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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117544

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117544

Title:	Corporate Governance and Capital Allocations of Diversified Firms
Authors:	陳聖賢 Chen, Sheng-Syan Chen, I-Ju
Contributors:	財管系
Keywords:	Corporate governance;Investment efficiency;Diversification discount
Date:	2012
Issue Date:	2018-06-11 17:06:43 (UTC+8)
Abstract:	We examine how various aspects of corporate governance structures affect the capital allocation inefficiency that drives the value discounts of diversified firms. Diversified firms with more effective internal or external governance mechanisms experience more efficient investment allocations at both the firm and segment levels and show less of a diversification discount. The efficiency of the investment allocation process is better for diversified firms with high board independence, low board busyness, high institutional ownership, high outside director ownership, high CEO equity-based pay, high audit quality, and strong shareholder rights. The results hold after controlling for other potential influences. Our evidence suggests that corporate governance considerations are important in assessing the relation between investment efficiency and firm value for diversified firms.
Relation:	Journal of Banking and Finance, Vol.36, No.2, pp.395-409
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.jbankfin.2011.07.013
DOI:	10.1016/j.jbankfin.2011.07.013
Appears in Collections:	[財務管理學系] 期刊論文

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