Дисертації: "Governance variables"

1

Crisóstomo, Tiago Miguel Jacinto. "Firm performance and corporate governance variables - United Kingdom." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11064.

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Mestrado em Finanças
A temática do corporate governance remonta ao século XVIII. Apesar disso, só depois da crise financeira da década de 2000 que afectaram todo o sistema e das graves falências empresariais, o tema voltou à ribalta. Este estudo revisita de forma abrangente a evolução das várias teorias da empresa à luz do desenvolvimento do corporate governance como ciência fundamental para promover e desenvolver a performance no meio empresarial. Para tal, foi analisado o efeito que as variáveis de corporate governance têm na performance das empresas do Reino Unido no período de 2005-2012. Foram considerados cinco mecanismos de controlo empresarial: controlo efectuado aos directores, controlo através da estrutura accionista, controlo interno efectuado pelos "Committees", atribuição do cargo de CEO e Chairman a pessoas distintas e controlo através de remuneração baseada na performance. A estrutura accionista, aliada à atribuição do cargo de CEO e Chairman a pessoas distintas e o controlo através da remuneração baseada na performance, revelaram-se os mecanismos mais significativos na resolução da equação performance governance. Finalmente, e baseado na revisão de literatura e nos resultados obtidos, é possível afirmar que o corporate governance é um processo dinâmico no qual todos os intervenientes devem ser tidos em conta na prossecução do objectivo comum desenvolver um modelo de governance que seja sustentável e benéfico para a sociedade.
The theme of corporate governance dates back to the eighteenth century. Nevertheless, only after the financial crisis in 2000's decade that affected the entire system and the devastating corporate failures, the subject returned to the spotlight. This study revisits in a comprehensive way the evolution of the different theories of the firm in light of the development of corporate governance, as a fundamental science to promote and develop the corporate performance. To this purpose, we examined the effect that corporate governance variables have on the performance of companies in the UK for the period 2005-2012. We considered five mechanisms of corporate control: Board of directors, equity ownership structure, internal control performed by the Board Committees, separation of CEO and Chairman roles, and control through the variable remuneration. Board ownership, together with the separation of CEO and Chairman roles and control through the performance variable remuneration, proved to be the most significant mechanisms in the resolution of the equation performance - governance. Finally, and based on the literature review and the results obtained, it can be stated that corporate governance is a dynamic process in which the different stakeholders should be taken into account in order to achieve a common goal - develop a governance model that is sustainable and beneficial to society.

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2

Capristan, Garcia Johana Maria, and Vigil Susana del Carmen María Farfán. "Efectos de las fusiones y adquisiciones sobre las variables empresariales." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2019. http://hdl.handle.net/10757/628070.

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En este trabajo se exponen investigaciones relevantes que discuten los efectos que las Fusiones y Adquisiciones (F&A) tienen sobre las variables empresariales, con particular énfasis sobre la construcción y destrucción de valor. Para este fin, se analizan las variables de estrategia gerencial, creación de valor, función comercial, capital humano, aspectos operativos y tecnológicos y gobierno corporativo. Finalmente, a la luz de la información bibliográfica revisada, y con la finalidad de que pueda servir de apoyo a las empresas para la toma de decisiones en relación a los procesos de F&A, se recomienda llevar a cabo un estudio empírico que permita cuantificar los efectos sobre las variables empresariales e identificar cuáles son las condiciones que favorecen el éxito de las F&A.
This paper presents relevant research that discusses the effects that Mergers and Acquisitions (M&A) have on business variables, with particular emphasis on the construction and destruction of value. For this purpose, the variables of management strategy, value creation, commercial function, human capital, operational and technological aspects, and corporate governance are analyzed. Finally, in light of the bibliographic information reviewed, and with the objective that it can serve to companies as a support for decision making in relation to M & A processes, it is recommended to carry out an empirical study to quantify the effects on the business variables and identify which are the conditions that favor the success of the M & A.
Trabajo de Suficiencia Profesional

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3

Li, Qiang, and n/a. "The Measurement of Short- and Long- Term Returns of Chinese Initial Public Offerings and the Identification of Corporate Governance Variables That May Explain These Returns." Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20061017.155437.

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This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.

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4

Dondeynaz, Celine. "Water, governance and human development variables in developing countries : multivariate inter-relationships analysis and statistical modelling using Bayesian networks." Thesis, University of Liverpool, 2014. http://livrepository.liverpool.ac.uk/2002440/.

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In the last decades, we have assisted to an important expansion of the number of indicators for measuring the development of a country− from the GDP per capita, households’ consumption indicators, demographic and medical indicators, schooling rates to governance indexes. This has produced in a first time the development of composite indicators to explain and synthesise the spatial and temporal changes of these different indicators− the Human Development Index (HDI) and its adjusted versions, Multidimensional Poverty Index (MPI), or the Water Poverty Index (WPI), to provide policy makers simple figures to help them in their decisions. The main difficulty faced by the researchers was to explain complex behaviours through single indicators. This research develops a framework to explain and contribute to the better understanding of the relationships between the existing single and complex indicators in the domain of Water Supply and Sanitation (WSS) in Developing Countries. This framework is based on the Bayesian Networks modelling method (Castelletti & Soncini-Sessa, 2007a), (Giné Garriga et al., 2009), (Dondeynaz et al., 2013). In addition to building this analytical framework, this research also aims at measuring and analysing the distribution and the influence of Official Development Assistance (ODA) in recipient countries. The approach chosen is global, targeting cross-countries analysis and comparison to capture the principal key variables of water supply and sanitation coverage expansion and its benefits for the country development. Therefore, this research proposes a methodological framework using Bayesian models for analysing water supply and sanitation access levels together with governance, human development (education, health, and income), water resources, the uses of these resources and the ODA. The research outputs could support national decision making and/or donors’ strategies, in particular the European Union. Variables and data are collected at national country scale for 101 developing countries observations in a new database (WatSan4dev) for year 2004. Five country profiles are identified and ranged around five main thematic axes using multivariate and clustering analyses. The countries from profiles 4 and 5 were the least favoured in terms of development and access to WSS, therefore should benefit from ODA support. However, countries from profile 5 received rather low ODA inputs in 2004, possibly as shown from the models because of their relative instability and poor governance. The modelling approach is led by the principles of robustness and replicability and took into account data availability and nature using Bayesian Networks. It is found that WSS access is strongly associated to country development (+35 % probability change) that is first sensitive, as expected, to the income level. The urbanisation level is the second strong factor associated to development with the limit of slums development. Health care and advanced governance complete these key factors. Lastly, WSS is sensitive to ODA CI where high-level ODA is estimate to benefit first to poor (45%) and middle (34%) development countries at 79% probability. This modelling allowed, in addition, running probabilistic scenarios to test hypotheses and measure the probable changes on WSS and the development. The methodological process, the outputs of multivariate analysis, the five countries profiles, the Bayesian modelling as well as examples of scenarios are described and analysed. The reference date is first 2004. The analytical and modelling process is then applied to the 2000-2008 period.

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5

Hassan, Ahmed, and Paul Berinyuy Lukong. "Corporate Governance in Banking Industry: Gender Diversity in Boardrooms : A quantitative study of Swedish - banks during the period 2001-2010." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet (USBE), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-53291.

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Banking as a financial institution and a business has gone beyond providing banking servicesand making profits for the proprietors to assume macro positions like involving in activitiesthat propel an entire economy. This has earned the interest of national governments and thesociety as well as the international community as a whole inciting a need for supervision inorder to ensure sustainability.Banks as corporate organizations with the above stipulated stake holders and management arein a constant tog of war with each stakeholder seeking to protect its own kind which hasdegenerated to a vice often known in corporate governance as agency cost or principal-agentconflict. In corporate governance there is a board of directors that is designed to align theshareholders interest and management interest in order to check this agency cost.In our thesis we have expatiated widely on the concept of corporate governance, board ofdirectors and its composition. We have isolated gender diversity, which is one of thecompositions of the board to find out how it contributes to control agency cost by establishingits effect on ROE, which is a firm performance indicator. We introduced control variables tocheck our results.We collected data from the annual reports of Nordea, Swedbank, Handelsbanken and SEB,which are the listed banks in the OMX NASDAQ exchange Stockholm for period 2001 to2010. The board characteristic we used is the proportion of females in the entire board and thefirm performance indicator we chose is ROE. We carried out a longitudinal study for thewhole industry and for individual firms in the industry over the ten-year period.We have variation in the results over the different firms and in the industry but there is nosignificant relationship. We concluded that the proportion of females in the board rooms doesnot necessarily affect firm performance as viewed with the use of ROE but other factorstogether with gender proportion exert a combined effect and these other factors are correlatedand therefore affect the performance of each other either positively or negatively. Thisscenario was therefore not realistic enough to establish a relationship between genderproportion and ROE.

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6

Mardiasmo, Diaswati. "Good governance implementation and international allignment : the case of regional governments in Indonesia." Thesis, Queensland University of Technology, 2007. https://eprints.qut.edu.au/16508/1/Diaswati_Mardiasmo_Thesis.pdf.

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The purpose of this study is to analyse the level of good governance understanding implementation in Indonesia regional governments, identify impeding variables to good governance implementation, and evaluate the extent of international good governance standards alignment. The influence of economic and political transition, decentralisation and regional autonomy regime, bureaucracy culture, and political history is analysed to reflect the degree of good governance implementation and level of convergence to international good governance standards. The methodological approach involves a triangulation of in-depth interview, document analysis, and International Good Governance Standard comparison. Findings from the study reflect disparities in good governance understanding and implementation between Indonesia regional governments, nine main impeding variables to good governance implementation including bureaucratic culture and political history, and a positive response to convergence towards international good governance standard alignment. Findings also act as an in depth study and analysis of current Indonesia regional government situation, resulting in inputs and recommendations geared towards public policy development and good governance implementation guidelines.

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7

Mardiasmo, Diaswati. "Good governance implementation and international allignment : the case of regional governments in Indonesia." Queensland University of Technology, 2007. http://eprints.qut.edu.au/16508/.

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The purpose of this study is to analyse the level of good governance understanding implementation in Indonesia regional governments, identify impeding variables to good governance implementation, and evaluate the extent of international good governance standards alignment. The influence of economic and political transition, decentralisation and regional autonomy regime, bureaucracy culture, and political history is analysed to reflect the degree of good governance implementation and level of convergence to international good governance standards. The methodological approach involves a triangulation of in-depth interview, document analysis, and International Good Governance Standard comparison. Findings from the study reflect disparities in good governance understanding and implementation between Indonesia regional governments, nine main impeding variables to good governance implementation including bureaucratic culture and political history, and a positive response to convergence towards international good governance standard alignment. Findings also act as an in depth study and analysis of current Indonesia regional government situation, resulting in inputs and recommendations geared towards public policy development and good governance implementation guidelines.

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8

Biswas, Md Israfil. "Internet congestion control for variable-rate TCP traffic." Thesis, University of Aberdeen, 2011. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=182264.

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The Transmission Control Protocol (TCP) has been designed for reliable data transport over the Internet. The performance of TCP is strongly influenced by its congestion control algorithms that limit the amount of traffic a sender can transmit based on end-to-end available capacity estimations. These algorithms proved successful in environments where applications rate requirements can be easily anticipated, as is the case for traditional bulk data transfer or interactive applications. However, an important new class of Internet applications has emerged that exhibit significant variations of transmission rate over time. Variable-rate traffic poses a new challenge for congestion control, especially for applications that need to share the limited capacity of a bottleneck over a long delay Internet path (e.g., paths that include satellite links). This thesis first analyses TCP performance of bursty applications that do not send data continuously, but generate data in bursts separated by periods in which little or no data is sent. Simulation analysis shows that standard TCP methods do not provide efficient support for bursty applications that produce variable-rate traffic, especially over long delay paths. Although alternative forms of congestion control like TCP-Friendly Rate Control and the Datagram Congestion Control Protocol have been proposed, they did not achieve widespread deployment. Therefore many current applications that rely upon User Datagram Protocol are not congestion controlled. The use of non-standard or proprietary methods decreases the effectiveness of Internet congestion control and poses a threat to the Internet stability. Solutions are therefore needed to allow bursty applications to use TCP. Chapter three evaluates Congestion Window Validation (CWV), an IETF experimental specification that was proposed to improve support for bursty applications over TCP. It concluded that CWV is too conservative to support many bursty applications and does not provide an incentive to encourage use by application designers. Instead, application designers often avoid generating variable-rate traffic by padding idle periods, which has been shown to waste network resources. CWV is therefore shown to not provide an acceptable solution for variable-rate traffic. In response to this shortfall, a new modification to TCP, TCP-JAGO, is proposed. This allows variable-rate traffic to restart quickly after an inactive (i.e., idle) period and to effectively utilise available network resources while sending at a lower rate than the available rate (i.e., during an application-limited period). The analysis in Chapter five shows that JAGO provides faster convergence to a steady-state rate and improves throughput by more efficiently utilising the network. TCP-JAGO is also shown to provide an appropriate response when congestion is experienced after restart. Variable-rate TCP traffic can also be impacted by the Initial Window algorithm at the start or during the restart of a session. Chapter six considers this problem, where TCP has no prior indication of the network state. A recent proposal for a larger initial window is analysed. Issues and advantages of using a large IW over a range of scenarios are discussed. The thesis concludes by presenting recommendations to improve TCP support for bursty applications. This also provides an incentive for application designers to choose TCP for variable-rate traffic.

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9

Fernandes, João Pedro Lourenço. "Corporate governance and the impact on German companies' performance." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7671.

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Mestrado em Finanças
Qual a relação existente entre corporate governance e a performance? Este estudo ajuda a esclarecer esta questão e deslindar este tema dentro do mercado Alemão. Os resultados obtidos a partir de uma análise empírica com uma amostra de 61 empresas Alemãs cotadas em bolsa, durante o espaço temporal de 2005-2008 proporcionam suporte para uma característica específica na Alemanha, a representação dos empregados na Administração da empresa, relacionando-a com uma boa performance. Este estudo obtém evidência de um impacto positivo na performance, ao nível medidas de operacionalidade, de CEOs com mais idade e da componente de remuneração variável dos directores de supervisão. A concentração acionista apresenta um efeito positivo nas medidas de performance de mercado. As empresas detidas pelo Estado apresentam, em média, melhor performance do que as restantes.
What is the relationship between corporate governance and performance? This study helps to understand this question and examine this issue on the German market. Results drawn from an analysis of a sample of 61 German quoted companies over the period 2005?2008 provide support for the Germany specific characteristic of the employee representation on the board of directors and its positive relation with performance. The research provides evidence of positive impact on performance of older CEOs and Supervisory Board variable remuneration, on the level of operating performance measures. Shareholder concentration has a positive effect on the market based performance measure studied. Evidence regarding the type of owner, shows companies held by the State have better performance on average.

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10

Nelson, Jessica, and Emmy Säfqvist. "Corporate Governance och Corporate Social Responsibility : En kvantitativ studie om hur CG-variabler kan samvariera med svenska företags CSR." Thesis, Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-42333.

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Sammanfattning Syfte - Studien syftar till att undersöka sambandet mellan Corporate Governance, CG, och Corporate Social Responsibility, CSR, i svenska företag. Metod - Urvalet består av de 99 svenska large cap-företag som finns listade på Nasdaq Nordic. De CG-variabler som undersöks är styrelsestorlek, antal kvinnor i styrelsen och CSR-kommitté. CSR är den beroende variabeln och mäts genom antal sidor i respektive företags hållbarhetsrapport. För att analysera datan och testa sambandet mellan CG och CSR används statistisk hypotesprövning samt korrelations- och regressionsanalys. Resultat och analys - Samtliga analyser med CSR-kommitté resulterade i ett signifikant samband med CSR. Däremot indikerade resultaten på att CSR inte har någon samvariation med varken styrelsestorlek eller antal kvinnor i styrelsen, något som motsäger majoriteten av tidigare forskning. Diskussion - En orsak till att studien inte fann någon samvariation mellan styrelsestorlek och CSR kan vara att det är antalet oberoende ledamöter som samvarierar med CSR, snarare än styrelsens storlek. En oberoende styrelse kan antas vara mer hängiven företagets intressenter, däribland företagets hållbarhetsarbete. Anledningen till att studien inte fann något positivt samband mellan antal kvinnor i styrelsen och CSR kan bero på att alla, oavsett kön, redan arbetar hårt för en hållbar utveckling. CSR-kommitté visade sig samvariera med CSR i samtliga analyser. Detta resultat kan motivera företag att implementera en sådan kommitté. Framtida forskning kan fokusera på att undersöka andra CG-variabler, däribland styrelsens oberoende.

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11

Lopes, Bruno de Souza. "Efeitos da adoção de planos de opções de compra de ações sobre o valor das empresas brasileiras no período 2002-2009." Universidade Federal de Juiz de Fora (UFJF), 2009. https://repositorio.ufjf.br/jspui/handle/ufjf/3957.

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CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
Este estudo investiga os efeitos dos Planos de Opções de Compra de Ações, internacionalmente conhecidos como Employee Stock Options Plans (ESOP), sobre o valor das empresas listadas no mercado de capitais brasileiro. O ESOP é um mecanismo de remuneração variável, geralmente fornecido a executivos, mas que pode se estender a todos os funcionários da organização, sendo o alinhamento de interesses entre gestores e acionistas um dos objetivos de sua adoção. Especificamente, no que permeia à relevância deste estudo, observa-se que há uma tendência crescente de adoção de ESOP no Brasil por parte de empresas de capital aberto, sendo interessante verificar se tal instrumento é capaz de gerar efeitos sobre o valor das empresas. Adicionalmente, são poucos os trabalhos empíricos sobre o tema no Brasil, o que torna relevante a pesquisa. Para atingir o objetivo proposto, foi utilizada a análise de dados em painel, que procurou mensurar se a presença do ESOP gera ou não valor ao acionista. A base de dados utilizada para a consecução dos objetivos acima foi confeccionada a partir de informações públicas disponibilizadas pelas empresas de capital aberto negociadas na BOVESPA à Comissão de Valores Mobiliários (CMV), além de dados financeiros sobre essas empresas no banco de dados da Economática. Os resultados encontrados mostram que há indícios de que o ESOP gera riqueza ao acionista, quando este é feito de forma mais bem estruturada, especificamente em relação ao preço de exercício, quando este é fixado at-money ou out-of-money. Em termos de valorização do preço das ações, este valor é ampliado quando as empresas apresentam práticas melhores de governança corporativa e quando as empresa adotam o ESOP a mais de três anos.
This work investigates the effects of the Employee Stock Options Plans (ESOP) on the company’s value listed in the Brazilian capitals market. ESOP is a mechanism of variable compensation, generally offered to executives, but able to be extended to all employees of the organization, having the alignment of interests between managers and shareholders as one of the goals of its adoption. Specifically, what increases the relevance of this study, it is observed a growing tendency of adoption of ESOPs in Brazil by open capital companies, being interesting to see if this instrument has been capable to generate an effect on the value of these companies. Additionally, there are few empirical studies about the subject in Brazil, which makes it a relevant research. To achieve this purpose, a panel data analysis will be used to try measuring if the adoption of the ESOP has generate or not value to the shareholder, even in the long term. The database used to achieve the above goal was created from public information provided by open capital companies disposable on the BOVESPA for the Securities Commission (CVM), as well as from the financial data for these companies disposable in the Economática database. The results show that there is evidence that the ESOP generates wealth for shareholders, when the ESOP becomes more well-structured, specifically regarding the exercise price, when this is fastened at-money or out-of-money. While increasing the stock price, this value is enhanced when these companies adopt best practices of corporate governance and also when the companies adopt ESOP by more than three years.

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12

Shen, Hsuan-Yi, and 沈玹逸. "The relationship between evaluation results of the corporate governance, corporate governance measurement variables and performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/8w96k5.

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碩士
國立政治大學
會計學系
106
After the 1997 Asian financial crisis, there are a series of financial fraud cases around the world, causing related issues of corporate governance to be reemphasized. The Financial Supervisory Commission has organized "Corporate Governance Evaluation System" since 2014. It encourages enterprises to value and strengthen corporate governance by the comparison of corporate governance by listed companies. The positive meaning of corporate governance is to ensure the maximization of shareholders' interests. Hence, this study is to examine whether this corporate governance assessment is directly related to the company performance and corporate governance variables, the degree of the deviation between voting rights and cash flow rights This study was conducted using the sample of the listed company with the results of the Third Corporate Governance Evaluation published in the “Corporate Governance Evaluation System” in April 2017. After deleting the missing variables and financial firms, 1,423 valid samples were obtained and regression analysis was used as the research method. The empirical research results show that the extent of the deviation between voting rights and cash flow rights shows a significant positive relationship with the results of corporate governance evaluation; the current corporate governance evaluation results show a significant positive relationship with the next corporate governance evaluation results; corporate governance evaluation results show a significant positive relationship with return on equity and Tobin's Q; the extent of deviation between voting rights and cash flow rights is not significantly related with the return on equity, but it is significant, positive, and related with Tobin's Q.

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13

Wang, Guang-ren, and 王光仁. "Corporate governance affects the occurance of financial crisis which result from financial variables or mecroeconomic variables." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/89335591730847723128.

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碩士
國立中山大學
企業管理學系研究所
98
.Taiwan is the island country, the exportation value occupies GDP 70%. Taiwan exports many products to the mainland , then these products exports to each place in the world, in which mostly is the European,American and other advanced countries. US is especially important nation to the product demand .Its demand degree is affecting the Taiwan economy deeply. Therefore, when these countries''s demand weaken, it will affect Taiwan''s exportation situation.And this means global environment and Taiwan''s economical growth will be closely linked.However, while the overall environment changes, the enterprises does not just let their companies to go out of business or to rally. Under better mangerment, many enterprises still might passed the crisis safely.This paper discusses if the overall environmental factor changes , under certain governing condition, the occurance of financial crisis will be affected or not. This paper uses Logit and the Probit model.Moreover, we know many traditional papers researched the relationship between financial variables and the financial crisis , and this paper also want to discuss if the financial factor changes , under certain governing condition, the occurance of financial crisis will be affected or not.The related result is as follows: 1. American overall variables, the financial variables and the company govern variables separately affect the occurance of finance crisis . 2.Regarding the research about “If the overall environmental factor changes , under certain governing condition, the occurance of financial crisis will be affected ,”the result shows interactive effects between overall variables and company govern variables do not very remarkable.And Regarding the research about “If the financial factor changes , under certain governing condition, the occurance of financial crisis will be affected ,”the result shows interactive effects between financial variables and company govern variables are more remarkable. 3.Under better corporate governance , besides the financial fluidity, the financial condition is also better.

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14

Lien, Chih-Kai, and 連智凱. "Factors on IPO Delisting in Taiwan: IPO Characteristics, Financial Variables and Corporate Governance Variables in the Aftermarket." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/35296124152896034318.

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Анотація:

碩士
國立中山大學
企業管理學系研究所
102
This thesis assesses the probability of IPO delisting and the IPO’s survival time based on IPO characteristics, financial variables and corporate governance variables in the aftermarket. Our IPO sample consists of 1296 IPOs issued between 1990 and 2012 in Taiwan. There are three types of aftermarket status of IPOs after going public: including “survival”, “delisted voluntarily”, and “delisted due to financial crisis”. In this paper, we implement logistic regressions and multiple regressions to discuss how those variables influence the probability of delisting and IPO’s survival time. The results of this thesis are as follows: (1) According to IPO characteristics, IPO underwritten by prestigious underwriters, large proceeds, older in firm age before issued and high tech firms will decrease the probability of delisting. (2) Financial variables and corporate governance variables will affect delisting depending on their business life cycle. For example, the growth decreases the probability of delisting of growing firms, but increases the probability of delisting of mature firms. (3) According to the financial variables and corporate governance variables, profitability, firms size and managerial ownership, are positively related to IPO’s survival time. R&;D expenses, leverage, blockhold ownership, number of independent directors, the deviation between ownership and seats and pyramid structure are negatively related to IPO’s survival time.

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15

de, Zwart Francesco. "Predicting firm sustainability through governance: the relational corporate governance approach." Thesis, 2014. http://hdl.handle.net/2440/85505.

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Анотація:

The relational corporate governance approach presented in this thesis is a tool which complements and enhances the explanatory power of the existing principal ‘law and economics’ theories and models of the firm. It maps the effectiveness of corporate Governance Variables in use in corporate Governance Codes and laws around the world and assesses reform proposals in the field. The approach can be used by regulators, policymakers, law reformers and corporate actors as a diagnostic tool to analyse the governance health of individual companies and the governance actions required to remedy sub-optimal governance and management arrangements. The principal aim of the relational approach is to describe and evaluate the interrelationships between the most significant fields of corporate governance study and practice and the Governance Variables to which these fields give rise. In this way, the relational approach can be used to make predictions in relation to the relative importance of Governance Variables inter se in reducing (or increasing) agency costs and enhancing (or reducing) the long-term efficiency and survival of the for-profit firm. The relational approach is built from an artificial environment that simulates the real world sphere of corporate governance and is comprised of the four Key Fields drawn from the Social Science Research Network database: (1) application of the principal theories of the firm to the relational approach; (2) ‘autopsies’ of the Enron and Hastie corporate collapses; (3) comparative corporate Governance Codes; and (4) empirical studies of the effectiveness of Governance Variables. From these Key Fields a ‘Weighing Mechanism’ is constructed comprising four theoretical components. First, the thesis introduces a new definition of relational corporate governance known as the Three Relational Axes of Good Governance. These Three Relational Axes act like a set of scales to theoretically ‘weigh’ the competing interests of those ‘inside’ the corporation and those ‘outside’. Second, the thesis establishes a set of eight Governance Factors which are the principal or central themes underlying the four Key Fields. These eight Governance Factors are the eight most common themes in the thesis’ simulated representation of real world corporate governance. The theoretical ‘weighing’ of the Governance Factors in the Three Relational Axes of Good Governance is already completed and presented for the reader. Thus the interrelationships between the eight Governance Factors are presented in two diagrams called Interrelationship Schemes, one for the shareholder (primacy) model and the other representing the stakeholder model. From these Interrelationship Schemes the thesis constructs – for each of 39 Governance Variables – a relational effect path that seeks to explain which Governance Factors are affected by each Governance Variable and the direction of the effect. The interrelationships depicted in a relational effect path for each Governance Variable are then summarised in operational tables. The greater the number of Governance Factors affected by a Governance Variable in either direction, then the greater is the relative importance of that Variable in affecting agency costs and the long-term efficiency and survival/sustainability of the for-profit corporation.
Thesis (Ph.D.) -- University of Adelaide, Adelaide Law School, 2014

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16

LEE, CHIH-CHUNG, and 李志中. "The Relation between R&D Expenditure and Corporate Governance Variables." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/91548826754182255347.

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Анотація:

碩士
東海大學
財務金融學系
104
This article examines the influence of corporate governance variables on firm R&D expenditure in Taiwan during the period from 2005 to 2014. Empirical results in this thesis indicate that the managerial control, the number of independent directors on board, and the ownership structure all haves a significant relation with firms’ R&D expenditure. The number of the independent directors in the board has a positive influence on the R&D investment. All these findings confirm that corporate governance variables indeed alter firms’ R&D activities and lead us to understand what specific governance mechanisms would result in R&D expenditure in Taiwan in recent years.

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17

Liu, Wei-Ting, and 劉偉庭. "A Study of the Influence of Key Corporate Governance Variables on Information Disclosure." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/b64me2.

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Анотація:

碩士
國立高雄第一科技大學
財務管理所
96
The Asian financial crisis in 1997, the capital market has been seriously hit.The crisis made many general investors strongly doubt the reliability of public information. Most countries have been actively reviewing and improving their regulatory frameworks, in particular, corporate governance and information disclosure. The corporate governance has been described as the efficient structure used to enhance transparency of information disclosure. The Securities and Futures Institute entrusted by the Taiwan Stock Exchange Corporation and the Securities Market, launched “Information Transparency and Disclosure Ranking System” to evaluate the level of transparency for all listed companies in Taiwan in 2003. The System provided companies with a summary of best practice as regards to their benchmark for management and analysis. The transparency of information disclosure has become an important topic to study since then. 　　OECD established the corporation governance framework in 1999. It required that timely and accurate disclosure were made on all material matters regarding the corporate ownership and governance, including their financial position and performance. So the information disclosure system in corporate governance have significant value to improve corporate transparency. 　　We use results from the 4th revised information disclosure and evaluation system. We try to investigate what kind of impact ownership structure and board characteristics have on information disclosure and transparency. The empirical results show that both the ownership ratio of managers, the ownership ratio of financial holding company and outside directors have a significant positive relationship with information transparency; while the ownership ratio of block shareholders, the family proportion in board and the scale of board have a significant negative result. The study shows that most of the hypotheses are supported statistically.

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18

Chien, Pei-Ju, and 簡珮如. "Macroeconomic Variables, Financial Ratios, Corporation Governance and the Prediction of Probability of Financial Distress." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/tabf69.

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Анотація:

碩士
銘傳大學
財務金融學系碩士班
92
This paper empirically studies the relationship between the possibility of financial distress, firm performance, corporation governances and macroeconomic environment using the sample quoted on the Taiwan Stock Exchange Corporation (TSEC) and the financial distress events took place between 1997 and 2003. We observed the firms on the brush with bankruptcy defined as follows: insolvent companies; firms under 100%-cash margin requirement; trading-halt companies; firms de-listed from TSEC; net worth is negative; serious loss. The industry-matched and size-matched firms will be employed as alternatives for each questioned firm. We build up a quarters-ahead predicting-model of financial distress allowing for measuring treatment effects of governance characteristics. Meanwhile, we employ the moving-sample designs for evaluating the capacity of model-forecasting. The explanatory variables were mainly divided by three parts: financial ratios, governance variables and macroeconomic variables. The financial ratios consists of debt ratio, current ratio, cash-flow ratio, ROA, operating profit margin, operating gross profit margin, growth rate of gross profit, long-term investment/stockholder’s equity and EPS. The governance variables are control rights, cash-flow rights, stock-holding ratio and stock-on-pledge ratio by directors and supervisors as well as the governance-treatment effects related to weather or not the companies proceed with cross-shareholding, to whether or not the roles of chief executive officer and chairman were combined, whether or not the companies were family-control, as well as whether or not the companies were pyramid-business types. Additionally, the difference between high and low stock-holding ratio and stock-on-pledge ratio by directors and supervisors will be discussed. The macroeconomic environment is described by the interest-rate spreads between long-term and short term, the score of macroeconomic prosperity, yearly growth-rate of M2, IPI and CPI, exchange rate and unemployment rate. It is found that the capacity of poor company to come out of financial distress is determined by how transparent the governance is, especially for one-quarter ahead of prediction. All of the poor companies falling on the observed groups of CEO with high stock-holding and pledging ratio almost went into bankruptcy. Meanwhile, through the comparison of moving- window design, financial-warning model is more goodness-of-fit and prediction with treatment effects than without them.

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19

WANG, PAO-HSUAN, and 王寶瑄. "The Relationship between Corporate Governance, Financial Variables and Firm Performance in Taiwan's Financial Industry." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/54e6ab.

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Анотація:

碩士
東吳大學
國際經營與貿易學系
105
This paper study on the relationship among corporate governance, financial variables and corporate performance in Taiwan's listed financial holding companies and banks period sample data from 2011 to 2015, using the multiple regression model and Panel Data model. The important findings are as follows. First, when financial holding company have the excessive number of directors could easily lead to disagreements and reduce corporate performance. When the ratio of the manager holdings are too high due to the larger security they own, they would concerned less about other interested parties and make corporate performance lower. For the influence on bank, the more share-manager holding is, and if the industry has loss, the greater the proportion of their loss is, and thus, it can improve the company's performance. In addition, it finds that when the margin ratio of the supervisors is high, lost by the shareholder and the company, and the incentive of the company’s supervisor was negatively affected. Second, the financial institutions have good profitability also have good corporate performance. It also finds that when financial holding company has higher BIS rate, it has less risky assets, and can improve operational safety and financial health. When the scale of assets grows, it can improve corporate performance through its complementarity and integration of the business line. Third, the financial industry of institutional investors have wealth experience can play a supervisory function to reduce agency problems. It can also improve corporate performance.

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20

Chien-Pin, Chen, and 陳建賓. "Study of Including Corporate Governance Variables into Financial Crisis Prediction Model: Application Logistic Model." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/01116132872899669023.

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Анотація:

碩士
淡江大學
財務金融學系
92
The purpose of this dissertation is to discuss the factors which can affect the occurrences of financial crisis of organization. The importance of anticipating financial crisis can not only let the corporation self-diagnose, but also grant the financial institutes abilities to evaluate the interest rate when they are conducting the loaning process. Recently, some evidences such as the bankruptcies of ERON and World Com showed that beside the financial factors the characteristics of corporate governance are also important reasons to have such financial crisis. For this reason, I add the corporate governance factors into this research in addition to the traditional financial factors. The sample of this research is base on the TEJ database from Jan 1, 2001 to Dec 31, 2003. This sample has the complete data of 594 companies including 562 normal companies and 32 companies, which are under financial crisis. The term of “under financial crisis” is defined as “full-cash delivery stock “. First, I conduct the z-test. The result of z-test we have the evidences to prove the financial ratios are different between normal companies and companies under financial crisis. In addition, within the four variables of corporate governance, only the variable of “whether the CEO and president is the same person” showed not obvious difference. Then, by using the logistic model, I established three models to anticipate the possibilities of occurrence of financial crisis. Although lowering the cut point can reduce the accuracy of anticipation of normal companies, it can increase the accuracy of anticipation for those companies under financial crisis. At mean time, I found that adding the corporate governance factor into this model does increase the accuracy for the anticipation. In the combined financial index model and corporate governance index model, when the cut point is set to 0.3, the accuracy to anticipate the financial crisis companies is up to 81.3%. Through the evidence shown we know corporate governance is also a main factor, which can also cause the financial crisis.

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21

Huang, Chin-Lung, and 黃金龍. "Considering Corporate Governance Variables to Establish Taiwanese and Chinese Financial Distress Pre-Warning Models." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/28609412143723530619.

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Анотація:

碩士
東吳大學
會計學系
101
This study investigates the listed companies in Taiwan and China from year 2006 to 2010 by using Logit Regression to establish Financial Distress Pre-Warning Models: the model only considering financial variables, the model only considering corporate governance variables, and the model considering both financial variables and corporate governance variables respectively. The empirical results find that: In the aspect of financial variables, the key factors of Taiwanese and Chinese Financial Distress Pre-Warning Models are profitability, debt ratio and liquidity. Besides, the Chinese samples in two-year continuous deficit variables and financial crisis are significantly co-related, which infers to Shenzhen-Shanghai transaction de-listing crisis pre-warning note. In terms of corporate governance variables, Taiwan's model is best on directors and supervisors shareholding, directors and supervisors accounted for net income ratio, the number of financial statement re-editing, the number of management quitting; Chinese model places raised legal ownership shares, foreign shareholding ratio and supervisors accounted for net income ratio, directors and supervisors pledge ratio for the best fit. On the predictability of Financial Distress Pre-Warning Models, the empirical evidence shows that pure financial variables on the Financial Distress Pre-Warning Models in Taiwan or China have not bad distinguishable ability; it indeed helps to improve the accuracy of the model after incorporating corporate governance variables. With regard to stability and validity of the models, listed companies in Taiwan and China from the year of 2011 to first half of the year of 2012 were used as sample for verification, the output of the model results show that both Taiwan and China have good effectiveness and stability. This study result can be used to reference for commercial banks to use Logit model to implement cross-strait credit risk assessment and crisis pre-warning model prediction.

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22

Yen, Chi-yu, and 顏祺祐. "The Relationship between Capital Structure、Financial variables, and Corporate Governance of electronic industry companies." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/71731270688923297928.

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Анотація:

碩士
東吳大學
企業管理學系
98
Companies need capital to run their business, to do investments and to grow larger.These actions are combined with high costs where both internal and external financing mightbe appropriate. Capital structure is the relationship between debt and equity. We forcus the samples to the Taiwan Stock Market electronic industrial corporate sector.Our data periods are 2004 to 2008, and include observations for 292 unique firms. The goal ofthis empirical analysis is to explore whether significant patterns between of financial variables and corporate governance with firms' debt to equity ratios.In analysis of financial variables, our research evidence was found that the profitability were negatively correlated with the capital structure, and 1% significant level; growth waspositively correlated with the capital structure, and 1% significant level; operational risk and capital structure, a negative correlation , and 10% significant level, other variables are not significant. The corporate governance variables and capital structure of the relationship is not significant, we infer that in Taiwan electronics industry, investors are highly concerned about company’s operating, and the government and regulatory agencies strictly regulate, transparent public information, there is the situation of information asymmetry is relatively small. Ownership structure on capital structure does not significantly affect the explanatory power.

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23

Wen-Hsuan, Chang, and 張紋瑄. "Research on Corporate Governance Variables and Business Performance－Take Hisnchu Science Park for example." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/5b3e3q.

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24

Chiu-Chen, Chen, and 陳秋禎. "The study of Relationship between Corporate Governance Variables and Operating Performance in Taiwan Semiconductor Industry." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/72313413194983721959.

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Анотація:

碩士
實踐大學
財務金融與保險研究所
96
In recent years, corporate governance in the practical realm and the academic realm all attracts much attention. Enron and World Com in America erupts the astonishing financial crisis event in 2001. Taiwan also erupted many companies fraudulent event, so the company must make a set of supervisal mechanism. The government also remodels the article in the laws. The corporate governance is importance not only restricted in the company interior also to be able to affect invests the populace. The data of the Taiwan semiconductor industry for 2004 Q1 to 2007 Q3 were used in data envelopment analysis to evaluate the relative of efficient value. All semiconductor industry divided into two groups according to efficient value. At last, using panel data to find out whether each group has discrepancy. The empirical results are as follow: 1. The relationship between corporate governance variables and ROE: In efficient and inefficiency groups, there have significant non-linear relation between directors shareholding ratio and ROE. In all companies and inefficiency groups, there have significant negative relation between big stockholder ratio and ROE. In three groups, there have significant positive relation between institutional shareholding ratio and ROE. The efficient group has positive significant relation between board size and ROE. In inefficiency group has significant negative relation between independent director seat ratio and ROE. 2. The relationship between corporate governance variables and ROA: In efficient group, there has significant non-linear relation between directors shareholding ratio and ROA. In all companies and inefficiency groups, there have significant negative relation between big stockholder ratio and ROA. In three groups, there have significant positive relation between institutional shareholding ratio and ROA. In all companies and efficient groups, there have significant positive relation between board size and ROA. In all companies and inefficiency groups, there have significant negative relation between independent director seat ratio and ROA. 3. The relationship between corporate governance variables and EPS: Only in inefficiency group, there has significant non-linear relation between manager shareholding ratio and EPS. In all companies and inefficiency groups, there have significant negative relation between big stockholder ratio and EPS. In three groups, there has significant positive relation between institutional shareholding ratio and EPS. Only efficient group has positive significant relation between board size and EPS. In all companies and inefficiency groups, there have significant negative relation between independent director seat ratio and EPS. 4. The relationship between corporate governance variables and Stock Price: In all companies and inefficiency groups, there have significant positive relation between institutional shareholding ratio and Stock Price. Only efficient group has significant positive relation between independent director seat ratio and Stock Price. 5. The relationship between corporate governance variables and Tobin’s Q: In all companies and inefficiency groups, there have significant positive relation between directors and controls mortgage ratio/ big stockholder ratio and Tobin’s Q, and there have significant negative relation between independent director seat ratio and Tobin’s Q. In three groups, there have significant negative relation between institutional shareholding ratio and Tobin’s Q. In all companies and efficiency groups, there have significant negative relation between board size and Tobin’s Q. At last, we find that board of directors in the efficient group display the supervisal mechanism better than other groups, so the effect of monitoring mechanism is obvious in it.

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25

chih-fan, Hsu, and 許芷梵. "The impact of corporate governance variables on corporate performance - for example in Taiwan Emerging Companies." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/41066444024957815741.

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Анотація:

碩士
正修科技大學
金融管理研究所
102
According to the 2013 Bulletin of SMEs , in 2012 the proportion of SMEs accounted for the 97.67% of all enterprises in Taiwan , and it still grow up. This data shows that Taiwan's SMEs play a very important role in Taiwan's overall industry. At present there is no clear regulations for SME stock market, making the scandal increase more benefits and pay disputes.Therefore, in order to protect not only small and medium enterprises but also investors, the emerging stocks market was born. In 2 January 2002, the market started operate. SMEs are mostly family businesses, often encounter within the company has no clear regulation for the family members.Corporate governance can help SMEs to solve this problems and enhance their core value. 　　Corporate governance can help to improve business performance is conirmed by many studies. This study focus on empirically researching the relation between business performance and corporate govermance variable. We use ROA, ROE, Tobin’s Q as the performance proxy and select CEO duality, board size, independent directors, ownership structure , size of the company and EBIT as a control variable. 　　The empirical results of this study found that corporate governance for no apparent impact on stock returns, but had a significant effect on the ROA, ROE, Tobin's Q.After sensitivity analysis, corporate governance variables ROA affect more. And the industry analysis found that there are several specific corporate governance variables affect business performance in various industry among Taiwan's Emerging Companies should therefore these variables into account the priorities of corporate governance, creating the largest company performance.

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26

Hung, Hung-Yaun, and 洪鴻元. "Non-Performing Loan, Diversification, Corporate Governance, and Macroeconomic Variables: An Empirical Analysis of Taiwan’s Local Banks." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/8h9bj2.

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Анотація:

碩士
東海大學
財務金融學系
102
In this study, we attempt to find the effects of bank diversification, corporate governance, and macroeconomic performance on the non-performing loan (NPL) ratio. We adopt 26 local banks in Taiwan from 2005 to 2013 as the sample. The empirical results suggest that a negative link exists between diversification and the NPL ratio. This finding echoes Lee and Ho (2007) and Sarah and Simon (2010). Moreover, the manager holding ratio exerts a negative impact on the NPL ratio, while the director holding ratio and number of board directors show a positive impact on the NPL ratio. As to 2-period lags of macroeconomic variables, the NPL ratio is negatively associated with the real GDP growth rate and rate of return on Taiwan Weighted Stock Index. The NPL ratio is positively related to the unemployment rate and rate of return on Financials Index.

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27

Yang, Shou-Huei, and 楊秀惠. "The Influence of Corporate Governance Variables on the Measurement of Operational Risk for Financial Holding Companies." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/92188590384938326136.

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Анотація:

碩士
國立屏東科技大學
企業管理系所
96
Due to the deregulation and globalization of the international banking, the local financial institutions in Taiwan have faced strong competition from its multinational conglomerate counterparts. In order to respond to such development and improve the competitivity of Taiwan’s financial institutions, the government has approved the Financial Holding Company Act in June, 2001, that has provided a legal ground for the local financial institutions to consolidate and operate across different sectors, thereby change the entire structure of the local financial institutions. After consolidations, the financial holding companies’ capitals have become larger and larger, and businesses have become more and more complicated, which have significantly impacted the market. It has been widely argued among the literature over the operational risk for the financial holding companies, which is worth for further exploration. The financial holding companies face diverse operational risk because they operate across different sectors and have complicated line of businesses. However, Taiwan’s“National Financial Institutions’ Early Warning-System（NFIEWS）”focuses only on depositary institutions therefore is unable to prevent from the financial holding companies’ operational risk. After the fraudulency of Enron and WorldCom in the US in 2001, the corporate governance has become a hot issue and attracted attentions in the world. The manipulation and decoration of the numbers in the financial statements have frequently been used which have significantly reduced the accuracy of the financial information. Therefore, it is motivated to conduct the study using Grey Relation Analysis to : (i) compare the operational risks between the financial institutions under control by the financial holding companies and financial institutions which are not under control by the financial holding companies; (ii) calculate the overall operational risk based on the proportion of financial holding companies’ subsidiaries; and (iii) compare the operational risks calculated by controlling financial variable only with both financial and corporate governance variables. The results are: (i) the operational risk for a financial holding company owned bank is lower than a non financial holding company owned bank, the operational risk of a financial holding company owned property insurance company is higher than a non financial holding company owned property insurance company. However, the operational risks between a financial holding company owned life insurance company and security company and its non financial holding company owned counterpart is not much different; (ii) it is better in the measurement of the financial holding companies’ operational risk and early warning if considering its subsidiaries; and (iii) corporate governance is a factor which significantly influences a financial holding company’s operational risk.

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28

Tsai, Pei-ling, and 蔡佩玲. "A Forecast of Default Risk based on Distance of Default, Credit Score and Variables, of Corporate Governance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/62973686274870211080.

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Анотація:

碩士
朝陽科技大學
保險金融管理系碩士班
97
In 1990s, Asian Financial Crisis raised fears of a worldwide economic meltdown which leaded to a significant impact on stock and foreign exchange markets. Moreover, subprime mortgage crisis in 2008 which have been called the most serious financial crisis since the Great Depression caused global economic collapse.In this fiercely fluctuated global economic, the poor operating management and internal financial crisis in listing and OTC enterprises effects not only inside the company but the external environment. If we can predict the default risk in those companies for normal investors, the prediction can provide some useful information to avoid the hidden financial crisis and determine the proportion of default events in the company.This research focused on distance-to-default, default index and corporate governance index to predict the default risk, anglicizing accurate prediction as well. In this report, firstly, we use Merton model to have distance to default. Z-score and Zmijewski Score which are for variables went to a Logistic Regression intervention model generating financial crisis prediction model of corporate that can increase the percentage of positive prediction of business default in fewer variables.

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29

Li, Ching-Yi, and 黎靜怡. "Incorporating Financial Ratios and Corporate Governance Variables in Business Failure Predictions - Results From Public Companies in Taiwan." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/05035765872284776356.

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Анотація:

碩士
輔仁大學
國際創業與經營管理學程碩士在職專班
95
Since 2001, the country referred to as having the most regulated and best corporate governance in the world – America, had continuously broke out financial scandals from many famous companies such as Enron, Mork, AOL-Time Warner and more. Even the recent domestic case of Rebar had also burst similar fraudulent financial report scandals. More than half of the reasons for that contributed to the inappropriate manipulations or violation of the law and discipline by company owners or primary shareholders. Therefore, corporate governance had become a recognized issue in every field. Since financial disaster of a company does not happen overnight, several symptoms must have emerged before financial disaster broke out. Hence the adaptation of an appropriate business early warning model projecting if the company is facing financial troubles had proved to be a valuable business crisis prevention indicator. According to research studies that had conducted extensive analysis, most of the early warning models were based on financial ratios as indicators. In contrast, the early warning model constructed in this study not only takes financial indicators into consideration, but also includes corporate governance as the explanatory variable and establishes financial indicators model and integrates corporate governance and finance indicators – two models for business disaster diagnoses. And in studying the variables, data collected were one year prior to crisis happening to reach conclusions by conducting discriminant analysis, logistic regression, and back-propagation network to determine which would be the best tools for analysis. Besides studying the same analytic tools, exploring the addition of corporate governance as a variable would be more accurate in finding business disasters, if being added. And also filter out the most influential variables. As the result proves, the discrimination ratio of discriminant analysis, logistic, and back-propagation network were 83.33%, 72.22%, and 88.89% respectively in financial variables model. And after integrating the corporate governance variable and financial variables model, the ratios were 83.33%, 66.67%, and 94.44% respectively. Of the three analytic models, the back-propagation network model showed the highest discrimination ratio, followed by discriminant analysis and logistic regression. As the significant variables extracted from the results were net operating profit ratio two quarters prior to distress, operating income to capital stock four quarters prior to distress, debt ratio one quarter prior to distress, return on assets of two and three quarters prior to distress, return on assets one quarter prior to distress, operating growth three quarters before distress, and turnover of chartered accountants, totaling of more than eight significant variables. Out of these, return on assets accounted for the most significant financial indicators and turnover of chartered accountant accounted for corporate governance. The addition of corporate governance variable proved helpful in studying of business crisis detection when using back-propagation network, while the variable was not helpful to discriminant analysis and logistic regression.

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30

Liao, Kuo-Shiung, and 廖國雄. "The Impacts of Market Variables and Corporate Governance on Financial Distress:The Case of Stock Markets in Taiwan." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/69651279767607114703.

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Анотація:

碩士
國立中興大學
高階經理人碩士在職專班
95
The purpose of this study is to predict the occurrence of financial distress of Taiwanese public companies. Ohlson’s (1980) logit model serves for the purpose. I use conventional variables of financial statements, corporate governance factors, and marketable variables in the logit model. The distress sample is separated into two groups: insufficient cash flows and human manipulations. The results show that adding corporate governance factors and marketable variables can increase the explanatory power of financial distress. It implies that distressed companies do have serious agency problems, in which controlled shareholders expropriate wealth from other minor shareholders. Also, the market can “perceive” the potential problems embedded in companies and give unfavorable evaluation. In addition, I find that accounting and marketable variables have a stronger predictability on the distress probabilities of the group with insufficient cash flows. Corporate governance factors can appropriately explain both the groups of insufficient cash flows and human manipulations.

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31

Fang, Chen Ching, and 陳慶芳. "The Construction of Financial Warning Model- A New Approach by Including Earnings Management and Corporate Governance Variables." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/32843526600628156850.

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Анотація:

碩士
南台科技大學
財務金融系
93
In contrast to the previous modelling of financial distress for firms using only accounting variables in financial statements, this study focuses on the effects of accounting information, orporate governance variables and earnings management index on the probability of business financial distress. Based on the literature, the research variables used in the model are accounting information, corporate governance variables and earnings management index. A sample of 63 companies of financial distress and 126 healthy companies for the matching purpose is used in the analysis. All sample froms are listed on the Taiwan Stock Exchange during the 1998-2004 period. This study use the multiple-regression to examine the effects of accounting information and corporate governance variables on earnings management’s index. And the logistic regression is used to predict the probability of financial distress. The results reveal that, for the impacts of earnings management, turnover ratio of total assets, earnings per share, firm’s size of controlling variables and the dummy variable for financial distress have significantly positive effect on earnings management index at the 1% level. The return on total assets before interest and tax and the size of board of directors have significantly negative effect on earnings management index at the 1% level. For the corporate governance (model 2), the debt ratio of controlling variables has significantly positive effect on earnings management index at the 1% level. For the logistic regression analysis, the dependent variable is dummy variable for financial distress, which represents the connection between the probability of firm’s occurred financial distress and the accounting information variables, corporate governance variables and earnings management index. For the earnings management index, discretionary accrued items have significantly positive effect on the probability of financial distress at the 1% level. In accounting information variables, the ratio of cash flow has the most significantly negative effect on the probability of financial distress. In corporate governance variables, the pledged ratio of shares of directors and supervisors has the most significantly positive effect on the probability of financial distress. For the accuracy of the prediction of financial distress, this research finds that the financial early warning model constructed by accounting information, corporate governance variables and earnings management index has the highest predictive power of accuracy. The average estimated probability of financial crisis for the distressed companies in the sample is 95.24%, 84.13% and 71.4.% for one year, two years and three years before the financial distress, respectively. The contribution of this study is as follows. Relative to the traditional modeling of financial distress for corporations using only accounting information, this study finds that the predictive accuracy of the models of financial distress can be greatly improve acter adding corporate governance variables and earning managemwnt index.

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32

Watts, Dale M. "An analysis of selected variables influencing organization change : a pre-Board Governance study of Red River Community College." 2009. http://hdl.handle.net/1993/3773.

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organizations are continually changing, in part to respond to the growth of technology and the trend toward globalization. There are numerous interdependent variables that influence organizational change, which suggests that change is best perceived from an open systems framework. There are few, if any, simple cause-effect relationships. when organizations experience strong driving forces for or restraining forces against change, it tends to create organizational disequilibrium, which can deteriorate into chaos if the forces are strong enough. However, much of the contemporary literature suggests that an organization's diseguilibrium can be brought into balance by timely transformational leadership and visionary strategic planning or improvisation. The manifestation of leadership and planning may include changes to both an organization's culture and climate. This study of the organizational change process focuses upon Red River Community College in Winnipeg, Manitoba essentially during the period from its inception until April 1, 1993, at which time the college came under Board Governance. The research approach consisted of a literature review, the conduct of an empirical survey of employee attitudes, and participant observation by the author who is presently a senior administrator at the college. Overall, the dissertation is more qualitative than quantitative in its orientation reflecting the fact that important dimensions of organizational life defy empirical measurement. The quantitative and qualitative statistical and anecdotal evidence gathered to support the hypothesis suggests that the employees in the organization felt a moderate to high leve1 of dissatisfaction with many organizational processes, the organizational climate and some management behaviours prior to the introduction of Board Governance. However, there is insufficient quantitative evidence to attribute the cause of dissatisfaction to a deficiency of leadership or poor management practices. The dissertation concludes that the hypothesis was not fully proven. However, other qualified conclusions were that: effective leadership and management can help minimize the complexity of organizational change, strategic improvisation may be more appropriate than strategic planning in turbulent environments, organizational climate changes are more likely to occur in an organic paradigm; and effective communication processes are integral to organizational transformation. A longitudinal study would be required to confirm the validity of the dissertation findings. Despite some similarities, a community college system situated within a public sector environment is sufficiently different from most public sector environments to inhibit generalizations about their comparability.

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33

HUANG, PO-HUA, and 黃柏樺. "A STUDY ON THE RELATIONSHIP AMONG CORPORATE GOVERNANCE VARIABLES, FIRM PERFORMANCE, AND ENTERPRISE VALUE： EVIDENCE OF FINANCIAL HOLDING COMPANIES." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/63661065346859472624.

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Анотація:

碩士
國立臺北大學
國際財務金融碩士在職專班
97
This study investigates the relationship between earnings per share (EPS), return on assets (ROA) for the measurement of firm performance indicators and (Tobin's Q) for the enterprise value indicators to examine the effectiveness of corporate governance in domestic established financial holding companies. The study period is ranged from 2004 1th to 2008 3th quarterly data of 14 financial holding companies,and the research method is based on multiple regression models. Independent variables are categorized into two structures of corporate governance variables and operation indicators. Dependent variables are categorized into earnings per share (EPS), return on assets (ROA),and (Tobin's Q) .Empirical results are as following: I. This study focused on the comparisons between coefficient determination (R2) of earnings per share(EPS), return on assets(ROA), and Tobin’s Q under the nonlinear model and the coefficient determination(R2) under linear model of the corporate governance variables. Corporate governance variables can better explain under the nonlinear model. This research also discovered that when the positive relationship between independent variables and dependent variables accommodates with “convergence of interest hypothesis(Jensen and Meckling，1976)” then the minimum exists. When the negative relationship between independent variables and dependent variables accommodates with “conflict of interest hypothesis(Jensen and Ruback，1983)” then the maximum exists. II. The correlations between the corporate governance variables and EPS in nonlinear model. This study found there are remarkable diversities among the percentages of executive board share holding, foreign capital investment, self-operate share holding, and debts rate. The research result of “An Analysis of Merger Performance of Different Characteristic Financial Holdings Companies in Taiwan” by Yang, Yeu-Shun(2007) has probed into how invented variables have effects on the operational achievements and enterprise values. The sequence from good to bad is: financial holding company operates majorly as bank → financial holding company operates majorly as insurance →financial holding company operates majorly as stock. III. The correlation between corporate governance variables and ROA in nonlinear model. This study found that there are great diversities among the percentages of executive board share holding, major shareholder share holding, self-operate share holding, and debts rate. IV. The correlation between corporate governance variables and Tobin’s Q in nonlinear model. This research has discovered that there are great diversities among the percentages of executive board share holding, executive board share holding hypothecation, total assets, foreign capital investment, investment trust share holding, self-operate share holding, and debts rate.

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34

Tang, Hao-Chun, and 唐豪駿. "Corporate Governance, Financial Ratios, Sensitivity Variables of Macroeconomics into Financial Distress Model －An Empirical Research of Delisted Firms in Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/73426891716827332356.

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Анотація:

碩士
南台科技大學
企業管理系
97
Nowadays, the global stock market was dramatically affected by the Subprime Mortgage Crisis and all inventors were worried about the stocks they hold would become the “tank stocks”. The main purpose of this research is to construct an alarm system for the financial crisis by applying the financial ratios, corporate governance and sensitivity variables of macroeconomics. This research would like to analyze and predict the possibility of occurring financial distress companies as well as provide the warning information to related organizations or inventors. The samples in this study were collected from 2003 to 2006 TSEC and OTC companies in Taiwan. First, the companies which failed during the period of financial crisis because of the Bounced cheque, Relief-financial distress or Concerns continue to operate are selected. Then, the companies in normal financial conditions are selected to compare those in contrast financial situations. The average rate of each group in the T test and Logit regression are used to verify the hypotheses and the significant variables are selected to build the financial crisis prediction model. Finally, the Classification Table is used to examine the prediction ability of our financial crisis prediction model. Then, the data of 2007 are used to verify the model. The results show that the prediction ability during 2003-2006 is 89.23% whereas in 2007 is 87.33%. According to these results, the financial crisis prediction model in this study presents good prediction ability. The main purpose of this research of financial crisis prediction model is not only to alert the investors away from the potential tank stocks when they are making decisions on investment, but also to provide the alarm signals for the competent authority, TSEC and OTC companies in Taiwan.

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35

Shu-Chun, Liu, and 劉書君. "The Study in Relationship among Corporate Governance Variables, Operating Performances, Value Added, and Credit Rating in Multi-National Securitization Offering Corporations." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/39538273741238448114.

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Анотація:

碩士
實踐大學
企業管理學系碩士班
97
Corporate governance has become an important issue since the Enron and WorldCom scandals broke in 2001. In Taiwan, after a series of corporate fraudulent events, the government has stipulated relevant regulations regarding corporate governance to promote complete supervisory mechanisms. There is no doubt that corporate governance is of great influence on corporations and investors. This study focuses on the listed companies in Taiwan which offer international depository receipts (including ADR and GDR) for over 5 years. The research period is from 2003 Q1 to 2008 Q3. Panel Data Analysis is applied to analyze the financial data of 47 multi-national securitization offering corporations to find out the relationships between corporate governance variables and different indices. The corporations include 11 semiconductor companies, 9 computer and peripheral companies, and 27 companies in other industries. The empirical results are as follows: The relationships between corporate governance variables and the operating performances index: the operating performances index includes ROE, ROA, and EPS. In EPS, the director shareholding ratio and the independent director seat ratio have a positive relationship, but the block shareholder ratio and the institutional shareholding ratio have a negative relationship. In ROE and ROA, the institutional shareholding ratio has a significant positive relationship. The relationships between corporate governance variables and the value added index: the value added index includes MVA and Tobin’s Q. There exists a non-linear relationship between the director shareholding ratio and the value added index. The institutional shareholding ratio and the independent director seat ratio have a significant positive relationship with the value added index, but the ratio of pledged share of the board and supervisors and the block shareholder ratio have a significant negative relationship with the value added index. In MVA, the manager shareholding ratio shows a significant positive relationship, but the relationship with Tobin’s Q is negative when a board chairman also acts as the general manager. The relationships between corporate governance variables and the credit rating index: the credit rating index is based on the Taiwan Corporate Credit Risk Index (TCRI). There is a significant non-linear relationship with the director shareholding ratio and the manager shareholding ratio. The relationship is also positive with the ratio of pledged share of the board and supervisors, the block shareholder ratio, the institutional shareholding ratio, and the board size. This study provides evidence that corporate governance variables affect the credit rating index more than the operating performances index and the value added index. More specifically, EPS in the operating performances index and Tobin’s Q in the value added index are more affected. Not only the director shareholding ratio in the value added index and the credit rating index appears non-linear relationships, but the manager shareholding ratio also shows the same in the credit rating index. It means that when the shareholding rises in directors and managers at the initial stage, the objective of supervisors will be consistent with that of shareholders, which can reduce agency problems. However, when the holding is over a percentage, the supervisors tend to consider personal objectives, causing the drop of the corporation’s value added and credit rating. When the ratio of pledged share of the board and supervisors is high, it means that the corporation ownership is unstable and the company bears more risk, which is harmful to the company and will reduce the value added. Keywords: Corporate Governance, Panel Data Analysis, Operating Performances, Value Added, Credit Rating.

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36

Hung, Ling-Juan, and 洪翎娟. "Using Financial Ratios and Corporate Governance Variables to Construct a Financial Distress Prediction Model: Comparison of Single and Multi-Period Data." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/5ydu2d.

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Анотація:

碩士
國立臺灣師範大學
管理研究所
107
Due to the occurrence of financial crisis in global enterprises, it affected the world’s economies and led to fraudulent bankruptcy and changes in business models. Also, the occurrence of emptying and credit default swap after the local financial crisis in the Taiwan. And even the excessive use the financial leverage or illegal operations by the management of the company, resulting in a financial crisis. In the past, almost discussion and research on single-period data. Therefore, this research is divided into single-period and multi-period data to compare. First, using the Normality Test, T-Test and Collinearity Test on single-period data (one year before financial crisis). Then, find the 24 significant variables of the financial ratio and corporate governance variables. After using these significant variables on Logistic Regression Model, build the single-period data’s model 1 with remaining 9 significant variables and calculate the predictive accuracy rate. Similarly, in the multi-period data (one to three year before financial crisis), using the remaining 19 significant variables of the financial ratio and corporate governance variables on Logistic Regression Model. Then, build the model 2 with 7 significant variables and calculate the predictive accuracy rate. The empirical results show that the five variables in single-period data have the significant level and explanatory power in the training group and the test group, which are the the debt ratio and cash flow ratio of the financial ratio, external individual shareholding, liability with interest ratio and necessary controlling shareholding of the corporate governance variables. Among them, the debt ratio external individual shareholding, liability with interest ratio and necessary controlling shareholding have the positively related with the occurrence of financial crisis. The cash flow ratio has the negatively related with the occurrence of financial crisis. There have three variables in muti-period data have the significant level and explanatory power in the training group and the test group, which are the net turnover rate (times), the total asset turnover rate (times) and the price book ratio. All of them are negatively related with the occurrence of the financial crisis. In single-period data, the predictive accuracy of the training group and test group could be approximately up to 87.3% and 85.4%. In muti-period data, the predictive accuracy of the training group and test group could be approximately up to 91.4% and 98.8%. As a result, the research models are useful for banks to prediction accuracy if the companies have the possibilities of the occurrence of financial crisis, it could be the prevention.

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37

Bouzouita, Ahmed. "The impact of corporate governance on firm perfomance: a case of CAC 40 Firms." Master's thesis, 2018. http://hdl.handle.net/10362/49642.

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There are several elements in business management that help increase financial efficiency, market positioning and overall firm performance which leads to generate confidence among investors, customers, suppliers and other stakeholders. One of these elements is corporate governance which covers the relationships between directors, the board, its shareholders and all those interested in the firm’s performance and therefore provides the necessary structure to define and execute the strategic objectives of the company as well as the control exercised over said execution. This study presents an assessment model based on supervisory board, investor relations, management team, and disclosure of information and analyses the relationship between different board systems, corporate governance and its characteristics with firm’s performance through the financial results of CAC 40 Firms.

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38

Yuan, Tung-Hsin, and 袁同心. "The Effect of Financial Ratios, Corporate Governance and Macro -Variables on Stock Price of Financially Distressed Company－An Application of Ohlson Model." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/78533145307217626122.

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Анотація:

碩士
國立交通大學
管理科學系所
99
This study is based on Ohlson (1995) equity valuation model to evaluate financially distressed company by incorporating several factors including corporate governance variables and macro-variables. In addition, financial ratios are used to replace the abnormal profit variable for integrating and constructing the model. The empirical results include five parts: First, book value and abnormal profit have significant and positive effects on stock price of normal company in original Ohlson model, but only book value affects the stock price of the crisis company. Second, book value, current ratio, asset turnover ratio, percentage of board holdings, and average stock price index all show significant positive effects on stock price of crisis company, while debt ratio, percentage of management holdings, and price index display significant negative effects on stock price. Third, Current ratio, asset turnover ratio, percentage of board holdings, and average stock price index have significant positive effects on stock price of real financial crisis company, while debt ratio, percentage of management holdings, and price index have significant negative effects on stock price. Forth, book value, percentage of board holdings, and average stock price index have significant positive effects on stock price of prospective financial crisis company while debt ratio has significant negative effects on stock price. Lastly, after considering financial ratios, corporate governance and macro-variables, the stock price of financial crisis company can be explained reasonably well by using adjusted model than the original Ohlson model.

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39

Li, Chun-Syun, and 李春勳. "Quality of Financial Information, Probability of Default and Corporate Governance Variables on the Prediction Power of Financial Distress of Listed Companies in Taiwan." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/7g6yfb.

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Анотація:

碩士
銘傳大學
財務金融學系碩士班
94
Based on the notion and study of “financial distress”, financial ratios, corporate governance and macroeconomic environment are the factors that will lead a firm to financial distress or even bankruptcy. According to the internal model approach of Basel Ⅱ, the bank must estimations PD of each borrower. PD is positive indicator to the symmetric information of investor of capital market. With regard to PD estimations, vast majority of research used historical empirical to triangulation of statistics and econometrics. To induce quantification and qualitative variables of concern the PD estimations, moreover, reducing subjectivity of historical empirical, we attempt to create a systematicness, robust and efficiency model for predicting business failure. This paper empirically studies the relationship between the possibility of financial distress, firm performance, corporation governance, probability of default and macroeconomic environment using the sample quoted on the Taiwan Stock Exchange Corporation (TSEC) and financial distress events of listed companies (, say 118 firms and the 422 matching-pairs of normal and near-homogenous companies) took place between 1998 and 2005. We build up a quarters-ahead-predicting model of financial distress allowing for measuring treatment effects of governance characteristics. Meanwhile, we present a “moving-window with augmenting information set” research design to evaluate the capacity of our forecasting model. It is found that the logistic regression with treatment effects stably outperforms without treatment effects and financial variables alone. The empirical evidence shows that corporate governance with treatment effects are inverse indicator to the probability of financial distress. We found that according to the suggestion of Martin (1997), the study uses empirical cutoff value prevent the typical critical value of 0.5 increasing the disadvantage of type I errors. Through the comparison of moving-window research design, we found that the early warning model with treatment effects collocation the cutoff-value generated according to the method proposed by Martin (1977) performs better in prediction power than those competitive models.

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40

Chen, Wen-Chang, and 陳文章. "A Empirical Study of Du Pont Identity and Stock Pricing Model under Corporate Governance and Market Mechanism Variables: The Perspective of Publicly Listed Electronic Companies in Taiwan." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/95640087620098033189.

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Анотація:

碩士
淡江大學
管理科學研究所企業經營碩士在職專班
94
Security issuers follow the regulation of fair disclosure will contribute to a state of dynamic information equilibrium in the market and at the same time meet the principle of fairness. However, it is inevitable that security issuers may selectively disclose the information in the market, which would result in information asymmetry. When the individual investors could not obtain the correct investment information, they would invest blindly and make losses due to misjudgment of the situation. Since individual investors usually cannot obtain complete investment information, they may just change their investment strategies and look for other potential valuable investment objectives based on the past experiences and historical track records. Therefore, the study is based on the theoretical concept of Du Pont identity and stock pricing model to examine factors that would affect company performance, operating risk and market value. The factors include non-financial factors, corporate governance and market mechanism. Meanwhile, the data of domestic electronic companies listed in TSEC and OTC are used for multiple regression analysis. The purpose of the study is to provide individual investors references for future investment decision-makings. The empirical results of the study are as follows: 1.According to Du Pont identity, debt ratio and operating efficiency have significant relationships with a company’s performance. But it depends on the profitability ability to determine if the company’s performance is improved. 2.Profit margin is the symbol of a company’s persistent and long-term profitability. The extent of margin fluctuation is related to the stability of a company’s operating performance. Based on the empirical result, the profit margin standard deviation has a negative relationship with the company’s performance. Thus, it would be helpful in investment decision making if the profit margin standard deviation is considered as a benchmark for observing the operating risk. 3.Theoretically, the establishment of corporate governance mechanism should increase a company’s operating transparency to avoid management fraud. The company, in the mean time, can improve performance so as to sustain through the built-up mechanism. Therefore, the level of corporate governance has a significant relationship with the company’s performance. 4.Pledged shares ratio of director and operating risk are positively related. Moreover, debt ratio and pledged shares ratio of director move toward the same direction. 5.The change of profitability, risk and growth is the main factor that affects a company’s market value. In addition, short sells and short interest utilization ratio are significantly related to the market value. However, there is no statistically significant relationship between the level of corporate governance and market value.

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41

Manamela, Dipakiso Clara. "The relationship between disclosed audit committee effectiveness variables and the external audit opinion expressed in South African Central government departments." Diss., 2020. http://hdl.handle.net/10500/26986.

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Corporate governance failures raise questions by stakeholders seeking explanations why audit committees are failing to play their agency role effectively. The objective of this study was to determine the relation between 49 disclosed audit committee effectiveness variables based on King III Code recommended practices and the external audit opinion expressed in South African central government departments. Descriptive statistics highlighted variances in 14 variables across 93 departments. Categorical principal component analysis categorised the 14 variables into four factor variables and hypotheses. Multivariate ordinal logistic regression tested the hypotheses. Results suggest that disclosure of a higher number of variables was generally associated with a clean audit report, while the association between a higher number of disclosures regarding audit committee structure and profile variables and a clean audit report was significant. Improvements to National Treasury’s disclosure templates and review of departmental managers’ disclosures about audit committees in annual reports are recommended.
Gevalle van korporatiewe beheer mislukking laat vrae by belanghebbers ontstaan waarom ouditkomitees versuim om hul oorsigrol doeltreffend te vervul. Die doel van hierdie studie was om te bepaal watter verband daar bestaan tussen 49 vasgestelde ouditkomiteedoeltreffendheidsveranderlikes vervat in die aanbevole praktyke volgens die King III-kode en die eksterne ouditmening wat in sentrale staatsdepartemente in Suid-Afrika uitgepreek is. Beskrywende statistiek het variasies in 14 veranderlikes oor 93 departemente uitgewys. Kategoriesebeginsel-komponentontleding het die 14 veranderlikes in vier faktorveranderlikes en hipoteses gekategoriseer. Meerveranderlike ordinale logistieke regressie het die hipoteses getoets. Resultate toon dat openbaarmaking van ŉ groter getal veranderlikes oor die algemeen verband hou met ŉ skoon ouditverslag; en die verband tussen ŉ groter getal openbaarmakings betreffende ouditkomiteestruktuur- en profielveranderlikes en ŉ skoon ouditverslag was beduidend. Verbeteringe aan Nasionale Tesourie se openbaarmakingstemplet en nasiening van departementele bestuurders se openbaarmakings rakende ouditkomitees in jaarverslae word aanbeveel.
Go palelwa ga ditshepedišo tšeo di latelwago go laola khamphani go dirile gore bengdithoto ba ipotšiše dipotšišo tše di nyakago ditlhalošo tša gore gobaneng dikomiti tša tlhakišo di šitwa go kgatha tema ya tšona ya bodiredi ka bokgoni. Maikemišetšo a thutelo ye e be e le go šupa tswalano gare ga mabaka ao a ka fetogago a go tliša katlego a 49 ao a utollotšwego a komiti ya tlhakišo go ya ka ditlwaelo tše di šišintšwego tša King III Code le maikutlo a tlhakišo ya ka ntle ao a filwego ke dikgoro tša mmušo wa gare tša Afrika Borwa. Dipalopalo tšeo di fago tlhalošo ya popego ya datha di bontšhitše phetogo go mabaka ao a ka fetogago a 14 ka go dikgoro tše 93. Tshekatsheko ya karolo ye kgolo ya tlhopho e hlophile mabaka ao a ka fetogago a 14 go ya ka mabaka ao a ka fetogago le ditlhalošo tše di šišintšwego tše nne. Mokgwa wa tshekatsheko ya go fetogafetoga ga didatha go ya ka tatelano goba kgetho o dirišitšwe go leka ditlhalošo tše di šišintšwego. Dipoelo di šišintše gore kutollo ya palo ya godingwna ya mabaka ao a ka fetogago ka kakaretšo e tswalane le maikutlo a tlhakišo ao a se nago bosodi, gomme tswalano gare ga palo ya godingwana ya dikutollo tša mabaka ao a ka fetogago a popego ya komiti ya tlhakišo le profaele le maikutlo ao a se nago bosodi e bile bohlokwa. Dikaonafatšo go mokgwatshepedišo wa kutollo wa Polokelo ya Bosetšhaba le tekolo ya dikutollo tša bolaodi ka ga dikomiti tša tlhakišo ka go dipego tša ngwaga ka ngwaga di a eletšwa
Centre for Accounting Studies
M. Phil. (Accounting Sciences)

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42

Wu, Mi-chi, and 吳米琪. "The Relationship between Working Capital Management and Firm''s Value : Corporate Governance as Moderating Variable." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/88566456787678057797.

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Анотація:

碩士
淡江大學
會計學系碩士班
101
The study examines the impact of corporate governance on its working capital management and firm''s value. Using a sample of 352 listed electronic industry in Taiwan from 2000 to 2011 with 3,065 observations, the paper uses the Panel data model to examine the relationship between the three factors above. The empirical results show that on the whole, cash conversion cycle is negatively correlated to the Tobin''s Q, but this is not significant. Only the top 10% CCC and the top 50% SIZE have a significant negative correlation to the Tobin''s Q. This shows that when the company is in good financial health, more efficient working capital management will have a greater impact on the firm’s value. Furthermore, corporate governance has some impact on the negative correlation between working capital management and firm''s value, but this is not significant. Hence, Corporate Governance has limited impact on the relationship between working capital management and firm''s value.

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43

Sugata, Marissa, and Marissa Sugata. "The Influence of Company Characteristics, Financial Performance, and Corporate Governance on Firm Value with Corporate Social Responsibility Disclosure as a Moderating Variable of Listed Companies in Indonesia." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/98567599286884442103.

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Анотація:

碩士
亞洲大學
經營管理學系
103
The Company’s presence will certainly impact the environment and people, especially to them who lived around the company operates. Corporate social responsibility (CSR) is a concept that has been known in business to achieve success in a sustainable society while fulfilling its business purpose. Over the past decade, many companies already practising CSR and admit it as integral part of corporate strategic planning and routine operational performance. The purpose of this paper is to determine the influence company characteristics, financial performance, and corporate governance on firm value with corporate social responsibility disclosure as moderating variable of Listed Companies in Indonesia. The methodology used in this research is quantitative, to gather the required information and to validate the hypotheses. Then, data in this research are secondary data that will be collected from Indonesia Stock Exchange. Further, this research find that Financial Performance (FP) identified as the most influential variable toward Firm Value (FV) meanwhile Corporate Governance (CG) is the weakest factor that influence Firm Value. In addition, there is no moderating effect from CSR in the relationship between FP and CG toward FV. Meanwhile, CSR can moderate partially for relationship between CC and FV. This research limits the sample only listed companies in Indonesia. The findings in this research provide several implications. First, it will help to know what factors that influence firm value. Secondly, this research also identifies the influence of corporate social responsibility as mediator between company characteristics, financial performance, and corporate governance towards firm value.

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