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論文名稱	Corporate governance and downside risk
研討會開始日期	2014-05-23
研討會結束日期	2014-05-24
所有作者	Li-Hsun Wang, Chu-Hsiung Lin, Hung-Gay Fung, Hsien-Ming Chen
作者順序	第一作者
通訊作者	是
研討會名稱	2014 臺灣財務金融學會年會暨國際研討會
是否具有對外公開徵稿及審稿制度	是
研討會舉行之國家	NATTWN-中華民國
研討會舉行之城市	新竹
發表年份	2014
所屬計劃案	none
可公開文檔
可公開文檔
可公開文檔

[摘要] :
Corporate governance has long been shown to improve firm value. We use Taiwanese firm data from 2002 to 2012 to show that good corporate governance reduces downside risk while increasing firm value. We find that firms with higher managerial ownership, market power, and more independent board have lower downside risk. Contrarily, firms with higher blockhoders' or institutional ownership do not relate significantly with the downside risk. Good corporate governance reduces the agency cost and improves the firm valuation; some of them further make the firm more transparent in decision-making, leading to lower downside risk.

[英文摘要] :
Corporate governance has long been shown to improve firm value. We use Taiwanese firm data from 2002 to 2012 to show that good corporate governance reduces downside risk while increasing firm value. We find that firms with higher managerial ownership, market power, and more independent board have lower downside risk. Contrarily, firms with higher blockhoders' or institutional ownership do not relate significantly with the downside risk. Good corporate governance reduces the agency cost and improves the firm valuation; some of them further make the firm more transparent in decision-making, leading to lower downside risk.

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