:::

詳目顯示

回上一頁
題名:資訊透明度與公司治理之研究
作者:李怡樺 引用關係
作者(外文):Li, Yi-Hua
校院名稱:國立交通大學
系所名稱:財務金融研究所
指導教授:鍾惠民
葉銀華
學位類別:博士
出版日期:2015
主題關鍵詞:透明度薪酬外國機構投資人資訊不對稱公司治理transparencycompensationforeign institutional investorsinformation asymmetrycorporate governance
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:33
本論文主要係透過二個資訊透明度的研究主題,分別用自願性揭露及資訊成本變數來衡量資訊透明度,驗證不同揭露程度對公司價值的影響效果,以及資訊透明度與公司治理的關聯性。第一個研究議題係探討公司自願性揭露資訊,是否影響超額經理人薪酬與公司市場價值的關聯性。本研究主要延續並深入探討Brick, Palmon and Wald (2006)所提出的超額經理人薪酬對公司價值的影響,實證研究結果指出,自願性揭露能減緩超額經理人薪酬與公司價值的負相關。當公司自願的揭露全面性資訊,將使超額經理人薪酬正向影響公司價值,此效果在集團企業中表現更為顯著。此外,研究結果發現,當公司的控制者私有利益較高或是公司存在較佳公司治理的情況下,若公司自願揭露全面性且透明的資訊,能更有效率的減緩代理問題。第二個研究議題係探討外國機構投資人持股對公司治理及績效表現的關聯性,並提出公司資訊成本水準不同下,是否攸關外國機構投資人持股改變對公司績效表現、公司治理提升的影響程度。實證研究結果指出,外資持股的改變對公司績效及公司治理的提升是有正面的影響,且此對於低資訊成本的公司較具影響力;此研究結果驗證了資訊成本對於外資扮演有效外部監督角色的攸關性。
This study contains two essays on information transparency and corporate governance. Two proxy variables are utilized to represent information transparency: voluntary disclosure and information cost. The first essay refines and extends Brick, Palmon and Wald (2006) and explores excess executive compensation and its effects on firm value. The results show that excess executive compensation has a positive effect on firm value when firms disclose comprehensive information voluntarily and that this effect is even more pronounced in group-affiliated firms. Moreover, firms that engage in better comprehensive voluntary disclosure appear to alleviate agency problems more effectively when their controllers have a greater private benefit incentive or when the firms have better corporate governance. The second essay is based on an exogenous event and examines whether foreign institutional investors affect firm operating performance and corporate governance when the impact of the cost of information is considered. The results indicate that increasing the amount of foreign institutional investors has a positive effect on firm value and corporate governance. Moreover, the influence of foreign institutional investors is more efficient when the company has low information cost.
Adams, R. B. (2009). Asking directors about their dual roles. Working paper, University of Queensland.
Adams, R. &; Ferreira, D. (2007). A theory of friendly boards. Journal of Finance, 62, 217–250.
Agrawal, A., &; Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31(3), 377–397.
Aggarwal, R., Erel, I., Ferreira, M., &; Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors, Journal of Financial Economics, 100, 154-181.
Ali, A., Chen, T. Y., &; Radhakrishnan, S. (2007). Corporate disclosures by family firms. Journal of Accounting and Economics, 44(1-2), 238–286.
Andjelkovic, A., Boyle, G., &; McNoe, W. (2002). Public disclosure of executive compensation: Do shareholders need to know? Pacific-Basin Finance Journal, 10(1), 97–117.
Barron, J. M., Chulkov, D. V., &; Waddell, G. R. (2011). Top management team turnover, CEO succession type, and strategic change. Journal of Business Research, 64(8), 904-910.
Beekes, W., &; Brown, P. (2006). Do better governed Australian firms make more informative disclosures? Journal of Business Finance &; Accounting, 33(3–4), 422–450.
Bebchuk, L., Cohen, A., &; Ferrell, A. (2009). What matters in corporate governance? Review of Financial Studies, 22, 783–827.
Bebchuk, L. A., &; Fried, J. M. (2003). Executive compensation as an agency problem. Journal of Economic Perspectives, 17(3), 71–92.
Bebchuk, L. A., Fried, J. M., &; Walker, D. I. (2002). Managerial power and rent extraction in the design of executive compensation. University of Chicago Law Review, 69, 751–846.
Bekaert, G., &; Harvey, C. R. (2000). Foreign speculators and emerging equity markets, Journal of Finance, 55(2), 565–613.
Belsley, D. A. (1991). A guide to using the collinearity diagnostics. Computer Science in Economics and Management, 4, 33–50.
Berle, A. A., &; Means, G. C. (1932). The modern corporation and private property, New York: MacMillan.
Boehren, O., &; Oedegaard, B. (2003). Governance and performance revisited. Working Paper No. 28/2003. European Corporate Governance Institute.
Boot, A. , &; Thakor, A. (2001). The many faces of information disclosure. Review of Financial Studies, 14(4), 1021–1057.
Borokhovich, K. A., Parrino, R., &; Trapani, T. (1996). Outside directors and CEO selection. Journal of Financial and Quantitative Analysis, 31(3), 337–355.
Botosan, C. (1997). Disclosure level and the cost of equity capital. The Accounting Review, 72 (3), 323-349.
Brick, I. E., Palmon, O., &; Wald, J. K. (2006). CEO compensation, director compensation, and firm performance: Evidence of cronyism. Journal of Corporate Finance, 12(3), 403–423.
Brown, S., &; Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of Accounting Studies, 12, 443–477.
Brown, S., Hillegeist, S. A., &; Lo, K. (2004). Conference calls and information asymmetry, Journal of Accounting and Economics, 37, 343–366.
Bushee, B. J., &; Noe, C. F. (2000). Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research, 38, 171–202.
Bushman, R. M., &; Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1–3), 237–333.
Chen, S., Chen, X., &; Cheng, Q. (2008). Do family firms provide more or less voluntary disclosure? Journal of Accounting Research, 46, 499–536.
Cheung, Y. L., Stouraitis, A., &; Wong, A. W. S. (2005). Ownership concentration and executive compensation in closely held firms: evidence from Hong Kong. Journal of Empirical Finance, 12(4), 511-532.
Chiang, H. T., &; He, L. J. (2010). Board supervision capability and information transparency. Corporate Governance: An International Review, 18, 18–31.
Choe, H., Kho, B. C., &; Stulz, R. (1999). Do foreign investors destabilize stock markets? The Korean experience in 1997. Journal of Financial Economics, 54(2), 227–264.
Christensen, P. O., &; Feltham, G. A. (2000). Market performance measures and disclosure of private management information in capital markets. Review of Accounting Research, 5 (4), 301–329.
Chung, K. H., &; Pruitt, S.W. (1994). A simple approximation of Tobin’s Q. Financial Management. 23(3), 70–74.
Claessens, S., Djankov, S., &; Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1-2), 81–112.
Claessens, S., &; Fan, J. (2002). Corporate governance in Asia: A survey. International Review of Finance, 3, 71–103.
Coles, J. L. (2008). Disclosure policy: A discussion of Leuz, Triantis and Wang (2008) on “Going Dark.” Journal of Accounting and Economics. 45(2–3), 209–220.
Core, J. E., (2001). A review of the empirical disclosure literature: Discussion. Journal of Accounting and Economics, 31(1–3), 441–456.
Core, J. E., Holthausen, R. W., &; Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51, 371–406.
Craighead, J., Magnan, M., &; Thorne, L. (2000). An investigation of mandated compensation disclosure as a corporate governance mechanism. Working Paper (McGill University).
Cremers, M. K. J., &; Nair, V. B. (2005). Governance mechanisms and equity prices. Journal of Finance, 60(6), 2859–2894.
David, P., Yoshikawa, T., Chari, M., &; Rasheed, A. (2006). Strategic investments in Japanese corporations: Do foreign portfolio owners foster underinvestment or appropriate investment? Strategic Management Journal, 27(6), 591–600.
Dechow, P., &; Dichev, I. (2002). The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review, 77, 35–59.
Demiralp, I., D'Mello, R., Schlingemann, F. P., &; Subramaniam, V. (2011). Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings. Journal of Corporate Finance, 17, 1340–1359.
Diamond, D. W. &; Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. Journal of Finance, 46(4), 1325–1359.
Dichev, I., &; Tang, V. (2009). Earnings volatility and earnings predictability. Journal of Accounting and Economics, 47, 160–181.
Diekmann, K. A. (1997). ‘Implicit Justifications’ and Self-serving Group Allocations. Journal of Organizational Behavior, 18(1), 3–16.
Dittmar, A., &; Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599–634.
Douma, S., George, R., &; Kabir, R. (2006). Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market. Strategic Management Journal, 27(7), 637–657.
Douthett, E. B., Jung, K., &; Kwak, W. (2004). Japanese corporate groupings (Keiretsu) and the characteristics of analysts’ forecasts. Review of Finance and Accounting, 23(2), 79–98.
Duchin R., Matsusaka, J. G., &; Ozbas, O. (2010). When are outside directors effective? Journal of Financial Economics, 96, 195–214.
Elliott, R. K., &; Jacobson, P. D. (1994). Costs and benefits of business information disclosure. Accounting Horizons, 8(4), 80–96.
Faleye, O. (2011). CEO directors, executive incentives, and corporate strategic initiatives. Journal of Financial Research, 34(2), 241–277.
Faleye, O., Hoitash, R., &; Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160–181.
Fan, J. P. H., Wei, K. C. J., &; Xu, X. (2011). Corporate finance and governance in emerging markets: a selective review and an agenda for future research. Journal of Corporate Finance, 17, 207–214.
Feltham, G. A., Gigler, F., &; Hughes, J. S. (1992). The effects of line-of-business reporting on competition in oligopoly settings. Contemporary Accounting Research, 9(1), 1–23.
Ferreira, M., &; Matos, P. (2008). The colors of investors’ money: the role of institutional investors around the world. Journal of Financial Economics, 88, 499–533.
Francis, J., LaFond, R., Olsson, P., &; Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39, 295–327.
Gelb, D. S., &; Zarowin, P. (2002). Corporate disclosure policy and the informativeness of stock prices. Review of Accounting Research, 7(1), 33–52.
Gillan, S., &; Starks, L. (2003). Corporate governance, corporate ownership, and the role of institutional investors: a global perspective. Journal of Applied Finance, 13, 4–22.
Gompers, P., Ishii, J., &; Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118, 107–155.
Hallock, K. F. (1997). Reciprocally interlocking boards of directors and executive compensation. Journal of Financial and Quantitative Analysis, 33(3), 331–343.
Haniffa, R. M., &; Cooke, T. E. (2002). Culture, corporate governance and disclosure in Malaysian corporations. ABACUS, 38(3), 317–350.
Harris, M., &; Raviv, A. (2008). A theory of board control and size. Review of Financial Studies, 21(4), 1797–1832.
Healy, P. M., &; Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical literature. Journal of Accounting and Economics, 31(1–3), 405–40.
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153–161.
Hermalin, B. E., &; Weisbach, M. S. (2012). Information disclosure and corporate governance. Journal of Finance, 67(1), 195–233.
Himmelberg, C., Hubbard, R. G., &; Palia, D. (1999). Understanding the eeterminants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53, 353–384.
Holland, J. (1998). Private voluntary disclosure, financial intermediation and market efficiency. Journal of Business Finance &; Accounting, 25(1–2), 29–68.
Huang, P., &; Zhang, Y. (2012). Does enhanced disclosure really reduce agency costs? Evidence from the diversion of corporate resources. Accounting Review, 87(1), 199–229.
Hwang, B. H., &; Kim, S. (2009). It Pays to Have Friends. Journal of Financial Economics. 93 (1), 138–158.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831–880.
Kato, T., Kim, W., &; Lee, J. H. (2007). Executive compensation, firm performance, and Chaebols in Korea: Evidence from new panel data. Pacific-Basin Finance Journal. 15 (1), 36–55.
Klasa S. (2007). Why do controlling families of public firms sell their remaining ownership stake? Journal of Financial and Quantitative Analysis, 42(2), 339-367.
Krishnaswami, S., &; Subramaniam, V. (1999). Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial Economics, 53, 73–112.
Laksmana, I. (2008). Corporate board governance and voluntary disclosure of executive compensation practices. Contemporary Accounting Research, 25(4), 1147–1182.
Lambert, R., Larcker, D., &; Weigelt, K. (1993). The structure of organizational incentives. Administrative Science Quarterly, 38, 438–461.
Lang, M., &; Maffett, M. (2011). Transparency and liquidity uncertainty in crisis periods, Journal of Accounting and Economics, 52, 101-125.
La Porta, R., Lopez-de-Silanes, F., &; Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54, 471–517.
Leuz, C., &; Wysocki, P. (2006). Economic consequences of financial reporting and disclosure regulation: What have we learned? Working paper, University of Chicago.
Leuz, C., &; Verrecchia, R. E. (2000). The economic consequences of increased disclosure, Journal of Accounting Research, 38(3), 91–124.
Li, M., Ramaswamy, K., &; Pettit, B. S. P. (2006). Business groups and market failures: A focus on vertical and horizontal strategies. Asia Pacific Journal of Management, 23 (4), 439–452.
Lo, K. (2003). Economic consequences of regulated changes in disclosure: the case of executive compensation. Journal of Accounting and Economics, 35 (3), 285–314.
Morse, A., Nanda, V., &; Seru, A. (2011). Are incentive contracts rigged by powerful CEOs, Journal of Finance, 66(5), 1779–1821.
Muslu, V. (2009). Executive directors, pay disclosures and incentive compensation in Europe. Working Paper (University of Texas at Dallas).
Ng, J. (2011). The effect of information quality on liquidity risk. Journal of Accounting and Economics, 52(2-3), 126-143.
Pattnaik, C., Chang, J. J., &; Shin, H. H. (2013). Business groups and corporate transparency in emerging markets: Empirical evidence from India. Asia Pacific Journal of Management, 30(4), 987-1004.
Perfect, S., &; Wiles, K. (1994). Alternative constructions of Tobin's Q: An empirical comparison. Journal of Empirical Finance, 1(3-4), 313–341.
Rajan, R. G., &; Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 55(5), 1421–1460.
Renneboog, L., &; Zhao, Y. (2011). Us knows us in the UK: On director networks and CEO compensation. Journal of Corporate Finance, 17(4), 1132–1157.
Ripley, W. Z. (1927). Main Street and Wall Street. Boston: Little, Brown.
Schmidt, B. (In Press). Costs and benefits of the friendly boards during mergers and aaquisitions. Journal of Financial Economics.
Sheu, H. J., Chung, H., &; Liu, C. L. (2010). Comprehensive disclosure of compensation and firm value: The case of policy reforms in an emerging market. Journal of Business Finance &; Accounting, 37, 1115–1144.
Shleifer, A., &; Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), 461–488.
Smirlock, M., Gilligan, T., &; Marshall,W. (1984). Tobin's Q and the structure–performance relationship. American Economic Review. 74(5), 1051–1060.
Suijs, J. (2005). Voluntary disclosure of bad news. Journal of Business Finance &; Accounting, 32(7–8), 1423–1435.
Urzúa I., F. (2009). Too few dividends? Groups’ tunneling through chair and board compensation. Journal of Corporate Finance, 15(2), 245–256.
Wagenhofer, A. (1990). Voluntary disclosure with a strategic opponent. Journal of Accounting and Economics, 12, 341–3.
Weisbach, M. (1995). CEO turnover and the firm's investment decisions. Journal of Financial Economics, 37 (2), 159–188.
Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20, 431–460.
Welker, M. (1995). Disclosure policy, information asymmetry, and liquidity in equity markets, Contemporary Accounting Research, 11, 801–827.
Yeh, Y. H., Shu, P. G., &; Chiu, S. B. (2013). Political connections, corporate governance and preferential bank loans. Pacific-Basin Finance Journal, 21, 1079–1101.

 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關書籍
 
無相關著作
 
QR Code
QRCODE