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| 論文名稱 | Return Skewness, Real Options, and Corporate Governance |
| 發表日期 | 2015-12-31 |
| 論文收錄分類 | TSSCI |
| 所有作者 | Hsien-Ming Chen; Hung-Gay Fung; Chu-Hsiung Lin; Li-Hsun Wang |
| 作者順序 | 第四(以上)作者 |
| 通訊作者 | 否 |
| 刊物名稱 | Journal of Financial Studies |
| 發表卷數 | 23 |
| 是否具有審稿制度 | 是 |
| 發表期數 | 4 |
| 期刊或學報出版地國別/地區 | NATTWN-中華民國 |
| 發表年份 | 2015 |
| 發表月份 | 12 |
| 發表形式 | 紙本及電子期刊 |
| 所屬計劃案 | 無 |
| 可公開文檔 |
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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.
