging strategy is essential to Taiwanese companies because of the export orientation of the economy. Thus, this paper discusses these two issues: 1. The relationship between corporate governance and derivatives hedging 2. The effects of corporate governance on the relationship between derivatives hedging and stock return volatility The results of this study show that corporate governance will affect derivatives hedging. The foreign institutional ownership, cash flow right, and ¬director ownership have significant positive effects on hedge ratio. However, although corporate governance can influence derivatives hedging strategies, it does not significantly change the relationship between derivatives hedging and stock return volatility. This study contributes to the literature by examining the impact of corporate governance on derivatives hedging, and whether corporate governance affects stock return volatility through its impact on derivatives hedging. Yeh-Ning Chen 陳業寧 2016 學位論文 ; thesis 34 zh-TW |
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碩士 === 國立臺灣大學 === 財務金融學研究所 === 104 === After the Asia Financial Crisis of 1997, corporate governance has become an important issue in Asia. In 1999, OECD launched “OECD Principles of Corporate Governance” and declared that the competitiveness of Asian enterprises will lie on corporate governance. After 1998, Taiwan revises the Company Act in order to strengthen corporate governance and decrease corporation collapse due to accounting frauds. In addition to the importance of corporate governance, the hedging strategy is essential to Taiwanese companies because of the export orientation of the economy. Thus, this paper discusses these two issues:
1. The relationship between corporate governance and derivatives hedging
2. The effects of corporate governance on the relationship between derivatives hedging and stock return volatility
The results of this study show that corporate governance will affect derivatives hedging. The foreign institutional ownership, cash flow right, and ¬director ownership have significant positive effects on hedge ratio. However, although corporate governance can influence derivatives hedging strategies, it does not significantly change the relationship between derivatives hedging and stock return volatility. This study contributes to the literature by examining the impact of corporate governance on derivatives hedging, and whether corporate governance affects stock return volatility through its impact on derivatives hedging.
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author2 |
Yeh-Ning Chen |
author_facet |
Yeh-Ning Chen Szu-Yu Kuo 郭思妤 |
author |
Szu-Yu Kuo 郭思妤 |
spellingShingle |
Szu-Yu Kuo 郭思妤 corporate governance and derivatives hedging |
author_sort |
Szu-Yu Kuo |
title |
corporate governance and derivatives hedging |
title_short |
corporate governance and derivatives hedging |
title_full |
corporate governance and derivatives hedging |
title_fullStr |
corporate governance and derivatives hedging |
title_full_unstemmed |
corporate governance and derivatives hedging |
title_sort |
corporate governance and derivatives hedging |
publishDate |
2016 |
url |
http://ndltd.ncl.edu.tw/handle/71333824770121122551 |
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AT szuyukuo corporategovernanceandderivativeshedging AT guōsīyú corporategovernanceandderivativeshedging AT szuyukuo gōngsīzhìlǐyǔbìxiǎnxiàoguǒ AT guōsīyú gōngsīzhìlǐyǔbìxiǎnxiàoguǒ |
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