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    題名: Can Corporate Governance Mitigate the Adverse Impact of Investor Sentiment on Corporate Investment Decisions? Evidence from Taiwan
    作者: Chen, Wei-Ju
    貢獻者: 淡江大學會計學系
    關鍵詞: Corporate Governance;Board of Director Mechanisms;Agency Theory;Investor Sentiment;Investment Decision
    日期: 2013-12-01
    上傳時間: 2014-01-02 18:15:29 (UTC+8)
    出版者: Macrothink Institute, Inc.
    摘要: This paper explores whether investor sentiment has an adverse impact on corporate investment decisions and whether such impact, if present, can be effectively mitigated by sound corporate governance mechanisms. The sample comprises listed firms in Taiwan between 2003 and 2010. Empirical results indicate that investor sentiment is significantly and positively related to amount of new investment and over-investment. Investor sentiment has an adverse impact on corporate investment decisions. Further test for the moderating effect of corporate governance confirms that corporate governance mechanisms can mitigate such adverse impact of investor sentiment on corporate investment decisions. The empirical results support the argument of previous literature that corporate governance has both incentive and monitoring effects on managers’ decision-making. Due to the agency problem, managers’ investment decisions may be affected by investor sentiment and deviate from the goal of maximizing firm value. Therefore, firms should reinforce their corporate governance mechanisms to minimize the adverse impact of investor sentiment.
    關聯: Asian Journal of Finance & Accounting 5(2), p.101-126
    DOI: 10.5296/ajfa.v5i2.4117
    顯示於類別:[會計學系暨研究所] 期刊論文

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