A Research on the Relationship between the Corporate Investment Behavior and Governance

• Main Authors: Min-Fan,Hsieh, 謝旻芬
• Other Authors: Mei-Hui,Chen
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/71544909584513247400

碩士 === 國防大學管理學院 === 財務管理學系 === 98 === The past over-investment and free cash flow of the discussion in Taiwan, always revolved around the ownership structure and debt-related hypothesis for research, In addition, For the choice of accounting methods, whether the company would be free cash flow and investment behavior of a certain extent of affect. There is still no consistent empirical evidence indicating. Our research samples focus on those firms trading stock in Taiwan (TSE and OTC market) stock markets over the period 2005-2008. This study uses the two-stage procedure proposed to examine whether self-selection of reclassification of financial asset; will affect investment behavior on corporate and corporate governance. The empirical results suggest that overinvestment and free cash flows is significant positive correlation as we control for self-selection bias of reclassification of financial asset.