頁籤選單縮合
題 名 | Corporate Ownership Structure and the Value Relevance of Family Executives' External Directorships |
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作 者 | Tsai, Liu-ching; Chiou, Su-ling; Wu, Shing-jen; Young, Chaur-shiuh; | 書刊名 | Asia Pacific Management Review |
卷 期 | 15:2 2010.06[民99.06] |
頁 次 | 頁223-249 |
分類號 | 553.97 |
關鍵詞 | External directorships; Value relevance; Ownership structure; Ultimate control; |
語 文 | 英文(English) |
英文摘要 | 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. |
本系統中英文摘要資訊取自各篇刊載內容。