跳到主要內容

臺灣博碩士論文加值系統

(100.28.0.143) 您好!臺灣時間:2024/07/18 07:11
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:王聖閔
研究生(外文):Sheng-Min Wang
論文名稱:媒體曝光度與代理成本
論文名稱(外文):媒體曝光度與代理成本
指導教授:蘇玄啟蘇玄啟引用關係
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:財務管理研究所
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:2016
畢業學年度:104
語文別:英文
論文頁數:17
中文關鍵詞:代理問題媒體曝光度公司治理
外文關鍵詞:agency problemcorporate governancemedia coverage
相關次數:
  • 被引用被引用:0
  • 點閱點閱:150
  • 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:0
本文以台灣上市公司為研究樣本,並利用手動收集且獨有之媒體資料,探討媒體曝光度與公司代理成本的關係。本文研究發現符合理論預期,當公司具有愈高 (低) 的媒體曝光度,將愈能夠提升 (降低) 公司治理機制,進而面臨較低 (高) 的代理成本。上述結果在多元迴歸分析與子樣本期間分析依然成立。整體而言,本文研究結果支持媒體曝光度確實扮演外部治理的監督機制之論點。

關鍵詞:媒體曝光度、代理問題、公司治理
Using a hand-collected (unique) data on Taiwan-listed firms’ media coverage, this paper examines the relation between media coverage and agency cost. Consistent with our corporate governance hypothesis, we find that firms with higher (lower) media coverage would have a lower (higher) agency cost through an improvement (deterioration) in corporate governance. Such finding continues to hold when conducting a regression analysis and considering alternative sub-periods. Overall, our result supports the hypothesis that mass media indeed serve as informal monitoring devices and act as alternatives to governance.

Keywords: media coverage, agency problem, corporate governance
Contents
摘 要 i
Abstract ii
Acknowledgement iii
Contents iv
List of Table v
Chapter 1: Introduction 1
Chapter 2: Sample Description 3
2.1 Data Selection 3
2.2 Measuring Agency Cost 4
2.3 Summary Statistic 5
2.4 Corrleations 7
Chapter 3: The Relation between Media Coverage and Agency Cost 8
3.1 Univariate Analysis 8
3.2 Controlling for Firm Size 9
3.3 Regression Analysis 11
3.4 Robustness: Consider Sub-periods 13
Chapter 4: Conclusions 15
Reference 16
Reference
Ang, J. S., R. A. Cole, and J. W. Lin, 2000, Agency costs and ownership structure, Journal of Finance, 55, 81-106.
Core, J. E., W. Guay, and D. F. Larcker, 2008, The power of the pen and executive compensation, Journal of Financial Economics, 88, 1-25.
Chen, H. F., 2014, Media Coverage, Capital investment and Firm Value, FirstTech, Kaohsiung.
Doukas, J. A., Kim, C., and Pantzalis, C., 2000, Security analysis, agency costs, and company characteristics. Financial Analysts Journal, 54-63.
Dyck, A., and L. Zingales, 2002, The corporate governance role of the media, NBER work paper.
Dyck, A., and L. Zingales, 2004, Private benefits of control: An international comparison, Journal of Finance, 59, 537-600.
Dyck, A., N. Volchkova, and L. Zingales, 2008, The corporate governance role of the media: Evidence from Russia, Journal of Finance, 63, 1093-1135.
Dyck, A., A. Morse, , and L. Zingales, 2010, Who blows the whistle on corporate fraud?, Journal of Finance, 65, 2213-2253.
Fang, L., and J. Peress, 2009, Media coverage and the cross-section of stock returns, Journal of Finance, 64, 2023-2052.
Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3, 305-360.
Joe, J. R., H. Louis, and D. Robinson, 2009, Managers’ and investors’ responses to media exposure of board ineffectiveness, Journal of Financial and Quantitative Analysis, 44, 579-605.

Johnson, J. L., Ellstrand, A. E., Dalton, D. R., and Dalton, C. M., 2005, The influence of the financial press on stockholder wealth: The case of corporate governance, Strategic Management Journal, 26, 461-471.
Lehn, K., and A. Poulsen, 1989, Free cash flow and stock holder gains in going private transactions. Journal of Finance, 44, 771-789.
Liang, H. Y., Yao, Y. L., and Ning, J. A., 2012, Media exposure, corporate governance and agency costs, Journal of Finance and Economics, 7, 008.
Miller, G., 2006, The press as a watchdog for accounting fraud, Journal of Accounting Research, 44, 1001-1033.
Peigong, L., and Yifeng, S, 2010, The Corporate Governance Role of Media: Empirical Evidence from China [J]. Economic Research Journal, 4, 003.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊