Title page for 974208013


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Student Number 974208013
Author Sheng-hao Kang(±d³Ó»¨)
Author's Email Address No Public.
Statistics This thesis had been viewed 670 times. Download 11 times.
Department Finance
Year 2009
Semester 2
Degree Master
Type of Document Master's Thesis
Language English
Title Corporate Governance¡BStock Market Liberalization and Financial Constraints
Date of Defense 2010-06-16
Page Count 37
Keyword
  • corporate governance
  • financial constraints
  • stock market liberalization
  • Abstract In this study, we try to incorporate the corporate governance quality of the firm to study the improvement of financial constraints of the firm following the stock market liberalization. By using the data of totally 488 firms from Korea, Malaysia, Taiwan and Thailand, we find that firms commonly face the financial constraint situation before the stock market liberalization. Further, to incorporate the issue of corporate governance into this study, we use the ¡§major shareholder ratio¡¨ as the measure for corporate governance quality. We find that, firms with a higher ownership concentration level experience greater release for its financial constraint following the stock market liberalization. It seems to be a reasonable result because a higher ownership concentration ratio of the firm can prevent the agency problem itself. Hence following the stock market liberalization, a better operating performance of the firm is expected by investors and this firm can benefit more due to the cheaper financing costs in the stock market.
    Table of Content ºK­ni
    Abstractii
    Contentsiii
    List of Tablevi
    I. Introduction1
    II. Literature Review3
    III. Methodology7
    IV. Data and Summary Statistics11
    IV.1 Liberalization Date11
    IV.2 Financial Data12
    IV.3 Corporate Governance Measure14
    IV.4 Median Statistics15
    V. Empirical Results18
    VI. Robustness Check23
    VII. Conclusion26
    Reference28
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    Advisor
  • Robin K. Chou(©P«a¨k)
  • Files
  • 974208013.pdf
  • disapprove authorization
    Date of Submission 2010-06-24

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