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研究生： 蔡孟芳
Tsai, Meng-Fang
論文名稱： 探討公司治理與委託書爭奪戰之間關係
The Relationship between Proxy Fight and Corporate Governance
指導教授： 張紹基
Chang, Shao-Chi
學位類別： 碩士
Master
系所名稱： 管理學院 - 企業管理學系
Department of Business Administration
論文出版年： 2007
畢業學年度： 95
語文別： 英文
論文頁數： 28
外文關鍵詞： Dissident, Announcement day, Proxy fight
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    • This paper analyzes a sample of firms experiencing proxy fights from 1988 to 2005. We compare the differences of financial and non-financial variables between the announcement day and the day after. AR on the announcement day and the day after are significant. EPS is the most important explanatory variable to announcement of AR. Finally, we find the performance of operating variables is also better than that before announcing. In our conclusion, proxy fight is really a good tool to monitor the incumbent management and it will change the seats of board to make the firm work effectively.

    TABLE OF CONTENTS Abstract I Table of Contents IV List of Tables V Chapter One Introduction 1 Chapter Two Literature Review 4 2.1 Inefficient management hypothesis 4 2.2 Prior research about stock price 5 2.3 Prior research about abnormal return 7 2.4 Prior research about top management turnover 8 2.5 Prior research about excess cash holding 8 Chapter Three Research Methodology 10 3.1 Sample collection 10 3.2 Definition of variables 12 3.3 Cumulative Abnormal Return 13 Chapter Four Empirical Evidence 15 4.1 Descriptive Statistic 15 4.2 Models of Regression 18 4.3 Models of Regression 20 Chapter Five Conclusion and Discussion 24 5.1 Conclusion 24 5.2 Discussion 25 References 27 LIST OF TABLES Table 3.1 Annual Occurrence of Proxy Fights 11 Table 4.1 Descriptive Statistics 15 Table 4.2 Abnormal Return 18 Table 4.3 Regression analysis on CARs (0, 1) 20 Table 4.4 Regression analysis on CARs (0, 1) 22

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