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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117574
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117574


    Title: Corporate Governance and the Investment Efficiency of Diversified Corporate Asset Buyers
    Authors: 陳聖賢
    Chen, I-Ju
    Chen, Sheng-Syan
    Contributors: 財管系
    Date: 2017
    Issue Date: 2018-06-11 18:15:59 (UTC+8)
    Abstract: Many corporate assets are bought and sold each year in the U.S. and most scholars believe these transactions improve economic efficiency. But given the reality that the interests of corporate managers may diverge from those of their shareholders and reflect empire‐building or other managerial entrenchment strategies—and that such agency problems tend to be worse in highly diversified, multi‐divisional companies—the authors tested the proposition that diversified corporate asset buyers with more effective governance structures can be expected to allocate capital more efficiently, as reflected in higher rates of return on operating capital and more favorable market reactions to the announcements of their purchases. Using a sample of diversified U.S. companies that announced large asset purchases between 1988 and 2006, the authors report finding that the investment allocation process following such asset purchases was more consistent with value creation in the case of diversified buyers with more effective governance structures, which were identified by their greater board independence, higher‐quality audit committees, and higher levels of stock ownership by institutional ownership, directors, and CEOs.
    Relation: Journal of Applied Corporate Finance, Vol.29, No.1, pp.99-114
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1111/jacf.12224
    DOI: 10.1111/jacf.12224
    Appears in Collections:[財務管理學系] 期刊論文

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