A Study of Ownership Structures and Firm Values Under Corporate Governance -- The Case of Listed and OTC Companies in Taiwan's Finance Industry.
Опубликовано на портале: 29-10-2006
Journal of American Academy of Business.
This study mainly used regression analysis and structural equation modeling (SEM) to examine the relationship between ownership structures, firm values, and the factors that formed the firm values. Through empirical verification, the study findings are as follows: 1) Regression analysis of ownership structures and book value per stock revealed a significantly positive relationship with the ownership ratio of the board of directors and supervisors, which indicated that when controlling shareholders operate a company, it may produce a positive inducing effect. 2) The regression analysis of ownership structures and book value per stock ratio shows that the institutional ownership ratio and ownership ratio of the board of directors and supervisors all have positive relationships. 3) The institutional ownership ratio to ownership structure presented a positive relationship. 4) The empirical analysis in this study shows that all of the ownership structures do not have relationships with price- earnings ratio (PER). 5) In the structural equation model analysis, the results showed the variables forming the firm values are net present value per stock, stock price, and the book value per stock ratio. The PER as shown in the results of the regression analysis did not reach the significant level. Looking at independence variables, the ownership ratio of the board of directors and supervisors, the managerial ownership, the institutional ownership ratio, and the ratio of the pledged stocks held by the board of directors and supervisors all have a significant influential relationship with firm values. Of these, the pledged stocks held by the board of directors and supervisors have a negative relationship with the firm values.