| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 96 === Due to the occurrence of many international significant financial corruption scandals in recent years, corporate governance has become one of the most popular management issues. Corporate governance emphasizes on separation of business operating and ownership based on effectively establishing the external supervision mechanism to accelerate the corporate achievement and performance efficiency. Compared to the professional financial or security analysts that could easily approach the corporate management authority and could comparatively obtain updated and immediate information, the public investors, public shareholders and creditors are under asymmetrical situation in collecting corporate operating information. If these professional financial or security analysts could provide relevant corporate information with their specialties, it would be possible for them to assist in inspecting the corporate behaviors and improving the corporate information transparency.
This research focuses on studying the relationship between corporate governance, analysts following, and corporate behaviors based on the companies listed in Taiwanese Stock Market and Taiwanese OTC Market during the period of 2002 to 2006. However, financial institutions, insurance companies and security companies are excluded in the research samples due to their special industry nature. The empirical results show that the better the corporate governance and higher frequency of professional analysts following, the better the corporate achievements. Besides, the higher the capital payment and research and development expenditures are, the less the equity ratio is and the higher the cash on hand ratio is.
|
|---|
