Ownership Structure and Investment
碩士 === 雲林科技大學 === 財務金融系碩士班 === 98 === This paper investigates how insider ownership influences the sensitivity of investment cash flow for the listed companies in Taiwan、Korea and Thailand over 2000 to 2008. According to literature, insider ownership may decrease company’s value and cause overinvest...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2010
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| Online Access: | http://ndltd.ncl.edu.tw/handle/45347895458242676624 |
| Summary: | 碩士 === 雲林科技大學 === 財務金融系碩士班 === 98 === This paper investigates how insider ownership influences the sensitivity of investment cash flow for the listed companies in Taiwan、Korea and Thailand over 2000 to 2008. According to literature, insider ownership may decrease company’s value and cause overinvestment agency problem.
By using 3 countries of 5550, 5290 and 2917 observation respectively and controlling industry fixed effects, this study finds that in Taiwan firm with concentrated ownership is more likely to over-invest. In Contrast, Korea firms and Thailand firms with concentrated ownership do not have apparent overinvestment. This phenomenon probably is due to Taiwan firms have higher degree of disparity of cash flow right and control right.
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