Industrial heterogeneity, governance structure and firm value
研究了台湾上市公司中公司治理对企业价值的影响，发现不同行业间治理与价值的关系显著不同，且大股东持股起调节作用。
Abstract We examine the impact of corporate governance on firm value by using a unique research approach ‘sector‐wise analyses’ by employing a data set of listed firms in Taiwan. We investigate whether the unique dynamics of each industrial sector could differently affect internal corporate governance (CG) practice. In addition, we investigate the moderating effect of block ownership on the relationships between CG and firm value. Our results show that CG and firm value relationships significantly differ across industrial sectors and conclude that the CG model is not one‐size‐fits‐all for industrial sectors—while observed a significant impact of block ownership as a moderating variable.