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題名：A Corporate Life Cycle Analysis on the Relationship between Ownership Structure and Performance: Evidence from the Taiwan Stock Exchange
書刊名：Asia Pacific Management Review
作者：廖文志 引用關係／徐中琦 引用關係／錢思敏 引用關係
作者(外文)：Liao, Wen-chih／Shyu, Jonchi／Chien, Szu-min
出版日期：2014
卷期：19:2
頁次：頁173-186
主題關鍵詞：公司治理；績效；股權結構；公司生命週期；Corporate governance；Performance；Ownership structure；Corporate life cycle
原始連結：連回原系統網址new window
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本研究從公司生命週期來分析公司股權結構與其績效之關係。分析董事和經理人持股在成長期、成熟期和不分生命週期的階段與績效間的關係。研究數據來自於1994年至2004年的488家股票上市製造業者。本研究發現無論是在成長期或是成熟期，績效會影響董事持股，然而，公司績效卻並不會影響經理人持股。此外，本研究發現董事持股與績效間呈現倒U型的關係，這顯示董事持股比率可以求得最佳持股比例，而經理人持股則與績效呈現U型關係。董事持股與績效的關係顯示利益一致性的結論；而經理人持股與績效關係則顯示利益掠奪效果。
This study analyzes the relationship between a firm's ownership structure and its performance. Directorial and managerial ownership are two types of ownership. The corporate life cycle stages analyzed in this paper include the growth stage, the maturity stage, and the life cycle as a whole. The data was taken from a 1994-2004 panel of 488 manufacturing firms listed on the Taiwan stock exchange. In order to correct endogeneity issues, a simultaneous model is used to analyze the relationship. As a result, in the case of both the growth and maturity stages, directorial ownership is shown to be influenced by corporate performance; however, corporate performance is not found to influence managerial ownership. On the one hand, an inverted U-shaped relationship is deciphered between directorial ownership and performance, which suggests optimal ownership shares for directors; on the other hand, a U-shaped relationship between managerial ownership and performance is found. These relationships refer to the alignment and entrenchment effect, respectively.
期刊論文
1.Pashley, M. M.、Philipattos, G. C.(1990)。Voluntary Divestitures and Corporate Life Cycle: Some Empirical Evidence。Applied Economics，22(9)，1181-1196。  new window
2.Chen, L. C.、Tsao, S. M.、Chi, H. Y.(2005)。Trademark value and accounting performance: Analysis from corporate life cycle。The Journal of American Academy of Business，7(1)，106-112。  new window
3.Wei, Z.、Varela, O.(2003)。State equity ownership and firm market performance: Evidence from China's newly privatized firms。Global Finance Journal，14(1)，65-82。  new window
4.Sundaramurthy, C.、Rhoades, D.L.、Rechner, P.L.(2005)。A meta-analysis of the effects of executive and institutional ownership on firm performance。Journal of Managerial Issues，17(4)，494-510。  new window
5.Tam, O.K.、Tan, M.G.(2007)。Ownership, governance and firm performance in Malaysia, corporate governance。An International Review，15(2)，208-222。  new window
6.Kapopoulos, P.、Lazaretou, S.(2007)。Corporate ownership structure and firm performance: Evidence from Greek firms。Corporate Governance: An International Review，15(2)，144-158。  new window
7.Sheu, Her-Jiun、Yang, Chi-Yih(2005)。Insider ownership structure and firm performance: A productivity perspective study in Taiwan's electronics industry。Corporate Governance: An International Review，13(2)，326-337。  new window
8.Chen, Carl R.、Guo, Weiyu、Mande, Vivek(2003)。Managerial Ownership and Firm Valuation: Evidence from Japanese Firms。Pacific-Basin Finance Journal，11(3)，267-283。  new window
9.McConnell, John J.、Servaes, Henri(1995)。Equity ownership and the two faces of debt。Journal of Financial Economics，39(1)，131-157。  new window
10.Mueller, E.、Spitz-Oener, A.(2006)。Managerial ownership and company performance in german small and medium-sized private enterprises。German Economic Review，7(2)，233-247。  new window
11.Anthony, J.H.、Ramesh, K.(1992)。Association between accounting performance measures and stock prices。Journal of Accounting and Economics，15(2)，203-227。  new window
12.Black, E. L.(1998)。Life-Cycle Impacts on the Incremental Value-relevance of Earnings and Cash Flow Measures。Journal of Financial Statement Analysis，4(1)，40-56。  new window
13.Kazanjian, R. K.、Drazin, R.(1989)。An Empirical Test of a Stage of Growth Progression Model。Management Science，35(12)，1489-1503。  new window
14.Smith, K. G.、Mitchell, T. R.、Summer, C, E.(1985)。Top Level Management Priorities in Different Stages of the Organizational Life Cycle。Academy of Management Journal，28(4)，799-820。  new window
15.Cho, M. H.(1998)。Ownership Structure, Investment, and the Corporate Value: An Empirical Analysis。Journal of Financial Economics，47(1)，103-121。  new window
16.McConnell, John J.、Servaes, Henri(1990)。Additional Evidenceon Equity Ownership and Corporate Value。Journal of Financial Economics，27(2)，595-612。  new window
17.Denis, D. J.、Sarin, A.(1999)。Ownership and board structures in publicly traded corporations。Journal of Financial Economics，52(2)，187-223。  new window
18.Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1989)。Alternative Mechanisms for Corporate Control。American Economic Review，79(4)，842-852。  new window
19.Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1988)。Management Ownership and Market Valuation: An Empirical Analysis。Journal of Financial Economics，20(1/2)，293-315。  new window
20.Demsetz, Harold、Villalonga, Belén(2001)。Ownership Structure and Corporate Performance。Journal of Corporate Finance，7(3)，209-233。  new window
21.Stulz, René M.(1988)。Managerial control of voting rights: Financing policies and the market for corporate control。Journal of Financial Economics，20(1/2)，25-54。  new window
22.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics，11(1-4)，5-50。  new window
23.Demsetz, Harold、Lehn, Kenneth(1985)。The Structure of Corporate Ownership: Causes and Consequences。Journal of Political Economy，93(6)，1155-1177。  new window
24.Barnhart, Scott W.、Rosenstein, Stuart(1998)。Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis。The Financial Review，33(4)，1-16。  new window
25.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
會議論文
1.Khanna, A.(2006)。Managerial ownership and firm value: Agency problems of empire building and overvalued equity。2006 FMA annual meeting。USA。  new window
研究報告
1.Kole, S.(1994)。Managerial Ownership and Firm Performance: Incentives or Rewards?。New York, NY：University of Rochester。  new window
圖書
1.Baltagi, Badi H.(2001)。Econometric Analysis of Panel Data。Chichester, New York：John Wiley & Sons。  new window
2.Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。  new window
 
 
 
 
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