The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms

淡江大學機構典藏 > 全球化研究與發展學院 > 國際觀光管理學系全英語學士班 > 期刊論文 > Item 987654321/119019

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题名:	The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms
作者:	Yeh, Chien Mu
关键词:	foreign institutional investors;institutional directors;share pledge ratio;tourism governance
日期:	2020-02-01
上传时间:	2020-09-15 12:10:41 (UTC+8)
出版者:	Sage Publications Ltd.
摘要:	Corporate governance is a critical component relevant to firm performance. In the tourism sector, corporate governance is an underexamined issue. The purpose of the current study is to bridge this gap by examining the influence of foreign institutional investors, institutional directors, and shares pledged by directors on tourism firms’ financial performance. Data are derived from listed tourism firms in Taiwan. Ordinary least square regressions and two-stage least square regressions are used to examine the hypotheses. Results show that the presence of foreign institutional investors and a low share pledge ratio of directors have significant effects on return on assets and Tobin’s Q. The presence of institutional directors has a positive effect on Tobin’s Q. Implications for owners, policy makers, and investors are discussed.
關聯:	Tourism Economics 26(1), p.179-201
DOI:	10.1177/1354816619835613
显示于类别:	[國際觀光管理學系全英語學士班] 期刊論文

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