| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 104 === The main purpose of this study is to investigate the relationship among corporate governance, the sanction of FSC and the reaction of the market. During the 2010 to 2015, the empirical results show that both the proportion of independent directors and the institutional investors holding present significant negative correlation with the sanction. It means when the proportion of independent directors and the institutional investors holding higher, the stronger oversight to reduce the probability of sanction. The result meets our expectation. However, the empirical results also shows the sanction and the largest shareholder are significantly positively correlated. It means when the proportion of the largest shareholder higher, the more likely to be sanction.
As for the associated with the sanction of FSC and the market reaction, the results show when there is the sanction, the cumulative abnormal returns will show negative, the sanction does not affect the stock price too long and the stock will not react in advance.
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