標題: Insider ownership structure and firm performance: A productivity perspective study in Taiwan's electronics industry
作者: Sheu, HJ
Yang, CY
管理科學系
資訊管理與財務金融系 註:原資管所+財金所
Department of Management Science
Department of Information Management and Finance
關鍵字: agency theory;insider ownership;firm performance;total factor productivity
公開日期: 1-三月-2005
摘要: In the context of agency theory (Jensen and Meckling, 1976. Journal of Financial Economics, 3, 305-360), how insider stock ownership relates to firm performance is explored in this paper. The relevant performance measure used is total factor productivity. Insiders are classified into executives, board members and blockholders so as to facilitate a detailed study. Five-year (1996-2000) panel data of 333 Taiwanese listed electronics firms are examined. It is observed that total insider ownership remains steady while the executive-to-insider holding ratio increases significantly. In terms of the effect on total factor productivity, neither the total insider ownership nor the board-to-insider holding ratio shows any influence on productivity. However, productivity first decreases then increases with the executive-to-insider holding ratio, forming a U-shaped relationship. The results indicate that stock ownership of top officers in high-tech firms should be encouraged to enhance productivity.
URI: http://dx.doi.org/10.1111/j.1467-8683.2005.00426.x
http://hdl.handle.net/11536/14412
ISSN: 0964-8410
DOI: 10.1111/j.1467-8683.2005.00426.x
期刊: CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW
Volume: 13
Issue: 2
起始頁: 326
結束頁: 337
顯示於類別:期刊論文


文件中的檔案:

  1. 000227590600020.pdf