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[英文摘要] :
We use the data of Taiwanese firms from 2002Q1 to 2012Q3 to examine the effects of
corporate governance and real options on return skewness. Firms with a stronger corporate
governance structure (including a higher proportion of largest shareholder ownership and
managerial ownership, the more independent board, better transparency, and lower agency
costs) tend to have positively skewed returns. In addition, firms that possess real options
(valuable social capital, significant market potential, and market power) appear to have
positively skewed returns because real options lower transaction costs, promote cooperation
among parties, and build the firm’s brand.