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題名 公司治理機制對個別類型投資人交易行為之影響性
The Effect of Corporate Governance on the Trading of Different Trader Types作者 賴可容 貢獻者 周冠男
Robin K. Chou
賴可容關鍵詞 公司治理
投資人
持股比例
交易量
Corporate governance
Investors
Stockholdings
Trading volumes日期 2012 上傳時間 2-Jan-2013 13:21:41 (UTC+8) 摘要 This paper discuss the issue of how corporate governance variables affect the cognitions of groups of investors to lead they separate their investment strategies in 1997-2011 sample period, the results indicate that firms with higher management stockholdings, lower blockholders’ shareholdings, smaller board size, more outside independent supervisors, CEO duality, and one of ultimate controllers served as chairman would be appealing to individual investors; the robust test from 2007 to 2011 only positively affects the investment strategies for foreign institutional investors. Moreover, we explore that lower blockholders’ stockings and smaller board size are favorable characteristics for investors to increase firms’ trading volumes but also the trading volatilities. Finally, we compute the corporate governance score for every sample company called CG-Index, and discover a perfect corporate governance mechanism would inspire investing motivations of domestic individuals and foreign institutions, after considering the information disclosure ranking in 5 years sample period, the stockholding of whole individual investors is indicated positive related to the corporate governance degree. 參考文獻 Barber, B., Odean, T., 2000, Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors, The Journal of Finance, Vol. 55, No. 2, 773–806Barber, B., Odean, T., 2008, All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, The Review of Financial Studies, Vol. 21, No. 2, 785-813Barnard, J., 1991, Institutional Investors and the New Corporate Governance, William & Mary Law School Scholarship Repository, Faculty Publications, Paper 319Brickley, J., Coles, J., Jarrell, G., 1997, Leadership structure: Separating the CEO and Chairman of the Board, Journal of Corporate Finance, Vol. 3, 189-220Chung, K., Elder, J., and Kim, J., 2010, Corporate Governance and Liquidity, Journal of Financial and Quantitative Analysis, Vol. 45, No. 2, 265-291 Claessens, S., Fan, J., 2002, Corporate Governance in Asia: A Survey, International Review of Finance, Vol. 3, No. 2, 71-103Evans, W., Froeb, L., and Werden, G., 1993, Endogeneity in the Concentration-Price Relationship: Causes, Consequences, and Cures, The Journal of Industrial Economics, Vol. 41, No. 4, 431-438Fama, E., French, K., 1993, Common Risk Factors in the Returns on Stocks and Bonds, Journal of Financial Economics, Vol. 33, No. 1, 3-56 Gillan, S., Starks, L., 2000, Corporate governance Proposals and Shareholder Activism: The Role of Institutional Investors, Journal of Financial Economics, Vol. 57, 275-305Gompers, P., Ishii, J., and Metrick, A., 2003, Corporate Governance and Equity Prices, The Quarterly Journal of Economics, Vol. 118, No. 1, 107-155Griffin, J., Nardari, F., and Stulz, R., 2007, Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries, The Review of Financial Studies, Vol. 20, No.3, 905-951Hermalin, B., Weisbach, M., 2012, Information Disclosure and Corporate Governance, The Journal of Finance, Vol. 67 , No. 1, 195-234Jensen, M., Meckling, W., 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3, No. 4, 305-360Klapper, L., Love, I., 2003, Corporate governance, investor protection, and performance in emerging markets, Journal of Corporate Finance, Vol. 10, 703– 728McConnell, J., Servaes, H., 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics, Vol. 27, No. 2, 595-612Porta, R., Silanes, F., Shleifer, A., and Vishny, R., 2000, Investor protection and corporate governance, Journal of Financial Economics, Vol. 58, 3-27Shleifer, A., Vishny, R., 1997, A Survey of Corporate Governance, The Journal of Finance, Vol. 52, No. 2 , 737-783Silanes, F., La Porta, R., and Shleifer, A., 1999, Corporate Ownership Around the World, Journal of Finance, Vol. 54, No. 2, 471-517 Thomsen, S., Pedersen T., and Kvist, H., 2006, Blockholder ownership: Effects on firm value in market and control based governance systems, Journal of Corporate Finance, Vol. 12, No.2, 246-269 Westphal, J., Zajac, E., 1998, The Symbolic Management of Stockholders: Corporate Governance Reforms and Shareholder Reactions, Administrative Science Quarterly, Vol. 43, No. 1, 127-153周行一，陳錦村，陳坤宏，1996，家族企業、聯屬持股與公司價值之研究，Journal of Financial Studies, Vol.4, No.1, 115-139丁秀儀，2004，上市公司公司治理、經營績效與機構投資人投資行為關聯性之研究，國立政治大學企業管理研究所未出版博士論文丁秀儀，2009，公司治理是否受到機構投資人的青睞Does Corporate Governance Matter to Institutional Investors?，管理學報26卷3期，233 -253林佳靜，2003，公司治理、盈餘管理與投資人報酬之關連性研究，國立政治大學會計研究所未出版碩士論文李智蕙，2007，現金持有率、公司價值與公司治理之關連性--台灣上市櫃公司實證研究，政治大學會計研究所未出版碩士論文楊坤憲，2008，公司治理與投資人信念關係之研究 － 以一般投資人與機構投資人為研究對象，屏東科技大學企業管理所未出版碩士論文林玉娟，林玉珠，2008，股票投資人對台灣上市上櫃企業公司治理之認知研究，美和技術學院學報第二十七卷第一期，103-120蕭聖蘭，2008，投資人對董事會效能知覺與投資人交易行為之關聯性研究，淡江大學會計學系碩士在職專班未出版論文 描述 碩士
國立政治大學
財務管理研究所
99357037
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099357037 資料類型 thesis dc.contributor.advisor 周冠男 zh_TW dc.contributor.advisor Robin K. Chou en_US dc.contributor.author (Authors) 賴可容 zh_TW dc.creator (作者) 賴可容 zh_TW dc.date (日期) 2012 en_US dc.date.accessioned 2-Jan-2013 13:21:41 (UTC+8) - dc.date.available 2-Jan-2013 13:21:41 (UTC+8) - dc.date.issued (上傳時間) 2-Jan-2013 13:21:41 (UTC+8) - dc.identifier (Other Identifiers) G0099357037 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/56501 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 99357037 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) This paper discuss the issue of how corporate governance variables affect the cognitions of groups of investors to lead they separate their investment strategies in 1997-2011 sample period, the results indicate that firms with higher management stockholdings, lower blockholders’ shareholdings, smaller board size, more outside independent supervisors, CEO duality, and one of ultimate controllers served as chairman would be appealing to individual investors; the robust test from 2007 to 2011 only positively affects the investment strategies for foreign institutional investors. Moreover, we explore that lower blockholders’ stockings and smaller board size are favorable characteristics for investors to increase firms’ trading volumes but also the trading volatilities. Finally, we compute the corporate governance score for every sample company called CG-Index, and discover a perfect corporate governance mechanism would inspire investing motivations of domestic individuals and foreign institutions, after considering the information disclosure ranking in 5 years sample period, the stockholding of whole individual investors is indicated positive related to the corporate governance degree. zh_TW dc.description.tableofcontents I. Introduction 1II. Literatures and Hypotheses 4III. Data and Variables 9 A. Data 9 B. Variables 11IV. Methodology and Empirical Results 15 A. Descriptive Statistics 16 B. Correlation Analysis 23 C. Investors’ Investment Behaviors 28 D. Trading Volumes and Trading Volatilities 39 E. The Effect of Corporate Governance Index on Trading Activities 47V. Conclusions 59VI. References 62 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099357037 en_US dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) 投資人 zh_TW dc.subject (關鍵詞) 持股比例 zh_TW dc.subject (關鍵詞) 交易量 zh_TW dc.subject (關鍵詞) Corporate governance en_US dc.subject (關鍵詞) Investors en_US dc.subject (關鍵詞) Stockholdings en_US dc.subject (關鍵詞) Trading volumes en_US dc.title (題名) 公司治理機制對個別類型投資人交易行為之影響性 zh_TW dc.title (題名) The Effect of Corporate Governance on the Trading of Different Trader Types en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Barber, B., Odean, T., 2000, Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors, The Journal of Finance, Vol. 55, No. 2, 773–806Barber, B., Odean, T., 2008, All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, The Review of Financial Studies, Vol. 21, No. 2, 785-813Barnard, J., 1991, Institutional Investors and the New Corporate Governance, William & Mary Law School Scholarship Repository, Faculty Publications, Paper 319Brickley, J., Coles, J., Jarrell, G., 1997, Leadership structure: Separating the CEO and Chairman of the Board, Journal of Corporate Finance, Vol. 3, 189-220Chung, K., Elder, J., and Kim, J., 2010, Corporate Governance and Liquidity, Journal of Financial and Quantitative Analysis, Vol. 45, No. 2, 265-291 Claessens, S., Fan, J., 2002, Corporate Governance in Asia: A Survey, International Review of Finance, Vol. 3, No. 2, 71-103Evans, W., Froeb, L., and Werden, G., 1993, Endogeneity in the Concentration-Price Relationship: Causes, Consequences, and Cures, The Journal of Industrial Economics, Vol. 41, No. 4, 431-438Fama, E., French, K., 1993, Common Risk Factors in the Returns on Stocks and Bonds, Journal of Financial Economics, Vol. 33, No. 1, 3-56 Gillan, S., Starks, L., 2000, Corporate governance Proposals and Shareholder Activism: The Role of Institutional Investors, Journal of Financial Economics, Vol. 57, 275-305Gompers, P., Ishii, J., and Metrick, A., 2003, Corporate Governance and Equity Prices, The Quarterly Journal of Economics, Vol. 118, No. 1, 107-155Griffin, J., Nardari, F., and Stulz, R., 2007, Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries, The Review of Financial Studies, Vol. 20, No.3, 905-951Hermalin, B., Weisbach, M., 2012, Information Disclosure and Corporate Governance, The Journal of Finance, Vol. 67 , No. 1, 195-234Jensen, M., Meckling, W., 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3, No. 4, 305-360Klapper, L., Love, I., 2003, Corporate governance, investor protection, and performance in emerging markets, Journal of Corporate Finance, Vol. 10, 703– 728McConnell, J., Servaes, H., 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics, Vol. 27, No. 2, 595-612Porta, R., Silanes, F., Shleifer, A., and Vishny, R., 2000, Investor protection and corporate governance, Journal of Financial Economics, Vol. 58, 3-27Shleifer, A., Vishny, R., 1997, A Survey of Corporate Governance, The Journal of Finance, Vol. 52, No. 2 , 737-783Silanes, F., La Porta, R., and Shleifer, A., 1999, Corporate Ownership Around the World, Journal of Finance, Vol. 54, No. 2, 471-517 Thomsen, S., Pedersen T., and Kvist, H., 2006, Blockholder ownership: Effects on firm value in market and control based governance systems, Journal of Corporate Finance, Vol. 12, No.2, 246-269 Westphal, J., Zajac, E., 1998, The Symbolic Management of Stockholders: Corporate Governance Reforms and Shareholder Reactions, Administrative Science Quarterly, Vol. 43, No. 1, 127-153周行一，陳錦村，陳坤宏，1996，家族企業、聯屬持股與公司價值之研究，Journal of Financial Studies, Vol.4, No.1, 115-139丁秀儀，2004，上市公司公司治理、經營績效與機構投資人投資行為關聯性之研究，國立政治大學企業管理研究所未出版博士論文丁秀儀，2009，公司治理是否受到機構投資人的青睞Does Corporate Governance Matter to Institutional Investors?，管理學報26卷3期，233 -253林佳靜，2003，公司治理、盈餘管理與投資人報酬之關連性研究，國立政治大學會計研究所未出版碩士論文李智蕙，2007，現金持有率、公司價值與公司治理之關連性--台灣上市櫃公司實證研究，政治大學會計研究所未出版碩士論文楊坤憲，2008，公司治理與投資人信念關係之研究 － 以一般投資人與機構投資人為研究對象，屏東科技大學企業管理所未出版碩士論文林玉娟，林玉珠，2008，股票投資人對台灣上市上櫃企業公司治理之認知研究，美和技術學院學報第二十七卷第一期，103-120蕭聖蘭，2008，投資人對董事會效能知覺與投資人交易行為之關聯性研究，淡江大學會計學系碩士在職專班未出版論文 zh_TW
