Does board governance matter for foreign institutional investors to invest in listed tourism firms?

機構典藏 > College of Global Research and Development > Department of International Tourism management > Journal Article > Item 987654321/115213

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/115213

Title:	Does board governance matter for foreign institutional investors to invest in listed tourism firms?
Authors:	Chien Mu Yeh
Keywords:	Foreign institutional investors;Board size;Board independence;Director ownership;Tourism firms
Date:	2018-03-10
Issue Date:	2018-10-18 12:10:29 (UTC+8)
Publisher:	Elsevier
Abstract:	Foreign institutional investors perform a critical role in the development of the tourism industry. While board governance is a critical mechanism in firms, few studies have attempted to investigate whether board governance matters when foreign institutional investors buy shares of tourism firms. Based on signaling theory, the current study uses a sample of listed tourism firms in Taiwan. Board size, board independence and director ownership are used as proxies of board governance. Results show that the ownership proportion of foreign institutional investors is higher when tourism firms have a smaller board and higher director ownership. These results offer theoretical and practical implications for researchers and practitioners.
Relation:	Tourism Management 68, p.66-78
DOI:	10.1016/j.tourman.2018.03.001
Appears in Collections:	[Department of International Tourism management] Journal Article

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