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http://asiair.asia.edu.tw/ir/handle/310904400/63657
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| Title: | A Study of Capital Structure and Network Linkage Influenced byFamily Governance |
| Authors: | 郭憲章 Hsien-Chang Kuo, 王?惠 Lie-Huey Wang |
| Contributors: | 德明財經科技大學財務?融系,銘傳大學財務?融學系 |
| Keywords: | 資本結構,關係進銷貨網絡?結,集團企業,家族治?,追蹤資?線性迴歸模型,capital structure, related sales-supply network linkage, business groups,
family governance, panel data linear regression model. |
| Date: | 2010 |
| Issue Date: | 2013-08-07 01:23:11 (UTC+0) |
| Publisher: | 德明財經科技大學財務?融系,銘傳大學財務?融學系 |
| Abstract: | Based on the cooperation of supply chain among firms, this study examines the
relation between financial leverage and network linkage. Using a panel of business
groups listed on the first and second section of Taiwan Stock Exchange from 2006
through 2008, we use related sales-supply linkage as the proxy of network linkage,
and employ a panel data linear regression model to examine the relation between
capital structure and sales-supply network linkage after considering the family
governance of business groups.
The results show that family ownership and voting rights over cash flow rights
ratio are negatively related to sales-supply network linkage indicating that family
shareholders do not have an opportunity behavior conditional the seats control rights
diverge from voting rights. There are a negative relation of numbers of related sales to
information technology (IT) family firms’ long-term debt ratio, and a positive relation
of numbers of related supply to non-information technology (NIT) family firms’
short-term debt ratio. In addition, the related sales ratio is positively related to IT
firms’ short-term debt ratio but negatively related to NIT family firms’. Moreover,
both IT and NIT family firms use more short-term debt when the seats control rights
diverging from voting rights. Finally, this study also finds that NIT family firms tend
to use long-term liability to financing long-term investment, but this is in
contradiction to nonfamily firms. |
| Relation: | 2010中部學術財金研討會 論文發表 |
| Appears in Collections: | [財務金融學系] 會議論文
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