跳到主要內容

臺灣博碩士論文加值系統

(44.200.194.255) 您好!臺灣時間:2024/07/15 01:26
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:陳婉真
研究生(外文):Wan-ChenChen
論文名稱:家族控制與董事會特性對公司現金持有的影響
論文名稱(外文):The Impact of Family Control and Board Characteristicson Cash Holdings
指導教授:陳嬿如陳嬿如引用關係
指導教授(外文):Yenn-Ru Chen
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2010
畢業學年度:98
語文別:中文
論文頁數:87
中文關鍵詞:家族企業現金持有董事會獨立董監事
外文關鍵詞:family-controlled companycash holdingboard of directorsindependent director
相關次數:
  • 被引用被引用:2
  • 點閱點閱:325
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
現金持有的多寡對於企業發展可能會有不同之影響,現金持有太多可能導致代理人問題;反之,則能夠支應公司欲投資之方案而帶來更多的附加價值,故公司現金持有率是很值得探討的議題。本研究係探討1997年至2008年上市櫃公司之家族企業是否影響台灣上市櫃公司之現金持有率,並透過檢驗董事會相關因素、控制權與現金流量權偏離比與獨立董監事比例對公司現金持有率之影響,來探討家族企業是否持有過多現金。
實證結果顯示,董事會家族化程度、董監事質押比率、董監事持股率與控制權與現金流量權偏離比顯著影響公司現金持有率之高低,此種結果與現金持有之代理觀點一致。本研究亦發現設立獨立董監事並不會顯著影響公司現金持有率,就意義而言,獨立董監事似乎沒有盡到遏止管理者與大股東們企圖侵蝕小股東權益的責任。換言之,董事會家族化愈深與控制權與現金流量權偏離愈大之家族企業,其管理者(或控制股東)易因個人私利而影響公司現金持有政策,而獨立董監事亦無法善盡主管機構所期待的監督責任。

The level of cash holding might affect the development of company. It would result in agency problems if cash holding is too large. On the contrary, a proper level of cash holding could gain benefits from supporting investments. Therefore, the ratio of company’s cash holding is worth studying. This thesis uses the database of listed companies from 1997 to 2008 in Taiwan to investigate whether cash holding is affected by controlling families. In addition, this thesis examines whether the family-controlled companies have too many cash holdings by testing following variables: the related characteristic parameters of board of directors, the deviation from control rights to cash-flow rights, and the ratio of independent directors.
The results show that the level of cash holding is apparently affected by the following variables: the familism of board of directors, the equity pledge ratio of directors and supervisors, the ratio of stock holdings of board members, and the deviation from control rights to cash-flow rights. This thesis also discovers that independent directors have little influence on cash holdings. To some extent, it seems that they are unable to protect small stockholders from being taken advantage of by large stockholders or inside managers. That is, the managers (or controlling stockholders) of family-controlled companies are prone to alter cash holding policies due to their private interests, and the independent directors can not perform their monitoring duties over insiders.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 5
第二章 文獻回顧與探討 7
第一節 代理理論 7
第二節 影響公司持有現金因素 18
第三節 董事會與獨立董事 25
第三章 研究方法 38
第一節 研究假說 38
第二節 資料來源與研究範圍 41
第三節 研究模型與研究變數定義 42
第四章 實證結果與分析 49
第一節 敘述統計分析 49
第二節 迴歸分析 57
第三節 分析與討論 67
第五章 結論與建議 69
參考文獻 71

中文部份:
1.孫浩翔,融資順位理論之實證研究,中央大學企業管理研究所碩士論文,1995。
2.吳美儀,股份有限公司選任外部董事監察人機制之研究,世新大學法律學系研究所碩士論文,2003。
3.王春琇,資金結構決定因素之新證-最適資本結構與融資順位理論之比較,中興大學企業管理研究所碩士論文,1995。
4.王泰昌、鄭博文,代理問題與代理成本(上),會計研究月刊,第93期,頁155-160,1993。
5.王泰昌,鄭博文,代理問題與代理成本(下),會計研究月刊,第94期,頁123-127,1993。
6.陳宏姿,董監事結構與企業經營績效關聯之研究,政治大學會計研究所碩士論文,2001。
7.陳錦村與?雅薰,公司改組、監督機制與盈餘管?之研究,會計評?,第34期(1月),頁1-28,2002。
8.許崇源、李怡宗、林宛瑩、鄭桂蕙,控制權與盈餘分配權偏離之衡量(上),貨幣觀測與信用評等,第42期(7月),頁15-31,2003。
9.許崇源、李怡宗、林宛瑩、鄭桂蕙,控制權與盈餘分配權偏離之衡量(下),貨幣觀測與信用評等,第43期(9月),頁11-26,2003。
10.施閔偉,公司現金持有因素與涵義之跨國比較分析,國立暨南大學財務金融研究所碩士論文,2005。
11.張漢君,上市公司財務結構決定因素與融資順位理論之實證研究,淡江大學管理科學研究所碩士論文,1991。
12.林雅芬,台灣上市公司現金持有之實證研究,真理大學管理科學研究所碩士論文,2000。
13.林明謙,股權結構、董事組成對大股東介入股市行為影響之研究,輔仁大學金融研究所碩士論文,2001。
14.高蘭芬,董監事股權質押之代理問題對會計資訊與公司績效之影響,成功大學會計研究所博士論文,2002。
15.蔡崇彬,新竹科學園區產業融資行為之實證研究,交通大學科技管理研究所碩士論文,1994。
16.洪雲萍,獨立董事聘任制度探討-以賽局論分析,國立台灣大學財務金融學研究所碩士論文,2003。
17.洪榮華、陳香如、柯璟瑩,公司內部治理機制與公司績效之關係-股權結構與董事會特性的觀點,管理與系統,第12卷第4期,頁33-53,2005。
18.翁淑育,台灣上市公司股權結構、核心代?問題及公司價值之研究,私立輔仁大學?融研究所碩士?文,2000。
19.劉維琪、李宗怡,融資順位理論之調查研究,管理評論,第12卷,頁119-143,1993。
20.劉維琪、劉玉珍,融資順位理論之發展與實證,管理評論,第8卷,頁7-22,1989。
21.?銀華、?存修與柯承恩,公司治?與評等系統,台北:商智文化出版社,2002。
22.葉銀華、李存修與施俊義,家族控股、董事會組成與經營績效-台灣家族企業管治機制之研究,中國財務學刊,第5卷第3期,頁161-180,1998。
23.葉銀華、蘇裕惠、柯承恩、李德冠,公司治理機制對於關係人交易的影響,證券市場發展季刊,第15卷第4期,頁69-106,2003。
24.經濟日報,2007.7.16,亞洲企業堤防現金流沙(A8版)。

英文部分:
1.Abbott, L. J., S. Parker, and G. F. Peters, Audit committee characteristics and restatements, Auditing: A Journal of Practice and Theory, Vol. 23, No.1, pp. 69-87, 2004.
2.Alcorn, P. B, Success and survival in the family-owned firm, New York: McGraw-Hill, 1982.
3.Anderson, R. and D. M. Reeb, Founding family ownership and firm performance: Evidence from the S&P 500, Journal of Finance, Vol.58, No. 2, pp. 1301-1329, 2003.
4.Anderson, R. C., and Reeb, D. M, Board Composition: Balancing Family Influence in S&P 500 Firms, Administrative Science Quarterly, Vol. 49, No. 2, pp. 209-237, 2004.
5.Andres C, Large shareholders and firm performance-An empirical examination of founding-family ownership, Journal of Corporate Finance, Vol. 14, pp. 431-445, 2008.
6.Bacon, J, Corporate directorship practice: member and committees of the board (Conference Board report), NEW YORK: The conference board, 1973.
7.Barnes, B. L, & Hershon, S. A, Transferring power in the family business, Harvard Business Review, Vol. 54, No. 4, pp. 105-114, 1976.
8.Barclay, M. J., and C. W. Smith, The maturity structure of corporate debt, Journal of Finance, Vol. 50, No. 2, pp. 609-631, 1995.
9.Barontini R. and Caprio L, The effect of family control on firm value and performance: evidence from continental Europe, Euopean Financial Management, Vol. 12, No.5, pp. 689-723, 2006.
10.Barry, B, The development of organization structure in the family firm, Journal of General Management, Vol. 3, No. 1, pp. 42-60, 1975.
11.Baskin, J., Corporate liquidity in games of monopoly power, Review of Economics and Statistics, Vol. 69, No. 2, pp. 312-319, 1987.
12.Baskin, J., An empirical investigation of the pecking order hypothesis, Financial Management, Vol. 18, pp. 26-35, Spring 1989.
13.Beasley M., An empirical analysis of the relation between board of director composition and financial statement fraud, The Accounting Review, Vol. 71, No. 4, pp. 443-66, 1996.
14.Beaver, W. H, Financial ratios as predictors of failure, Journal of Accounting Research, Vol. 4 (Supplement), pp. 71-111, 1966.
15.Beckhard, R., & Dyer, W, Managing continuity in the family-owned business, Sloan Management Review, Vol. 24, pp. 59-65, Spring 1983.
16.Beckhard, R. & Dyer, W, Managing continuity in the family-owned business, Organizational Dynamics, Vol. 12, pp. 5-12, Summer 1983.
17.B?dard, J., S. M. Chtourou, and L. Courteau, The effect of audit committee expertise, independence, and activity on aggressive earnings management, Auditing:A Journal of Practice and Theory, Vol. 23, No. 2, pp. 13-35, 2004.
18.Berle, Adolf A., Jr. and Gardner C. Means, The Modern Corporation and Private Property, New York, NY: Macmillan, 1932.
19.Bhagat, S., and Black, B, The Uncertain Relationship Between Board Composition and Firm Performance, Business Lawyer, Vol. 54, pp. 921-963, 1999.
20.Blanchard, O. J., F. Lopez-de-Silanes, and A. Shleifer, What do firms do with cash windfalls? Journal of Financial Economics, Vol. 36, pp. 337-360, 1994.
21.Brickley, J. A., J. L. Coles, and R. L. Terry, Outside directors and the adoption of poison pills, Journal of Financial Economics, Vol. 35, No. 3, pp. 371-390, 1994.
22.Byrd, J., and K. Hickman, Do outsider directors monitor managers? Evidence from tender offer bias, Journal of Financial Economics, Vol. 32, No. 2, pp. 195-221, Oct. 1992
23.Cadbury, A, What are the trends in corporate governance, how will they impact your company, Long Range Planning, Vol. 32, pp. 12-19, 1999.
24.Callahan, W. T., J. Millar and C. Schulman, An analysis of the Effect of Management Partcipation in Director Selection on the Long-term Performance of the Firm, Journal of Corporate Finance, Vol. 9, No. 2, pp. 169-181, 2003.
25.Carsrud, A. L, Meanderings of a resurrected psychologist or, lessons learned in creating a family business program, Entrepreneurship, Theory and Practice, Vol. 19, No. 1, pp. 39-49, 1994.
26.Chaganti, R. S., V. Mahajan, and S. Sharma, Corporate board size, composition and corporate failures in retailing industry, Journal of Management Studies, Vol. 22, No. 4 , pp. 400-417, 1985.
27.Chtourou, S. M., J. Bedard, and L. Courteau, Corporate governance and earnings management, Working paper, University of Laval, 2001.
28.Churchill, N. C., and Hatten, K. J, Non-market-based transfers of wealth and power: A research framework for small business, American Journal of Small Business, Vol. 11, No. 3, pp. 51-64, 1987.
29.Claessens, S., and S. Djankov, Ownership concentration and corcoporate performance, Journal of Comparative Economics, Vol. 27, pp. 498-513, Sep. 1999.
30.Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang, Expropriation of minority shareholders: Evidence form East Asia, Policy research working paper No. 2088, The World Bank, 1999b.
31.Claessens, S., S. Djankov, and L. H. P. Lang, The separation of ownership and control in East Asian corporations, Journal of Financial Economics, Vol. 58, pp. 81-112, 2000.
32.Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang, Disentangling the incentives and entrenchment effects of large shareholdings, Journal of Finance, Vol. 57, pp. 2741-2771, Dec. 2002.
33.Cotter, J. F., A. Shivdasani and M. Zenner, Do Independent Directors Enhance Target Shareholder Wealth during Tender Offers? Journal of Financial Economics, Vol. 43, No. 2, pp. 195-218, Feb.1997.
34.Dalton, D. R., C. M. Daily, J. L. Johnson, and A. E. Ellstrand, Number of directors and financial performance: a meta-analysis, Academy of Management Journal, Vol. 42, No. 6, pp. 674-686, 1999.
35.Davis, P, Realizing the potential of family business, Organization Dynamics, Vol. 12, No. 1, pp. 47-56, 1983.
36.Denison, D., Lief, C., & Ward, J. L, Culture in family-owned enterprises: Recognizing and leveraging unique strengths, Family Business Review, Vol. 17, No. 1, pp. 61-70, 2004.
37.Dechow, P. M., R. G. Sloan, and A. P. Sweeney, Cause and consequence of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research, Vol. 13, No. 1, pp. 1-36, 1996.
38.DeZoort, F. T., and S. E. Salterio, The effects of corporate governance experience and financial reporting and audit knowledge on audit committee members' judgments, Auditing: A Journal of Practice & Theory, Vol. 20, No. 2, pp. 31-48, 2001.
39.Dittmar, A., J. Mahrt-Smith, and H. Servaes, International corporate governance and corporate cash holdings, Journal of Financial and Quantitative Analysis, Vol. 38, No. 1, pp. 111-133, March 2003.
40.Dittmar, A., and Jan Mahrt-Smith, Corporate governance and the value of cash holdings, Journal of Financial Economics, Vol. 83, No. 3, pp. 599-634, 2007.
41.Dollinger, M. J, Alternative Methodologies for Identifying Family Versus Nonfamily-managed Businesses, Journal of Small Business Management, Vol. 31, pp. 4-6, 1993.
42.Donaldson, G., Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity, Harvard Graduate School of Business Administration, Boston, 1961.
43.Donaldson, L. and J. H. Davis, Boards and company performance: research challenges the conventional wisdom, Corporate Governance: An International Review, Vol. 2, No. 3, pp. 151-160, 1994.
44.Donnelley, R. G, The family business, Harvard Business Review, Vol. 42, No. 4, pp. 93-105, 1964.
45.Dyer, W. G. J, Cultural Change in Family Firms: Understanding and Managing Business and Family Transitions, Jossey-Bass, San Francisco, 1986.
46.Faccio, M., and Lang, L. H. P, The Ultimate Ownership of Western European Corporations, Journal of Financial Economics, Vol. 65, No. 3, pp. 365-395, 2002.
47.Fama, E. F, Agency problems and the theory of the firm, Journal of Political Economy, Vol. 88, No. 2, pp. 288-307, 1980.
48.Fama, E. F., and Jensen, M, Agency Problems and Residual Claims, Journal of Law & Economics, Vol. 26, No.2 , pp. 327-349, 1983.
49.Fan, J. P. H. and T. J. Wong, Corporate ownership structure and the informativeness of accounting earnings in East Asia, Journal of Accounting and Economics, Vol. 33, No. 3, pp. 401-425, 2002.
50.Faulkender, M. W, Cash holdings among small businesses, Working paper, Washington University, 2004.
51.Ferreira, M. A., and A. S. Vilela, Why do firms hold cash? Evidence from EMU contries, European Financial Management, Vol. 10, No. 2, pp. 295-319, 2004.
52.Ferri, M. G. and W. H. Jones, Determinant of Financial Structure: A New Methodological Approach, Journal of Finance, Vol. 34, pp. 631-644, 1979.
53.Gomez-Mejla L.R.,Larraza-Kintana M., Makri M, The determinants of executive compensation family-controled public corporations, Academy of Management Journal, Vol. 46, No. 2, pp. 226-237, 2003.
54.Handler, W. C., Methodoligical issues and considerations in studying family business, Family Business Review, Vol. 2, No. 3, pp. 257-276, 1989.
55.Harris, M., and A. Raviv, Capital structure and the informational role of debt, The Journal of Finance, Vol. 45, pp. 321-350, 1990.
56.Haw, I. M., B. Hu, L. S. Hwang and W. Wu, Ultimate ownership, income management, and legal and extra-legal institutions, Journal of Accounting Research, Vol. 42, No. 2, pp. 423-462, 2004.
57.Jensen, M. C., and W. H. Meckling, Theory of firm: Management behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3, pp. 305-360, 1976.
58.Jensen, M. C., and R. S. Ruback, The market for corporate control: Empirical evidence, Journal of Financial Economics, Vol. 11, pp. 5-50, 1983.
59.Jensen, M. C., Agency costs of free cash flows, corporate finance and takeovers, American Economic Review, Vol. 76, No. 2, pp. 323-339, 1986.
60.John. K. and L. W. Senbet, Corporate governance and board effectiveness, Journal of Banking and Finance, Vol. 22, No. 4, pp. 371-403, 1998.
61.John, T. A., Accounting measures of corporate liquidity, leverage, and costs of financial distress, Financial Management, Vol. 22, pp. 91-100, 1993.
62.Kalcheva, I., and K. V. Lins, International evidence on cash holdings and expected managerial agency problem, The Review of Financial Studies, Vol. 20, pp. 1087-1122, July 2007.
63.Kao, L., and A.Chen, The effects of board characteristics on earnings management, Corporate Ownership and Control, Vol. 1, No. 3, pp. 96-107, 2004.
64.Keynes, J. M., The general theory of employment, interest and money, London: Macmillan, 1934.
65.Kim, C., D. C. Mauer, and A. E Sherman, The determinants of corporate liquidity: theory and evidence, Journal of Financial and Quantitative Analysis, Vol. 33, pp. 335-359, Sep. 1998.
66.Klein, A, Audit committee, board of director characteristics, and earnings management, Journal of Accounting and Economics, Vol. 33, No. 3, pp. 375-400, 2002.
67.Klein, Daniel P. and Belt Brian, Sustainable Growth and Choice of Financing: A Test of the Pecking Order Hypothesis, Review of Financial Economics, Vol. 3, No. 1/2 (1993/1994), 141-154, 1993.
68.Kusnadi, Yuanto, Corporate governance mechanism and corporate cash holdings, Working paper, Hong Kong University, 2005.
69.Lansberg, I., Perrow, E. L., & Rogolsky, S, Family business as an emerging field, Family Business Review, Vol. 1, No. 1, pp. 1-8, 1988.
70.La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, Legal determinants of external finance, Journal of Finance, Vol. 52, No. 3, pp. 1131-1150, 1997.
71.La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny, Law and finance, Journal of Political Economy, Vol. 106, No. 6, pp. 1113-1155, 1998.
72.La Porta, R., F. Lopez-de-Silanes, and A. Shleife, Corporate ownership around the world, Journal of Finance, Vol. 54, No. 2, pp. 471-517, 1999.
73.La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, Investor protection and corporate governance, Journal of Financial Economics, Vol. 58, No. 1-2, pp. 3-27, 2000a.
74.La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, Agency problems and dividend policies around the world, Journal of Finance, Vol. 55, No. 1, pp. 1-33, 2000b.
75.La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, Investor protection and corporate valuation, Journal of Finance, Vol. 57, No. 3, pp. 1147-1170, 2002.
76.Lee, J. Z., and Liao, Y. H, Board of director characteristics and earnings management-evidence from the effect of family-controlling on Taiwan corporations, Taiwan Accounting Review, Vol. 5, No. 1, pp. 1-39, 2004.
77.Lee, Y. S., Rosenstein, S., and Wyatt, J. G, The value of financial outside directors on corporate boards, International Review of Economics and Finance, Vol. 8, No. 4, pp. 421-431, 1999.
78.Leland, H. E., and Pyle, D. H, Informational Asymmetries, Financial Structure, and Financial Intermediation, Journal of Finance, Vol. 32, No. 2, pp. 371-387, 1977.
79.Lemmon, M. L., and K. V. Lins, Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The Third Annual Conference on Financial Market Development in Emerging and Transition Economies, Hong Kong University of Science and Technology, 2001.
80.Lins, Karl V., Equity ownership and firm value in emerging markets, Journal of Financial and Quantitative Analysis, Vol. 38, No. 1, pp. 159-185, 2003.
81.MacAvoy, P., and Millstein, I. M, The active board of directors and its effect on the performance of the large publicly traded corporation, Journal of Applied Corporate Finance, Vol. 11, No. 4, pp. 8-20, 1999.
82.McConnell, J. J., and H. Servaes, Additional evidence on equity ownership and corporate value, Journal of Financial Economics, Vol. 27, No. 2, pp. 595-612, 1990.
83.Miller D., Miller I., Lester R. H., Cannella A. A, Are family firms really superior performers? Journal of corporate Finance, Vol. 13, pp. 829-858, 2007.
84.Minton, B.A., and C. Schrand, The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing, Journal of Financial Economics, Vol. 54, pp. 423-460, 1999.
85.Mitton, T, A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis, Journal of Financial Economics, Vol. 64, pp. 215-241, 2002.
86.Morck, R., A. Shleifer, and R. W. Vishny, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics, Vol. 20, pp. 293-315, 1988.
87.Mullign, C. B, Scale economics, the value of time, and the demand for money: Longitudinal evidence from firms, Journal of Political Economics, Vol. 105, No. 5, pp. 1061-1079, 1997.
88.Myers, S. C., Determinants of Corporate Borrowing, Journal of Financial Economics, Vol. 5, No. 2, pp. 147-175, 1977.
89.Myers, S. C., and Majluf, N. S, Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have, Journal of Financial Economics, Vol. 13, pp. 187-221, 1984.
90.Myers, S. C., and R. G. Rajan, The paradox of liquidity, Quarterly Journal of Economics, Vol. 108, No. 3, pp. 733-771, 1998.
91.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson, The determinants and Implications of corporate cash holdings, Journal of Financial Economics, Vol. 52, No. 1, pp. 3-46, 1999.
92.Ozkan, A., Determinants of capital structure and adjustment to long run target, Journal of Business Finance and Accounting, Vol. 28, No. 1, pp. 175-198, 2001.
93.Ozkan, A., and N. Ozkan, Corporate cash holdings: An empirical investigation of UK companies, Journal of Banking and Finance, Vol. 28, No. 9, pp. 2103-2134, 2004.
94.Patton, A., and J. C. Baker, Why do not directors rock the boat? Harvard Business Review, Vol. 65, No. 6, pp. 10-18, 1987.
95.Peasnell, K. V., P. F. Pope, and S. E. Young, Board monitoring and earnings management: do outside directors influence abnormal accruals? Journal of Business Finance and Accounting, Vol. 32, No. (7-8), pp. 1311-1346, Sep. 2005.
96.Pinegar, J. M. and L. Wilbricht, What Managers Think of Capital Structure Theory: A Survey, Financial Management, Vol. 18, No. 4, pp. 82-91, 1989.
97.Pinkowitz, L., and R. Williamson, Bank power and cash holdings: Evidence from Japan, Review of Financial Studies, Vol. 14, pp. 1059-1082, 2001.
98.Pinkowitz, Ren? Stulz, and Rohan Williamson, Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis, Journal of Finance, Vol. 61, No. 6, pp. 2725-2751, 2006.
99.Prevost, A. K., Rao, R. P., and Hossain, M, Determinants of board composition in New Zealand: A simultaneous equations approach, Journal of Empirical Finance, Vol. 9, No. 4, pp. 373-397, 2002.
100.Rechner, P.L. and D.R.Dalton, The Impact of CEO as Board Chairperson on Corporate Performance, Academy of Management Executive, Vol. 2, pp. 141-143, 1989.
101.Rosenblatt, P. C., DeMik, L., Anderson, R. M., & Johnson, P. A, Te family in business: Understanding and dealing with the challenges entrepreneurial families face, San Francisco, California: Jossey-Bass, 1985.
102.Rosenstein, S., and J. G. Wyatt, Inside directors, board effectiveness, and shareholder wealth, Journal of Financial Economics, Vol. 44, No. 2, pp. 229-250, 1997.
103.Shleifer, A., and R. W. Vishny, Large shareholders and corporate control, The Journal of Political Economy, Vol. 94, pp. 461-488, 1986.
104.Shleifer, A. and R. W. Vishny, Liquidation values and debt capacity: A market equilibrium approach, Journal of Finance, Vol. 47, pp. 1343-1366, 1992.
105.Shleifer, A., and R. W. Vishny, The limits of arbitrage, Journal of Finance, Vol. 52, No. 2, pp. 737-7383, 1997.
106.Singh, H. and F. Harianto, Management-board relationships, takeover risk, and the adoption of golden parachutes, Academy of Management Journal, Vol. 32, No.1, pp. 7-24, 1989.
107.Solomon, J.F., Lin, S.W., Norton, S.D. and Solomon, A, Corporate Governance in Taiwan: Empirical Evidence from Taiwanese Company Directors, Corporate Governance: An International Review, Vol. 11, No. 3, pp. 235-248, 2003.
108.Stern, M. H, Inside the family-held business, New York: Harcourt, Brace, Jovanovich, 1986.
109.Stulz, R. M, Managerial control of voting rights:Financing policies and the market for corporate control, Journal of Financial Economics, Vol. 20, pp. 25-54, 1988.
110.Villalonga, B., and Amit, R, How do Family Ownership, Control and Management Affect Firm Value? Journal of Financial Economics, Vol. 80, No. 2, pp. 385-417, 2006.
111.Wang, D, Founding family ownership and earnings quality, Journal of Accounting Research, Vol. 44, No. 3, pp. 619-656, 2006.
112.Warner, J.B, Bankruptcy Cost: Some Evidence, Journal of Finance, Vol. 34, pp. 126-135, 1977.
113.Ward, J. L, Keeping the family business healthy: How to plan for continued growth, profitability, and family leadership, San Francisco: Jossey-Bass, 1987.
114.Weisbach, M. S, Outside directors and CEO turnover, Journal of Financial and Economics, Vol. 20, No.4, pp. 431-460, 1988.
115.Williamson, O. E, Organization form Residual Claimants and Corporate Control, Journal of Law and Economics, Vol. 26, No. 2, pp. 351- 366, 1983.
116.Xiang, B. and G. Zhang, Large Shareholder Expropriation and Corporate Ownership Structure, APEA/PACAP Finance conference and CFA nnual meetings, 1996.
117.Xie, B., W. N. Davidson, and P. J. DaDalt, Earnings management and corporate governance: The role of the board and the audit committee, Journal of Corporate Finance, Vol. 9, No. 3, pp. 295-316, June 2003.
118.Yammeesri, J., and Lodh, D. S. C, Is Family Ownership a Pain or Gain to Firm Performance? Journal of American Academy of Business, Cambridge, Vol. 4, pp. 263-270, 2004.
119.Yeh, Y. H., Do Controlling Shareholders Enhance Corporate Value? Corporate Governance, Vol. 13, No. 2, pp. 313-325, 2005.
120.Yeh, Y. H., Ko, C. E., and Su, Y. H, Ultimate Control and Expropriation of Minority Shareholders:New Evidence from Taiwan, Academia Economic Papers, Vol. 31, No. 3, pp. 263-299, 2003.
121.Yeh Y. H., T. S. Lee, and Jun-Yee Shy, Family control, board composition and corporate performance in Taiwan stock market, NFA/APFA First Joint International Conference, Tokyo, 1998.
122.Yeh, Y. H., and T. S. Lee, Corporate governance and performance: The case of Taiwan, The Seventh Asia Pacific Finance Association Annual Conference, Shanghai, 2000.
123.Yeh, Y. H., T. S. Lee, and T. Woidtke, Family control and corporate governance: evidence for Taiwan, International Review of Finance, Vol. 2, No. 1, pp. 21-48, 2001.
124.Yeh, Y. H., and T. S. Lee, Corporate governance and corporate equity investments: Evidence from Taiwan, The 9th Global Finance Conference, Beijing, 2002.
125.Yermack, D., Higher market valuation of companies with a small board of directors, Journal of Financial Economics, Vol. 40, No. 2, pp. 185-211, 1996.
126.Zahra, S. A., & Pearce, J. A. II, Boards of directors .and corporate financial performance:A review and I ntegrated .model, Journal of Management, Vol. 15, No. 2, pp. 291-334, 1989.

連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top