臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：股東常會開會時間長度之資訊內涵
書刊名：管理學報
作者：沈信漢 引用關係／何旻瑾／張景宏
作者(外文)：Shen, Carl Hsin-han／Ho, Min-jin／Chang, Ching-hung
出版日期：2019
卷期：36:2
頁次：頁151-176
主題關鍵詞：股東常會；董監質押；財報重編；業外轉投資；Shareholder meeting；Share pledge；Restatements；Non-operating investments
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:113
  • 點閱點閱:11
在本文中我們研究股東常會開會長度的決定因素以及其是否對公司價值造成影響。我們搜集2010－2014年台灣上市、櫃公司股東常會資料，並在分析後發現當公司的資訊較不透明、業外轉投資比率較高、財報重編次數較多、董監事股權質押比率較高時，股東常會開會的時間長度較長。而開會時間較久的公司，在股東常會一年後經營績效與股價表現皆顯著較差。並且我們發現股東常會長度與公司表現之間的反向關係在資訊不對稱高與代理人問題嚴重的公司中最為明顯。我們也進行了一連串的穩健性分析以確認結果的穩定性，包括在模型中增加控制變數、使用配對樣本與進行模擬分析。總體而言我們發現的證據顯示股東常會開會時間長度具有反映公司價值的實質資訊意涵。
We examine the determinants of the length of shareholder meetings and its impact on firm performance. We gather the information of annual meetings of public firms in Taiwan over the period 2010-2014, and provide evidence that the duration of shareholder meetings is longer for firms that have greater information asymmetry, undertake more non-operating investments, report more financial restatements, and whose directors pledge larger amount of shares. Moreover, firms with lengthy shareholder meetings underperform their counterpart firms in terms of profitability and stock return over the subsequent year. We also find that the negative relation between shareholder meeting length and subsequent performance is stronger for firms with greater information opacity and agency conflict. Our results are robust to a battery of checks involving estimating the regressions using additional control variables, a matched sample, and simulation. Taken together, these findings constitute new evidence on the information content of the length of shareholder meetings.
期刊論文
1.Edmans, Alex(2009)。Blockholder trading, market efficiency and managerial myopia。Journal of Finance，64(6)，2481-2513。  new window
2.Bhojraj, Sanjeev、Sengupta, Partha(2003)。Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors。Journal of Business，76(3)，455-475。  new window
3.Karpof, J. M.、Malatesta, P. H.、Walkling, R. A.(1996)。Corporate governance and shareholder initiatives: empirical evidence。Journal of Financial Economics，42(3)，365-395。  new window
4.Amihud, Y.、Mendelson, H.(1986)。Asset pricing and the bid-ask spread。Journal of Financial Economics，17(2)，223-249。  new window
5.Hennes, Karen M.、Leone, Andrew J.、Miller, Brian P.(2008)。The importance of distinguishing errors from irregularities in restatement research: The case of restatements and CEO/CFO turnover。The Accounting Review，83(6)，1487-1519。  new window
6.沈仰斌、黃志仁(20011200)。子公司操作母公司股票：資料特性與操作行為。財務金融學刊，9(3)，53-70。new window  延伸查詢new window
7.高蘭芬、邱正仁(20021200)。董監事股權質押對會計盈餘與股票報酬相關性之影響。臺大管理論叢，13(1)，127-162。new window  延伸查詢new window
8.Aier, Jagadison K.、Comprix, Joseph、Gunlock, Matthew T.、Lee, Deanna(2005)。The Financial Expertise of CFOs and Accounting Restatements。Accounting Horizons，19(3)，123-135。  new window
9.Nguyen, Bang Dang、Nielsen, Kasper Meisner(2010)。The value of independent directors: Evidence from sudden deaths。Journal of Financial Economics，98(3)，550-567。  new window
10.Edmans, A.、Manso, G.(2011)。Governance through Trading and Intervention: A Theory of Multiple Blockholders。Review of Financial Studies，24(7)，2395-2428。  new window
11.Bharath, S. T.、Jayaraman, S.、Nagar, V.(2013)。Exit as governance: An empirical analysis。Journal of Finance，68(6)，2515-2547。  new window
12.Ferreira, Miguel A.、Laux, Paul A.(2007)。Corporate Governance, Idiosyncratic Risk, and Information Flow。The Journal of Finance，62(2)，951-989。  new window
13.Carter, Martha L.、Mansi, Sattar A.、Reeb, David M.(2003)。Quasi-Private Information and Insider Trading。Financial Analysts Journal，59(3)，60-68。  new window
14.Easley, David、O'Hara, Maureen(1987)。Price, trade size and information in securities markets。Journal of Financial Economics，19(1)，69-90。  new window
15.Brickley, J. A.、Lease, R. C.、Smith, C. W. Jr.(1988)。Ownership structure and voting on antitakeover amendments。Journal of Financial Economics，20(1)，267-291。  new window
16.Jaffe, Jeffrey F.(1974)。Special information and insider trading。Journal of Business，47(3)，410-428。  new window
17.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
18.Banko, J.、Frye, M. B.、Wang, W.、Whyte, A. M.(2013)。Earnings management and annual general meetings: The role of managerial entrenchment。Financial Review，48(2)，259-282。  new window
19.Dimitrov, V.、Jain, P. C.(2011)。It's showtime: Do managers report better news before annual shareholder meetings?。Journal of Accounting Research，49(5)，1193-1221。  new window
20.Li, Y.、Yermack, D.(2016)。Evasive shareholder meetings。Journal of Corporate Finance，38，318-334。  new window
21.Schmidt, J. J.(2012)。Perceived Auditor Independence and Audit Litigation: The Role of Nonaudit Services Fees。Accounting Review，87(3)，1033-1065。  new window
22.Ajinkya, Bipin、Bhojraj, Sanjeev、Sengupta, Partha(2005)。The association between outside directors, institutional investors and the properties of management earnings forecasts。Journal of Accounting Research，43(3)，343-376。  new window
23.Claessens, Stijn、Djankov, Simeon、Lang, Larry H. P.(2000)。The Separation of Ownership and Control in East Asian Corporations。Journal of Financial Economics，58(1/2)，81-112。  new window
24.Shleifer, Andrei、Vishny, Robert W.(1986)。Large Shareholders and Corporate Control。The Journal of Political Economy，94(3)，461-488。  new window
25.Berger, Philip G.、Ofek, Eli(1995)。Diversification's effect on firm value。Journal of Financial Economics，37(1)，39-65。  new window
26.Healy, Paul M.、Palepu, Krishna G.(2001)。Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature。Journal of Accounting and Economics，31(1-3)，405-440。  new window
27.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
28.Glosten, Lawrence R.、Milgrom, Paul R.(1985)。Bid, ask and transaction prices in a specialist market with heterogeneously informed traders。Journal of Financial Economics，14(1)，71-100。  new window
29.Anderson, Ronald C.、Reeb, David M.(2003)。Founding-family ownership and firm performance: Evidence from the S&P 500。The Journal of Finance，58(3)，1301-1328。  new window
30.張力、侯啟娉、林翠蓉、許蕙欣(20140600)。公司治理結構與股東常會可接近性之關係。臺大管理論叢，24(2)，213-248。new window  延伸查詢new window
31.Demsetz, Harold、Lehn, Kenneth(1985)。The Structure of Corporate Ownership: Causes and Consequences。Journal of Political Economy，93(6)，1155-1177。  new window
32.Agrawal, Anup、Chadha, Sahiba(2005)。Corporate Governance and Accounting Scandals。The Journal of Law and Economics，48(2)，371-406。  new window
33.Weisbach, Michael S.(1988)。Outside directors and CEO turnover。Journal of Financial Economics，20(1/2)，431-460。  new window
34.Lang, Larry H. P.、Stulz, René M.(1994)。Tobin's Q, Corporate Diversification, and Firm Performance。Journal of Political Economy，102(6)，1248-1280。  new window
35.葉銀華(19990500)。家族控股集團、核心企業與報酬互動之研究--臺灣與香港證券市場之比較。管理評論，18(2)，59-86。new window  延伸查詢new window
36.Shleifer, Andrei、Vishny, Robert W.(1997)。A survey of corporate governance。The Journal of Finance，52(2)，737-783。  new window
37.Amihud, Yakov(2002)。Illiquidity and Stock Returns: Cross- section and Time-series Effects。Journal of Financial Markets，5(1)，31-56。  new window
38.Brickley, J. A.、Coles, J. L.、Terry, R. L.(1994)。Outside directors and the adoption of poison pills。Journal of Financial Economics，35(3)，371-390。  new window
39.Palmrose, Zoe-Vonna、Richardson, Vernon J.、Scholz, Susan(2004)。Determinants of Market Reactions to Restatement Announcements。Journal of Accounting and Economics，37(1)，59-89。  new window
40.Chen, A.、Kao, L.、Chen, Y.-K.(2007)。Agency Costs of Controlling Shareholders' Share Collateral with Taiwan Evidence。Review of Pacific Basin Financial Markets and Policies，10(2)，173-191。  new window
41.Kim, Jooyoung、Kim, Joongi(2001)。Shareholder Activism in Korea: A Review of How PSPD Has Used Legal Measures to Strengthen Korean Corporate Governance。Journal of Korean Law，1(1)，51-76。  new window
研究報告
1.He, J.、Tian, X.(2016)。Do short sellers exacerbate or mitigate managerial myopia? Evidence from patenting activities。Athens, GA：University of Georgia。  new window
2.Richardson, S. A.、Tuna, A. I.、Wu, M.(2002)。Predicting earnings management: The case of earnings restatement。Philadelphia：University of Pennsylvania。  new window
圖書
1.李華驎、鄭佳綾(2014)。公司的品格：22個案例，了解公司治理和上市櫃公司的財務陷阱。台北：先覺出版社。  延伸查詢new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：916（臺灣：898，外國：18） ／ 本年度總使用人次：1753550 ／ 訪客人次（自102年09月）：67569244
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上