Does Endogenously-Determined Ownership Matter on Performance? Dynamic Evidence from the Emerging Taiwan Market

ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 > Item 310904400/17556

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题名:	Does Endogenously-Determined Ownership Matter on Performance? Dynamic Evidence from the Emerging Taiwan Market
作者:	林盈利;Lin, Ying-Li
贡献者:	財務金融學系
关键词:	emerging Taiwan market;endogeneity;life-cycle stage;ownership structure;simultaneous equations framework;unbalanced panel
日期:	2011-11
上传时间:	2012-11-26 02:37:01 (UTC+0)
摘要:	"This paper reexamines the relationship between ownership and firm performance. Using an unbalanced panel data in the emerging Taiwan market, we adopt a simultaneous equations framework to explore the persistence of the relationship across the life cycle of firms over time. Empirical results suggest that firm performance is a function of institutional ownership, especially in the mature stage. Through dynamic specification, evidence appears to account for lack of persistence of the impacts of ownership on performance over time. To alleviate a potential simultaneity issue, we construct a lagged specification to examine the sensitivity of our results. Consequently, the main results are found to be robust.[ABSTRACT FROM AUTHOR] Copyright of Emerging Markets Finance & Trade is the property of M.E. Sharpe Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.Copyright applies to all Abstracts."
關聯:	EMERGING MARKETS FINANCE AND TRADE
显示于类别:	[財務金融學系] 期刊論文

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