Corporate Governance and Price Efficiency

• Main Authors: Jia-Yun Chen, 陳佳筠
• Other Authors: Yin-Feng Gau
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/24cak2

碩士 === 國立中央大學 === 財務金融學系 === 106 === This thesis studies the impact of the corporate governance on pricing efficiency during the period of 2006 to 2016 for Taiwanese listed companies. We utilize thirteen variables to measure corporate governance. And the efficiency variables are mainly based on both the standard deviation of the price error proposed by Hasbrouck (1993) and autocorrelation. The empirical evidence shows that there are five corporate governance variables, including ratio of independent directors and supervisors, director earnings deviation, attendance ratio of board meeting, whether firms establish audit committee, average number of training hours per directors and supervisors have significantly positive impact on price efficiency. Then, ratio of boards and supervisors' shareholding, stock-on-pledge ratio among directors and supervisors have significantly negative impact on price efficiency. This result confirms that government promotes independent directors and the establishment of audit committees in recent years can strengthen market efficiency.