The Influence of the CPA’s Opinion, Institutional Ownership and Asymmetric Information on Stock Return in Bear Market
碩士 === 朝陽科技大學 === 企業管理系碩士班 === 91 === Due to Asian financial crisis in 1997 and series of accounting scandals in 2001, the issues related corporate governance was discussed again. From the perspectives of corporate governance, we explore the impacts of CPA’s opinion, ownership of institutional inves...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2003
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| Online Access: | http://ndltd.ncl.edu.tw/handle/87048758666784751803 |
| Summary: | 碩士 === 朝陽科技大學 === 企業管理系碩士班 === 91 === Due to Asian financial crisis in 1997 and series of accounting scandals in 2001, the issues related corporate governance was discussed again. From the perspectives of corporate governance, we explore the impacts of CPA’s opinion, ownership of institutional investors, and information asymmetry on stock return in bear market. Our sample includes 314 firms listed on Taiwan Stock Exchange during Mar. 2000 – Sep. 2001. The results show that (1) positive CPA’s opinion and big 5 CPA firm has positive effect on stock return (2) auditor changes has negative impact on stock return particularly for small corporation (3) the higher ownership of institutional investors and lower information asymmetry are good for company in bear market.
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