A Study of Capital Structure and Network Linkage Influenced byFamily Governance

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题名:	A Study of Capital Structure and Network Linkage Influenced byFamily Governance
作者:	郭憲章 Hsien-Chang Kuo, 王?惠 Lie-Huey Wang
贡献者:	德明財經科技大學財務?融系,銘傳大學財務?融學系
关键词:	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.
日期:	2010
上传时间:	2013-08-07 01:23:11 (UTC+0)
出版者:	德明財經科技大學財務?融系,銘傳大學財務?融學系
摘要:	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.
關聯:	2010中部學術財金研討會論文發表
显示于类别:	[財務金融學系] 會議論文

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