Does Resetting by Changing Corporate Name or Industry Category Appeals Institutional Investments

doi:10.7903/cmr.18885

機構典藏 > College of Business and Management > Department of Management Sciences > Journal Article > Item 987654321/118267

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Title:	Does Resetting by Changing Corporate Name or Industry Category Appeals Institutional Investments
Authors:	Huang, Paoyu;Ni, Yensen;Cheng, Yirung
Keywords:	Corporate Name Change;Industry Category Change;Board Structure;Financial Ratio;Firm Value
Date:	2019-12-31
Issue Date:	2020-03-14 12:10:28 (UTC+8)
Abstract:	We investigate whether firms changing their names or industry categories once and more than once would affect institutional shareholdings. By utilizing 5,733 observations of the Taiwan Stock Exchange listed firms, we apply multiple regression models firstly and Petersen regression models for further investigation to enhance the robustness of the empirical results. We then disclose several important findings as follows. First, institutional investors might not prefer holding the shares of the firms changing their names more than once. We infer that the performances of the firms changing names more than once might be doubtful. Second, institutional investors might decrease the shareholdings of the firms with industry categories changed. We claim that institutional investors might suspect these firms probably existing corporate governance issues. Besides, we argue that, to our best understanding, this study might fill the gap in the existing literature due to that the issues, firms changing their names or industry categories once or more than once, seem rarely explored in the relevant studies.
Relation:	Contemporary Management Research 15(3), p.175-203
DOI:	10.7903/cmr.18885
Appears in Collections:	[Department of Management Sciences] Journal Article

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