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論文名稱(外文):The Study of Concentrated Ownership on the Relationship between CEOs Perquisite and Stock Price Synchronicity:The Case of Chinese Listed Company
外文關鍵詞:private benefitsownership concentrationstock price synchronicitymutual monitoringexecutive perquisites
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This paper investigates the effects of executive perquisites and CEO ownership concentration as the amount of private information on share prices and as the means to reduce the risk-aversion effect in the place of higher stock price synchronicity for Chinese-listed firms over the period from 2005-2014. In addition, the positive relation of the wealth effect to mutual monitoring is also examined. Based on data for 9,022 CEOs with private benefits (PERK), we find that there is a greater reduction in idiosyncratic volatility (estimated by taking the logit transformation of the R-square statistic) when both mutual monitoring and ownership concentration are present than if only ownership concentration exists. Both stock price synchronicity and executive perquisites are treated as endogenous variables in the simultaneous equations approach. We find that mutual monitoring can constrain potentially self-servicing behavior and substitute for other governance mechanisms in case of concentrated ownership with the inclination to offer perquisites for CEO compensation.
第一章 緒論
第一節 研究動機
第二節 研究目的
第三節 研究流程
第二章 文獻探討
第一節 執行長特權消費與股價非同步運動是共同決定的
第二節 動態因子模型與資訊對股價的關係
第三節 相互監督在股價同步運動的調節作用
第四節 特權消費和公司特有波動
第三章 研究設計
第一節 假說形成
第二節 操作性定義
第四章 實證結果分析與建議
第一節 描述性統計
第二節 特權消費和公司特有波動度
第三節 從動態因子探討特權消費與公司特有波動度的關係
第四節 公司特有波動度與特權消費之間的調和效果
第五節 穩健性測試
第五章 結論與建議

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