| Summary: | 碩士 === 國立交通大學 === 經營管理研究所 === 105 === With the vigorous development of the capital market, there is filled with information which become more cumbersome and professional. A series of major scandals and financial crisis reflect the gap between the insider and the outsider in the stock market. This highlights the importance of implementing corporate governance.
We explored the effects of the ownership structure and board’s characteristics on asymmetric information. We employed accuracy and consensus in analysts’ earnings forecasts and the extent of analyst following to proxy for the degree of asymmetric information. This study used Taiwan general listed company as subject, period from 2000 to 2012, and data downloaded from the database of Taiwan Economic Journal (TEJ). To estimate and analyze the panel data, random effects model and pooled regression model had been adopted in this study. Robustness checks had been used to verify the correctness of method. According to the empirical results in this research, it shows that ownership concentration and proportion of independent director have negative effect on asymmetric information. These results suggest that higher level of ownership concentration and more outside director can mitigate asymmetric information and improve transparency between investors.
|
|---|
