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引文資料
題名:
亞洲公司治理評鑑與各國股價指數之關係
書刊名:
會計審計論叢
作者:
陳勝源
/
李坤璋
/
崔靜菱
/
王昱凱
作者(外文):
Chen, Shen-yuan
/
Lee, Kuen-chang
/
Tsui, Ching-ling
/
Wang, Yu-kai
出版日期:
2017
卷期:
7:1
頁次:
頁105-132
主題關鍵詞:
公司治理
;
股價指數
;
事件研究法
;
異常報酬
;
亞洲公司治理協會
;
Corporate governance
;
Stock index
;
Event study
;
Abnormal returns
;
Asian Corporate Governance Association
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
1
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
1
共同引用:0
點閱:102
本文以事件研究法探討亞洲公司治理協會(The Asian Corporate Governance Association, ACGA)所發佈的公司治理評鑑報告 (CG Watch)與亞洲各國股價指數間的關聯性。實證結果發現:評鑑報告所釋出的好消息 (評分上升)或壞消息(評分下降),在事件日的前、後各國股價指數並無顯著的異常報酬產生;若進一步分析該評鑑的五項構面與各國股價指數報酬率之關係,結果發現五項評鑑構面分數與各國股價指數亦無顯著之關聯。最後本文以臺灣股票市場為例,探討機構投資者是否因評鑑結果而改變投資行為,實證顯示三大法人或外資在評鑑報告發佈日前、後各一年之買賣超淨額並無顯著的差異。本文研究結果說明亞洲公司治理協會所發佈之公司治理評鑑報告與亞洲各國股價指數報酬率間並無明顯之關聯性,而該評鑑對臺灣之機構投資者尚不具投資訊息內涵。
以文找文
The purpose of this study is to examine the relationship between the CG Watch report and stock indices in 11 Asian countries by event study. The empirical results show that no matter the CG Watch report released good news (scores increase) or bad news (scores decrease), there are no significant abnormal returns in each country's stock indices, neither before nor after the event days. There are also no significant differences in stock indices’ returns between the past and next year of the reports released dates. Further, we found there is insignificant correlation between the indices’ returns and five component factors adopted in the reports. Finally, take Taiwan stock market as an example, we examined the effect of the CG Watch report on investment decision of the institutional investors. The yearly amounts of net buying/selling were no significant change before and after CG Watch reports’ release. We conclude there is no significant relationship between CG Watch report and index returns among Asian countries and CG Watch contains no information content for Taiwan institutional investors.
以文找文
期刊論文
1.
Kliger, Doron、Sarig, Oded(2000)。The Information Value of Bond Ratings。Journal of Finance,55(6),2879-2902。
2.
Garay, Urbi、Gonzlez, Maximiliano(2008)。Corporate Governance and Firm Value: The Case of Venezuela。Corporate Governance: An International Review,16(3),194-209。
3.
Hand, John R. M.、Holthausen, Robert W.、Leftwich, Richard W.(1992)。The Effect of Bond Rating Agency Announcements on Bond and Stock Prices。The Journal of Finance,47(2),733-752。
4.
Drobetz, W.、Schillhofer, A.、Zimmermann, H.(2004)。Corporate governance and expected stock returns: Evidence from Germany。European Financial Management,10(2),267-293。
5.
Ball, R.、Brown, P. R.(1968)。An empirical of Accounting Income Numbers。Journal of Accounting Research,6(2),159-178。
6.
Black, B. S.(2001)。The Corporate Governance Behavior and Market Value of Russian Firms。Emerging Markets Review,2(2),89-108。
7.
Bebchuk, Lucian A.、Cohen, Alma(2005)。The Costs of Entrenched Boards。Journal of Financial Economics,78(2),409-433。
8.
Barron, M. J.、Clare, A. D.、Thomas, S. H.(1997)。The effect of bond rating changes and new ratings on UK stock returns。Journal of Business Finance and Accounting,24(3),497-509。
9.
Daines, Robert M.、Gow, Ian D.、Larcker, David F.(2010)。Rating the ratings: How good are commercial governance ratings?。Journal of Financial Economics,98(3),439-461。
10.
Elayan, F. A.、Hsu, W. H.、Meyer, T. O.(2003)。The informational content of credit rating announcements for share prices in a small market。Journal of Economics and Finance,27(3),337-356。
11.
Epps, R. W.、Cereola, S. J.(2008)。Do institutional shareholder services (ISS) corporate governance ratings reflect a company's operating performance?。Critical Perspectives on Accounting,19(8),1135-1148。
12.
Graham, M.、Nikkinen, J.、Sahlstrom, P.(2003)。Relative importance of scheduled macroeconomic news for stock market investors。Journal of Economics and Finance,27(2),153-165。
13.
Grier, P.、Katz, S.(1976)。The differential effects of bond rating changes among industrial and public utility bonds by maturity。The Journal of Business,49(2),226-239。
14.
Holthausen, R. W.、Leftwich, R. W.(1986)。The effect of bond rating changes on common stock price。Journal of Financial Economics,17(1),57-89。
15.
Nofsinger, J. R.、Prucyk, B.(2003)。Option volume and volatility response to scheduled economic news releases。The Journal of Futures Markets,23(4),315-345。
16.
Pinches, George E.、Singleton, J. Clay(1978)。The adjustment of stock prices to bond rating changes。The Journal of Finance,33(1),29-44。
17.
Vintila, G.、Gherghina, Ş. C.(2012)。An empirical examination of the relationship between corporate governance ratings and listed companies' performance。International Journal of Business and Management,1(22),46-61。
18.
Weinstein, M. I.(1977)。The effect of rating change announcement on bond price。Journal of Financial Economics,5(3),329-350。
19.
Yang, J.(2011)。Does adopting high standard corporate governance increase firm value? An empirical analysis of Canadian Companies。International Business and Economics Research Journal,10(9),17-28。
20.
Fama, Eugene F.、Fisher, Lawrence、Jensen, Michael C.、Roll, Richard J.(1969)。The adjustment of stock prices to new information。International Economic Review,10(1),1-21。
21.
Gompers, Paul A.、Ishii, Joy L.、Metrick, Andrew(2003)。Corporate Governance and Equity Prices。The Quarterly Journal of Economics,118(1),107-156。
22.
Barnhart, Scott W.、Rosenstein, Stuart(1998)。Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis。The Financial Review,33(4),1-16。
23.
Shleifer, Andrei、Vishny, Robert W.(1997)。A survey of corporate governance。The Journal of Finance,52(2),737-783。
會議論文
1.
Bistrova, J.、Lace, N.(2012)。Corporate governance influence on firms, financial performance in CEE countries。7th International Scientific Conference "Business and Management 2012"。Vilnius。
研究報告
1.
Clare, A.、Courtenay, R.(2001)。Assessing the impact of macroeconomic news announcements on securities prices under different monetary policy regimes。
2.
Gupta, P. P.、Kennedy, D. B.、Weaver, S. W.(2006)。Corporate governance scores, Tobin's Q and equity prices: Evidence from Canadian capital markets。
3.
Mohanty, P.(2003)。Institutional investors and corporate governance in India。
4.
Moore, S.、Porter, G. E.(2007)。An examination of the relationship between corporate governance regime and corporate performance。
圖書
1.
Pava, M. L.、Krausz, J.(1995)。Corporate Responsibility and Financial Performance: The Paradox of Social Cost。Westport, CT:Quorum Books。
2.
Gill, A.、Allen, J.(2005)。CG Watch 2005: Corporate Governance in Asia: The Holy Grail: Quality at a Reasonable Price。Hong Kong:CLSA Asia-Pacific Market。
3.
Gill, A.、Allen, J.(2007)。CG Watch 2007: Corporate Governance in Asia: On a Wing and a Prayer: The Greening of Governance。Hong Kong:CLSA Asia-Pacific Market。
4.
Gill, A.、Allen, J.、Yonts, C.(2012)。CG Watch 2012: Corporate Governance in Asia: Tremors and Cracks: Governance Issues Resurface。Hong Kong:CLSA Asia-Pacific Market。
5.
Gill, A.、Allen, J.、Powell, S.(2010)。CG Watch 2010: Corporate Governance in Asia: Stray not into Perdition: Asia's CG Momentum Slows。Hong Kong:CLSA Asia-Pacific Market。
6.
Iskander, M. R.、Chamlou, N.(2000)。Corporate Governance: A Framework for Implementation--Overview。Washington, DC:The World Bank。
7.
Prakash, A.、Hart, J. A.(2000)。Globalization and Governance。London:Routledge。
8.
Margolis, J. D.、Walsh, J. P.(2001)。People and profits? The search for a link between a company's social and financial performance。Mahwah, NJ:Lawrence Erlbaum Associates Publishers。
其他
1.
McKinsey and Company(2002)。Global Investor Opinion Survey: Key Findings, Global Investor Opinion Survey on Corporate Governance,http://www.eiod.org/uploads/Publications/Pdf/II-Rp-4-l.pdf。
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