Insiders, Institutional Investors, and Firm Performance
碩士 === 國立高雄第一科技大學 === 金融營運所 === 96 === This study is to examine the relationship among of insiders, institutional investors and firm performance. This model is applied to the data of the Taiwan stock market for 2002 to 2006. We will apply linear regression models for panel data. Furthermore, applies...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2008
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| Online Access: | http://ndltd.ncl.edu.tw/handle/pqy2ec |
| Summary: | 碩士 === 國立高雄第一科技大學 === 金融營運所 === 96 === This study is to examine the relationship among of insiders, institutional investors and firm performance. This model is applied to the data of the Taiwan stock market for 2002 to 2006. We will apply linear regression models for panel data. Furthermore, applies Redundant Fixed Effects Test and Hausman Test to determine the best statistic method. The empirical results are summarized as follows：the announcement of the change in the insiders’ shareholding will produce positive abnormal return. Institutional investors’ excess buy will produce positive abnormal return and excess sale will produce negative abnormal return. Insider ownership has significant positive impact on performance. Institutional ownership has significant positive impact on performance. And we also find institutional ownership on performance is superior to insider ownership on performance. In stock return volatility, we find insider ownership and institution ownership have significant negative impact on stock return volatility. And we also find the degree of stock return volatility for the institutional ownership is smaller compared to the insider ownership.
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