The initial private placement of equity and changes in operating performance in Taiwan
We propose the corporate governance hypothesis which suggests that the outside blockholders arising from the private placement of equity are more likely to have a significantly positive effect on firms with poor corporate governance. Using a sample of Taiwan‐listed firms with initial private placeme...
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| Veröffentlicht in: | Accounting and finance (Parkville) 2013-09, Vol.53 (3), p.711-730 |
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| container_title | Accounting and finance (Parkville) |
| container_volume | 53 |
| creator | Huang, Hsu-Huei Chan, Min-Lee |
| description | We propose the corporate governance hypothesis which suggests that the outside blockholders arising from the private placement of equity are more likely to have a significantly positive effect on firms with poor corporate governance. Using a sample of Taiwan‐listed firms with initial private placements of equity, our study’s results indicate that an improvement in operating performance is more likely to be seen after a private placement for those firms that are without independent directors, are controlled by a family, have lower insider shareholdings or are characterized by a pyramidal ownership structure. These findings are consistent with our hypothesis. |
| doi_str_mv | 10.1111/j.1467-629X.2012.00482.x |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0810-5391 |
| ispartof | Accounting and finance (Parkville), 2013-09, Vol.53 (3), p.711-730 |
| issn | 0810-5391 1467-629X |
| language | eng |
| recordid | cdi_proquest_journals_1429775067 |
| source | Wiley Online Library Journals Frontfile Complete; EBSCOhost Business Source Complete |
| subjects | Agency problem Board composition Corporate governance Equity Financial performance G32 G34 Hypotheses Outside directors Ownership structure Private placement Private placement of equity Stockholders Studies |
| title | The initial private placement of equity and changes in operating performance in Taiwan |
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