碩士 / 長榮大學 / 管理學院經營管理碩士班 / 106 / This article uses a sample from Taiwan to explain the issue of return skewness. This study mainly refers to Chen, et al (2015) to verify the relationship between corporate governance and return skewness before and after the financial crisis. Chen, et al (2015) indicate that the better the corporate governance quality, the more positive stock return distribution, but, during the period of the study without the impact of the financial crisis. This study believes that the financial crisis will lead to increased volatility in the stock market, and whether corporate governance still has an influence on the distribution of stock returns, it is worth exploring.
This study considers corporate governance mechanisms such as board characteristics, ownership structure, information transparency, manager compensation, and uses cross-sectional time series data model (panel data) to verify the quality of corporate governance mechanisms for return skewness before and after the financial crisis.
This study found that the shareholding ratio of external large shareholders, the institutional shareholding, and the managers significantly affected the distribution of stock returns in the early and late crisis. The better the corporate governance quality, the more positive the stock returns.
| Identifer | oai:union.ndltd.org:TW/106CJU00388012 |
| Date | January 2018 |
| Creators | Huang Yen-Ming, 黃彥鳴 |
| Contributors | Chen,Hsien-Ming, 陳賢名 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 33 |
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