The Effects of Corporate Governance Mechanisms on Investment Decisions

公司治理機制對投資決策之影響

10.6295/TAMJ.2008.0802.01

張允文(Yeun-Wen Chang)；張瑞當(Ruey-Dang Chang)；魏若婷(Jo-Ting Wei)

公司治理 ； 投資決策 ； Corporate governance ； Investment decisions

台灣管理學刊

8卷2期（2008 / 08 / 01）

1 - 16

英文

本文採用四種類型的董事會－看管型、法定型、主動型與參與型來探討公司治理機制在投資決策（股價與財務危機發生機率）中扮演的角色。更進一步，我們使用公司控制型態（管理者控制公司與所有者控制公司）檢視上述效果，以瞭解是否良好的公司治理機制能促進投資決策制定。本研究結果發現公司治理機制確實會影響投資決策，且所有者控制公司能獲得較高的股價報酬與較不可能會發生財務危機。本研究管理意涵爲投資者會對採用健全的公司治理機制之企業有較佳的評價。

This study uses four types of boards-Caretaker, Statutory, Proactive and Participative to explore whether corporate governance mechanisms play essential roles in investment decisions (stock prices and financial distress). Further, we use corporate control types (management-controlled firms and owner-controlled firms) to examine the above effects to know whether strong corporate governance mechanisms can facilitate to investment decisions. The findings show that corporate governance mechanisms can affect investment decisions. Owner-controlled firms get more positive stock evaluation and are less likely to get into financial distress than management-controlled firms, revealing that firms adopting good corporate governance practices can get positive evaluation from the perspective of investors.

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