Title page for etd-0527118-225732


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URN etd-0527118-225732
Author Chi-fang Hsu
Author's Email Address No Public.
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Department Finance
Year 2017
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The effect of multiple large shareholders and deviation between ultimate owners’ control and cash-flow rights on debt structure
Date of Defense 2018-06-21
Page Count 59
Keyword
  • Deviation between control and cash-flow rights
  • Multiple large shareholders
  • Bank loans
  • Firm value
  • Corporate governance
  • Debt maturity
  • Abstract This study investigates the relation between the governance role of large shareholder and the structure of corporate debt using data of Taiwan listed firms from 2008 to 2016. The results show that the number of large shareholder has a significant negative impact on long-maturity debt and bank loans, and largest ultimate owner with excess control rights has no relation with debt maturity structure. In addition, we found that short-maturity debt mitigates agency problem and enhances corporate performance. Overall, our findings are consistent with the hypothesis that multiple large shareholders aggressively play the governance role. According to this study, decision-makers can increase firm value by adding the number of large shareholders, and investors can pay more attention on the ratio of short-maturity debt and the number of large shareholders.
    Advisory Committee
  • Meng-fen Hsieh - chair
  • Mei-se Chien - co-chair
  • Yi-chung Hsu - co-chair
  • Chien-chiang Lee - advisor
  • Files
  • etd-0527118-225732.pdf
  • Indicate in-campus at 5 year and off-campus access at 5 year.
    Date of Submission 2018-06-28

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