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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/72690

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/72690

Title:	When will the controlling shareholder expropriate investors? Cash flow right and investment opportunity perspectives
Authors:	湛可南;胡星陽;王衍智 Chan, Konan
Contributors:	財管系
Date:	2003
Issue Date:	2015-01-08 17:49:35 (UTC+8)
Abstract:	In this paper, we examine the relationship among cash flow rights, investment opportunities and firm values. We find that the opportunities to invest positive NPV projects will eliminate the positive effect of cash flow rights on firm values. However, when cash flow rights are relatively low, investment opportunities will not affect the positive relationship between cash flow rights and firm values. On the other hand, when cash flow rights are relatively high, cash flow rights do not influence firm values given the investment opportunities. As a result, the impact of investment opportunities on the cash flow right effect depends on the level of cash flow rights. These results suggest a non-linear relationship between cash flow right of the controlling shareholder and firm valuation.
Relation:	Academia Economic Papers (經濟論文), 31(3), 301-331
Data Type:	article
Appears in Collections:	[財務管理學系] 期刊論文

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