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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 王泰昌 | zh_TW |
dc.contributor.advisor | Taychang Wang | en |
dc.contributor.author | 張修瑋 | zh_TW |
dc.contributor.author | Hsiu-Wei Chang | en |
dc.date.accessioned | 2024-06-21T16:06:29Z | - |
dc.date.available | 2024-06-22 | - |
dc.date.copyright | 2024-06-21 | - |
dc.date.issued | 2024 | - |
dc.date.submitted | 2024-06-15 | - |
dc.identifier.citation | Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213-3226.
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92755 | - |
dc.description.abstract | 本研究探討美中貿易戰對台灣受關稅直接衝擊之跨國企業的市場反應,並檢驗公司治理品質是否能調節此負面衝擊。利用台灣獨特地緣政治背景下的準實驗設計法,研究發現市場對受衝擊企業有顯著負面反應。然而,有效的公司治理實踐能顯著減輕此負面影響。具體而言,特定治理屬性能緩解關稅衝擊。實證結果顯示,董事會的有效運作是受衝擊企業在貿易戰期間獲得正面市場反應的主要驅動力,此效果在家族企業集團中更為顯著。本研究不僅深化了地緣政治風險與資本市場間相互作用的理解,更凸顯公司治理在緩解此類風險中的關鍵作用,尤其在關稅衝擊期間,高品質的公司治理可作為投資者的重要保護屏障。 | zh_TW |
dc.description.abstract | This study examines the impact of the U.S.-China trade war on Taiwanese manufacturing multinational enterprises (MNEs), focusing on the market's response to perceived corporate governance during periods of tariff-induced uncertainty. Using a quasi-experimental design within Taiwan's unique geopolitical context, the research reveals that firms affected by tariffs experience more adverse market reactions. However, robust corporate governance practices play a crucial role in mitigating these negative effects. Specifically, while tariff-targeted firms face negative impacts from sanctions, certain governance attributes can alleviate these effects. The analysis shows that well-functioning board members are the primary drivers of positive market reactions during the shock period for firms directly affected by tariffs. Notably, corporate governance is more effective in mitigating the agency problem within family business clusters. These findings enhance our understanding of the interplay between geopolitical risks and capital markets, emphasizing the critical importance of corporate governance in managing such risks. The study concludes that high-quality corporate governance acts as a protective buffer for investors. | en |
dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-06-21T16:06:29Z No. of bitstreams: 0 | en |
dc.description.provenance | Made available in DSpace on 2024-06-21T16:06:29Z (GMT). No. of bitstreams: 0 | en |
dc.description.tableofcontents | 口試委員審定書 i
致謝 iii 中文摘要 v Abstract vii Table of Contents ix List of Figures xiii List of Tables xv Chapter 1 Introduction 1 Chapter 2 Background and Hypotheses 13 2.1 Overview of the U.S.-China Trade Conflict: Timing and Tariff Rate Adjustments 13 2.2 Impact of U.S.-China Trade War on Taiwan’s Exports and MNEs in China 15 2.2.1 Taiwanese MNE’s Triangular Trade Patterns in China 15 2.2.2 Industries affected by the Section 301 tariff 18 2.3 Hypothesis Development 19 2.3.1 Geopolitical Risks, Competition Threat, and Firm Value 19 2.3.2 The Role of Corporate Governance under Tariff Shocks 20 2.3.3 Board Structure and Monitoring 22 2.3.4 Ownership Structure 23 Chapter 3 Empirical Strategy 27 3.1 Determination of Event Dates 27 3.2 Identification of the Tariff-impacted firms and Sample Construction 33 Chapter 4 Research Design 37 4.1 Definitions of Test and Dependent Variables 37 4.1.1 Test Variable: Corporate Governance 37 4.1.2 Dependent Variable: Cumulative Abnormal Returns (CAR) 43 4.2 Hypothesis Testing and Regression Model 45 4.2.1 Hypothesis 1 Testing: Univariate Tests 45 4.2.2 Hypothesis 1 and 2 Testing: Multiple Linear Regression with Fixed Effect 46 Chapter 5 Empirical Results 49 5.1 Descriptive Statistics 49 5.2 Univariate Results for Hypothesis 1 Testing 59 5.3 Regression Results for Hypothesis 1 and 2 Testing 61 Chapter 6 Additional Robustness and Sensitivity Tests 75 6.1 Extending the Three-factor Model to Four-factor, Five-factor, and Six-factor Model. 75 6.2 Examining Effective Corporate Governance Attributes under Tariff Shocks 77 6.3 Score the 19 Corporate Governance Attributes by Area 79 6.4 Alternative Corporate Governance Measure: Principal Component Analysis 80 6.5 Separating the Corporate Governance into High, Medium, and Low Groups 82 6.6 Assessing Robustness with Firm Fixed Effects 83 6.7 Sensitivity Analysis: Investigating the Role of Family Businesses 84 Chapter 7 Discussion and Conclusion 101 References 105 Appendix A Variable Definitions 115 | - |
dc.language.iso | en | - |
dc.title | 地緣政治衝擊下公司治理之緩衝效果:以美中貿易戰為例 | zh_TW |
dc.title | Corporate Governance as a Buffering Geopolitical Impact in the United States–China Trade War | en |
dc.type | Thesis | - |
dc.date.schoolyear | 112-2 | - |
dc.description.degree | 博士 | - |
dc.contributor.coadvisor | 劉嘉雯 | zh_TW |
dc.contributor.coadvisor | Chiawen Liu | en |
dc.contributor.oralexamcommittee | 陳業寧;邱士宗;林瑞青;曾怡潔;洪聖閔 | zh_TW |
dc.contributor.oralexamcommittee | Yehning Chen;Shih-Tsung Chiu;Ruey-Ching Lin;Yi-Jie Tseng;Shengmin Hung | en |
dc.subject.keyword | 美中貿易戰,地緣政治危機,多國籍企業,資本市場,市場反應,公司治理, | zh_TW |
dc.subject.keyword | U.S.-China Trade Wars,Geopolitical Crises,Multinational Enterprises (MNEs),Capital Market,Market Reaction,Corporate Governance, | en |
dc.relation.page | 123 | - |
dc.identifier.doi | 10.6342/NTU202401187 | - |
dc.rights.note | 同意授權(全球公開) | - |
dc.date.accepted | 2024-06-17 | - |
dc.contributor.author-college | 管理學院 | - |
dc.contributor.author-dept | 會計學系 | - |
顯示於系所單位: | 會計學系 |
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