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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117561

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Title:	The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan
Authors:	陳聖賢 Chang, Shao-Chi Chen, Sheng-Syan
Contributors:	財管系
Date:	2002
Issue Date:	2018-06-11 17:41:54 (UTC+8)
Abstract:	This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms’ investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment‐of‐interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment‐of‐interests in explaining the wealth effect of domestic joint ventures
Relation:	Journal of Business Finance and Accounting, Vol.29, No.1&2, pp.201-222
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/1468-5957.00429
DOI:	10.1111/1468-5957.00429
Appears in Collections:	[財務管理學系] 期刊論文

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