Corporate Governance and Capital Budgeting

• Main Authors: HSIEH, HSING-JU, 謝幸儒
• Other Authors: CHENG, LEE-YOUNG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/69c6ft

碩士 === 國立中正大學 === 財務金融系研究所 === 105 === Using the listed companies in Taiwan from 2009 to 2016 this study examines the relationship between corporate governance and the quality of capital budgeting. We use Durnev, Morck, and Yeung (2004) method to measure the quality of capital budgeting. The empirical findings reveal that both size of BOD and CEO as director have a negative effect on the quality of capital budgeting but independent director has a positive effect on the quality of capital budgeting. In addition, the empirical findings indicate that the relations between family control and institutional investors’ holding and the quality of capital budgeting is significantly positive.