碩士 / 中原大學 / 國際貿易研究所 / 94 / This paper examines the relationship between Corporate Governance, Liquidity and Tobins’Q in Taiwanese listed companies with issuing Depositary Receipts. Our empirical sample includes 607 Taiwanese listed companies in Taiwan Stock Exchange from 1991 to 2004. The observations are 7,811. Our methodology are Three Stage Least Square Model(3SLS) and group test.
All samples are not statistically significant that the relationship between Corporate, Liquidity and Tobins’Q. After group test the companies with issuing Depositary Receipts are better performance (Tobins’Q) and Liquidity then without. As Graig Doidge(2004) said . We found after issuing DR three years the Tobins’Q and Wo1 not has significantly better than before issuing DR three years. After issuing DR one year the Liquidity have significantly better than before issuing DR one years. After issuing DR three years the Corporate Governance and Liquidity have significantly better than before issuing DR three years. The means before issuing DR the companies’ performance have changed.
The empirical models in this study is based on a Three Stage Least Square Model regression examines the relationship between Corporate Governance, Liquidity and Tobins’Q. The results are 1. The different between high Tobins’Q and low Tobins’Q is the high CEO with high Tobins’Q. 2. The companies with high CEO have low Liquidity in the high Corporate Governance group. 3. The companies with high Liquidity have high Tobins’Q in the high Liquidity group.4.The companies with high Corporate Governance have low Liquidity in the high Corporate Governance group.
| Identifer | oai:union.ndltd.org:TW/094CYCU5323033 |
| Date | January 2006 |
| Creators | Eva Hsu, 許玉葉 |
| Contributors | Hai-Chin YU, 俞海琴 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 61 |
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