Corporate Ownership Structure and the Value Relevance of Family Executives' External Directorships_

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題名：	Corporate Ownership Structure and the Value Relevance of Family Executives' External Directorships
書刊名：	Asia Pacific Management Review
作者：	Tsai, Liu-ching／Chiou, Su-ling／Wu, Shing-jen／Young, Chaur-shiuh
出版日期：	2010
卷期：	15:2
頁次：	頁223-249
主題關鍵詞：	External directorships；Value relevance；Ownership structure；Ultimate control
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:23 點閱:55

This study examines whether the core agency problems (i.e. the agency problems arising from controlling shareholders) affect investors’ valuation on the external directorate networks of family executives. Using a sample of listed firms in Taiwan, we find that the relationship between family executives’ external directorships and market valuation decreases with the level of the divergence in controlling shareholders’ voting and their cash flow rights. This result implies that outside investors perceive that family executives accept outside board seats for the controlling owners’ self-interest purposes at the expense of minority shareholders when controlling families possess more control than their equity ownership, which exacerbates the entrenchment effect of ownership concentration.

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