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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/6483

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/6483

Title:	The Impact of Cross-Ownership on the Reaction of Corporate Investment and Financial Constraints: A Panel Threshold Model
Authors:	Shen, Chung-Hua;Wang, Chien-An 沈中華
Date:	2000
Issue Date:	2008-11-06 10:11:55 (UTC+8)
Abstract:	This paper studies whether or not investment decisions are financially constrained in a cross‐ownership system of Taiwan. Different from the financial structure in the USA, subsidiaries in Taiwan are allowed to buy stocks of the parent companies. Hence, the conventional debt‐to‐equity ratio is inappropriate to divide firms into high and low‐debt firms. Instead, a new threshold variable – the adjusted debt–equity ratio (ADE) – is employed to divide the sample into high‐debt firms and low‐debt firms. A panel of 115 Taiwan‐listed firms for the period 1991–1997 is used. Evidence supports the cash flow hypothesis and ADE has a notable significant influence on the financial constraints.
Relation:	Applied Economics Volume 37, Issue 20, pages 2315-2325
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1080/00036840500218786
DOI:	10.1080/00036840500218786
Appears in Collections:	[金融學系] 期刊論文

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