碩士 / 輔仁大學 / 金融與國際企業學系金融碩士班 / 103 / Most of previous research focused on location selectivity by analyzing environmental factors or competitive advantages, and majority of the sample are in developed countries. However, with the rise of emerging markets, most of the companies have one or more control shareholders who can lead the business decisions. Due to this reason, those companies will consider the other factors that differ from the companies in developed countries when they face overseas investment decisions. Therefore, this study focuses on the companies in emerging markets, and analyzes the view of private benefit of control, investigates the relationship between private benefits and oversea investment locations choices.
Our samples period is from 2009 to 2013. We examine whether private benefit will affect the choice of oversea investment locations. We discuss it from three aspects: ownership structure, transaction and management. Empirical results show that there is a negative relation between divergence in control and cash flow rights, related party transaction and earnings management. This means control shareholders may try to influence corporate to invest in the region with weak institutions because they want to protect their private benefits, and avoid the monitoring mechanism reducing the scope of private benefits. However, there are no significant relations between cash holding and external environment institution. We believe that besides consideration for investment demand, there are other purposes of cash holding. As a result, when the companies of emerging market face oversea investment decisions, private benefit is also one of the factor that will affect the location choices.
| Identifer | oai:union.ndltd.org:TW/103FJU00214013 |
| Date | January 2015 |
| Creators | Chu, Yu-Shan, 朱育姍 |
| Contributors | Kao, Ming-Sung, 高銘淞 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 39 |
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