Ultimate Controller Ownership and Firm Value in Taiwan

被引：16

作者：

Lin, Feng-Li ^{[1
]}

Lin, Hai-Ling ^{[2
]}

机构：

[1] Chaoyang Univ Technol, Dept Accounting, Taichung, Taiwan

[2] KPMG, Dept Audit, Taipei, Taiwan

来源：

EMERGING MARKETS FINANCE AND TRADE | 2013年 / 49卷 / 01期

关键词：

cash flow rights; control rights; entrenchment; ownership; panel threshold effects; Tobin's q; CORPORATE GOVERNANCE; FAMILY OWNERSHIP; SHAREHOLDERS; PERFORMANCE; ENTRENCHMENT; CRISIS;

D O I：

10.2753/REE1540-496X490104

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using a panel of 242 Taiwanese listed firms during a ten-year period (19972006), this study tests whether there is an optimal ratio of ownership ultimate control that maximizes firm value. This work adopts Tobin's q as the proxy for firm value and finds that cash flow rights less than 27.8 percent and control rights between 32.34 percent and 34.03 percent are an optimal level of ownership ultimate control to maximize firm value. This distribution of financing sources propels the nonlinear relationship uncovered in this study and sheds light on legal aspects of Taiwan's system of ownership structure.

引用

页码：68 / 81

页数：14

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