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政大機構典藏 > 商學院 > 風險管理與保險學系 > 期刊論文 > Item 140.119/129488

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/129488

Title:	Does institutional ownership affect the relationship between accounting quality and cost of capital? A panel smooth transition regression approach
Authors:	許永明 Shiu, Yung-Ming Tsung-YuHsieh ArianaChang
Contributors:	風管系
Keywords:	Accounting quality;Cost of capital;Institutional ownership;Non-financial firms;Panel smooth transition regression analysis
Date:	2019.12
Issue Date:	2020-04-27 10:48:06 (UTC+8)
Abstract:	We set out in this study to determine whether there are any discernible variations in the relationship between accounting quality and the cost of capital that may be attributable to the level of institutional ownership. Our analysis involves a flexible econometric approach, based upon a ‘panel smooth transition regression’ (PSTR) analysis, using data on 64 listed firms in Taiwan covering the period from 2000 to 2017. Our results provide clear evidence to suggest that the relationship between accounting quality and the cost of capital does indeed vary with changes in the level of institutional ownership, a finding which, having relaxed the assumption that the interpretations of accounting information amongst investors are homogeneous, goes beyond the general finding within the extant literature of a linear relationship between accounting quality and the cost of capital.
Relation:	Asia Pacific Management Review, Vol.24, No.4, pp.324-337
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.apmrv.2018.12.002
DOI:	10.1016/j.apmrv.2018.12.002
Appears in Collections:	[風險管理與保險學系] 期刊論文

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