目錄
摘要.	I
英文摘要.	II
目錄.	III
圖目錄.	VI
表目錄.	VII
第一章、緒論	1
1.1研究背景與動機	1
1.2研究目的	4
1.3研究流程	6
第二章、文獻探討	11
        2.1理論基礎	11
2.1.1代理理論（Agency Theory）	11
2.1.2訊號理論（Signaling Theory）	13
        2.2機構投資者的特點	14
2.2.1外資機構投資者	14
2.2.2投信機構投資者	15
2.2.3自營商	16
2.3董事會結構對機構持股的影響	18
2.4財務報表及其他變數對機構持股的影響	21
2.5董監事與經理人的親屬因素對機構持股的影響	22
第三章、研究方法.	25
3.1研究架構.	25
3.2資料來源.	26
        3.3研究變數.	26
3.4研究方法.	29
3.4.1模型設計	29
3.4.2多重共線性檢測	30
3.4.3異常值處理	30
3.4.4工具變數方法	31
3.4.5分析方法	31
第四章、實證結果與分析	34
4.1敘述統計分析	34
4.2親屬變數對機構投資者持股的影響	38
4.2.1親屬變數對外資機構持股的影響	39
4.2.2親屬變數對投信機構持股的影響	40
4.2.3親屬變數對自營商持股的影響	42
4.2.4親屬相關變數對機構投資者持股行為的影響分析	43
4.3分段期間分析結果	46
4.4敏感性分析	51
4.5假說驗證	54
第五章、研究結論與建議.	56
5.1研究結論.	56
5.2研究意涵.	58
5.3研究限制與建議.	61
參考文獻.	63
網路參考資料.	82
附錄.	83

圖目錄
圖1-1：研究流程圖.	10
圖3-1：研究架構圖.	25

表目錄

表2-1：機構投資者特點比較表	18
表3-1：各項變數及操作定義	28
表4-1：敘述統計分析 – 2014至2023年.	36
表4-2：敘述統計分析 – 2014至2018年.	37
表4-3：敘述統計分析 – 2019至2023年.	37
表4-4：多元迴歸及Petersen迴歸結果 – 2014至2023年	45
表4-5：多元迴歸及Petersen迴歸結果 – 2014年至2018年.	49
表4-6：多元迴歸及Petersen迴歸結果 – 2019年至2023年.	50
表4-7：多元迴歸及Petersen迴歸結果 – 未剔除極端值.	53

Abdullah, S. N., Ismail, K. N. I. K., & Nachum, L. (2016). Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets. Strategic Management Journal, 37(3), 466-476.
Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010). The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economic Literature, 48(1), 58-107.
Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-181.
Aguilera, R. V., & Cuervo-Cazurra, A. (2004). Codes of good governance worldwide: what is the trigger?. Organization Studies, 25(3), 415-443.
Aguilera, R. V., Desender, K. A., Lamy, M. L. P., & Lee, J. H. (2017). The governance impact of a changing investor landscape. Journal of International Business Studies, 48, 195-221.
Ajina, A., Lakhal, F., & Sougné, D. (2015). Institutional investors, information asymmetry and stock market liquidity in France. International Journal of Managerial Finance, 11(1), 44-59.
Al Nasser, Z. (2020). The effect of royal family members on the board on firm performance in Saudi Arabia. Journal of Accounting in Emerging Economies, 10(3), 487-518.
Albuquerque, R., Brandão-Marques, L., Ferreira, M. A., & Matos, P. (2019). International corporate governance spillovers: Evidence from cross-border mergers and acquisitions. Review of Financial Studies, 32(2), 738-770.
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469.
Aldridge, I. (2013). High-frequency trading: a practical guide to algorithmic strategies and trading systems (Vol. 604). John Wiley & Sons.
Aldridge, I., & Krawciw, S. (2017). Real-time risk: What investors should know about FinTech, high-frequency trading, and flash crashes. John Wiley & Sons.
Almeida, H. (2019). Is it time to get rid of earnings-per-share (EPS)?. Review of Corporate Finance Studies, 8(1), 174-206.
Alvarez, R., Jara, M., & Pombo, C. (2018). Do institutional blockholders influence corporate investment? Evidence from emerging markets. Journal of Corporate Finance, 53, 38-64.
Anderson, D. W., Melanson, S. J., & Maly, J. (2007). The evolution of corporate governance: power redistribution brings boards to life. Corporate Governance: An International Review, 15(5), 780-797.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. Journal of Finance, 58(3), 1301-1328.
Angrist, J. D., & Krueger, A. B. (2001). Instrumental variables and the search for identification: From supply and demand to natural experiments. Journal of Economic Perspectives, 15(4), 69-85.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277-297.
Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics, 50(2-3), 179-234.
Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2016). The global financial crisis, family control, and dividend policy. Financial Management, 45(2), 291-313.
Bae, K. H., Stulz, R. M., & Tan, H. (2008). Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts. Journal of Financial Economics, 88(3), 581-606.
Baker, M., Hoeyer, M. F., & Wurgler, J. (2020). Leverage and the beta anomaly. Journal of Financial and Quantitative Analysis, 55(5), 1491-1514.
Barberis, N., Shleifer, A., & Vishny, R. (1998). A model of investor sentiment. Journal of Financial Economics, 49(3), 307-343.
Barnett, V. (1994). Outliers in statistical data. John Wiley & Sons google schola, 2, 705-708.
Baysinger, B. D., & Butler, H. N. (2019). Corporate governance and the board of directors: Performance effects of changes in board composition. In Corporate Governance (pp. 215-238). Gower.
Bebchuk, L. A., Cohen, A., & Hirst, S. (2017). The agency problems of institutional investors. Journal of Economic Perspectives, 31(3), 89-112.
Bekaert, G., Harvey, C. R., & Lundblad, C. (2005). Does financial liberalization spur growth?. Journal of Financial Economics, 77(1), 3-55.
Bekaert, G., Harvey, C. R., & Lundblad, C. (2006). Growth volatility and financial liberalization. Journal of International Money and Finance, 25(3), 370-403.
Bekaert, G., Harvey, C. R., & Lundblad, C. (2007). Liquidity and expected returns: Lessons from emerging markets. Review of Financial Studies, 20(6), 1783-1831.
Bell, R. G., Filatotchev, I., & Rasheed, A. A. (2012). The liability of foreignness in capital markets: Sources and remedies. Journal of International Business Studies, 43, 107-122.
Bena, J., Ferreira, M. A., Matos, P., & Pires, P. (2017). Are foreign investors locusts? The long-term effects of foreign institutional ownership. Journal of Financial Economics, 126(1), 122-146.
Bennedsen, M., Nielsen, K. M., Pérez-González, F., & Wolfenzon, D. (2007). Inside the family firm: The role of families in succession decisions and performance. The Quarterly Journal of Economics, 122(2), 647-691.
Bhagat, S., & Bolton, B. (2019). Corporate governance and firm performance: The sequel. Journal of Corporate Finance, 58, 142-168.
Boivie, S., Withers, M. C., Graffin, S. D., & Corley, K. G. (2021). Corporate directors' implicit theories of the roles and duties of boards. Strategic Management Journal, 42(9), 1662-1695.
Bona-Sánchez, C., Pérez-Alemán, J., & Santana-Martín, D. J. (2011). Ultimate ownership and earnings conservatism. European Accounting Review, 20(1), 57-80.
Brandes, P., Dharwadkar, R., Ross, J. F., & Shi, L. (2022). Time is of the essence!: Retired independent directors’ contributions to board effectiveness. Journal of Business Ethics, 179(3), 767-793.
Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership structure: Separating the CEO and chairman of the board. Journal of Corporate Finance, 3(3), 189-220.
Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. Accounting Review, 305-333.
Campbell, J. Y., Giglio, S., & Polk, C. (2013). Hard times. Review of Asset Pricing Studies, 3(1), 95-132.
Caputo, F., Pizzi, S., Ligorio, L., & Leopizzi, R. (2021). Enhancing environmental information transparency through corporate social responsibility reporting regulation. Business Strategy and the Environment, 30(8), 3470-3484.
Cathcart, L., Dufour, A., Rossi, L., & Varotto, S. (2020). The differential impact of leverage on the default risk of small and large firms. Journal of Corporate Finance, 60, 101541.
Chen, C., Martin, X., Roychowdhury, S., Wang, X., & Billett, M. T. (2018). Clarity begins at home: Internal information asymmetry and external communication quality. Accounting Review, 93(1), 71-101.
Chen, M. J., & Miller, D. (2015). Reconceptualizing competitive dynamics: A multidimensional framework. Strategic Management Journal, 36(5), 758-775.
Chen, T., Harford, J., & Lin, C. (2015). Do analysts matter for governance? Evidence from natural experiments. Journal of Financial Economics, 115(2), 383-410.
Cheng, H., Huang, D., & Luo, Y. (2020). Corporate disclosure quality and institutional investors' holdings during market downturns∗. Journal of Corporate Finance, 60, 101523.
Chordia, T., Roll, R., & Subrahmanyam, A. (2000). Commonality in liquidity. Journal of Financial Economics, 56(1), 3-28.
Chung, C. N., & Zhu, H. (2021). Corporate governance dynamics of political tie formation in emerging economies: Business group affiliation, family ownership, and institutional transition. Corporate Governance: An International Review, 29(4), 381-401.
Chung, K. H., & Zhang, H. (2011). Corporate governance and institutional ownership. Journal of Financial and Quantitative Analysis, 46(1), 247-273. 
Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1-33.
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
Cohen, D. A., Dey, A., & Lys, T. Z. (2013). Corporate governance reform and executive incentives: Implications for investments and risk taking. Contemporary Accounting Research, 30(4), 1296-1332.
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., & Certo, S. T. (2010). Ownership as a form of corporate governance. Journal of Management Studies, 47(8), 1561-1589.
Cornett, M. M., Marcus, A. J., & Tehranian, H. (2008). Corporate governance and pay-for-performance: The impact of earnings management. Journal of Financial Economics, 87(2), 357-373.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155-1177.
Deo, P. (2016). Evaluating a cash flow statement. International Journal of Business, Accounting and Finance, 10(1), 22-43.
Din, S. U., Arshad Khan, M., Khan, M. J., & Khan, M. Y. (2022). Ownership structure and corporate financial performance in an emerging market: a dynamic panel data analysis. International Journal of Emerging Markets, 17(8), 1973-1997.
Dolata, U. (2009). Technological innovations and sectoral change: Transformative capacity, adaptability, patterns of change: An analytical framework. Research Policy, 38(6), 1066-1076.
Dong, J. Q., Karhade, P. P., Rai, A., & Xu, S. X. (2021). How firms make information technology investment decisions: Toward a behavioral agency theory. Journal of Management Information Systems, 38(1), 29-58.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
Edmans, A. (2009). Blockholder trading, market efficiency, and managerial myopia. Journal of Finance, 64(6), 2481-2513.
Edmans, A., Fang, V. W., & Zur, E. (2013). The effect of liquidity on governance. Review of Financial Studies, 26(6), 1443-1482.
Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. Corporate Governance: International Journal of Business in Society, 22(5), 1094-1111.
Erel, I. (2011). The effect of bank mergers on loan prices: Evidence from the United States. Review of Financial Studies, 24(4), 1068-1101.
Eun, C. S., Huang, W., & Lai, S. (2008). International diversification with large-and small-cap stocks. Journal of Financial and Quantitative Analysis, 43(2), 489-524.
Faccio, M., & Lang, L. H. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365-395.
Faccio, M., Lang, L. H. P., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54-78.
Faccio, M., Lang, L. H. P., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54-78.
Faccio, M., Lang, L. H., & Young, L. (2010). Pyramiding vs leverage in corporate groups: international evidence. Journal of International Business Studies, 41, 88-104.
Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3-56.
Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. Journal of Law and Economics, 26(2), 327-349.
Fama, E. F., & MacBeth, J. D. (1973). Risk, return, and equilibrium: Empirical tests. Journal of Political Economy, 81(3), 607-636.
Fauver, L., Houston, J. F., & Naranjo, A. (2004). Cross-country evidence on the value of corporate industrial and international diversification. Journal of Corporate Finance, 10(5), 729-752. 
Federo, R., Ponomareva, Y., Aguilera, R. V., Saz‐Carranza, A., & Losada, C. (2020). Bringing owners back on board: A review of the role of ownership type in board governance. Corporate Governance: An International Review, 28(6), 348-371. 
Federo, R., Saz-Carranza, A., & Esteve, M. (2020). Management and governance of intergovernmental organizations. Cambridge University Press.
Ferreira, M. A., & Matos, P. (2008). The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics, 88(3), 499-533.
Ferreira, M. A., Keswani, A., Miguel, A. F., & Ramos, S. B. (2013). The determinants of mutual fund performance: A cross-country study. Review of Finance, 17(2), 483-525.
Fisch, C., & Block, J. H. (2021). How does entrepreneurial failure change an entrepreneur's digital identity? Evidence from Twitter data. Journal of Business Venturing, 36(1), 106015.
Foerster, S., Tsagarelis, J., & Wang, G. (2017). Are cash flows better stock return predictors than profits?. Financial Analysts Journal, 73(1), 73-99.
Francis, J. R., Huang, S., Khurana, I. K., & Pereira, R. (2009). Does corporate transparency contribute to efficient resource allocation?. Journal of Accounting Research, 47(4), 943-989.
Froot, K. A., O’connell, P. G., & Seasholes, M. S. (2001). The portfolio flows of international investors. Journal of Financial Economics, 59(2), 151-193.
Fu, X., Kong, L., Tang, T., & Yan, X. (2020). Insider trading and shareholder investment horizons. Journal of Corporate Finance, 62, 101508.
García‐Sánchez, I. M., Rodríguez‐Ariza, L., Aibar‐Guzmán, B., & Aibar‐Guzmán, C. (2020). Do institutional investors drive corporate transparency regarding business contribution to the sustainable development goals?. Business Strategy and the Environment, 29(5), 2019-2036.
Garel, A., Petit-Romec, A., & Vander Vennet, R. (2022). Institutional shareholders and bank capital. Journal of Financial Intermediation, 50, 100960.
Gillan, S., & Starks, L. T. (2003). Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Weinberg Center for Corporate Governance Working Paper, (2003-01).
Goergen, M. (2018). Corporate governance: a global perspective. (No Title).
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118(1), 107-156.
Gujarati, D. N. (2009). Basic econometrics.
Gulen, H., & Mayhew, S. (2000). Stock index futures trading and volatility in international equity markets. Journal of Futures Markets: Futures, Options, and Other Derivative Products, 20(7), 661-685.
Gyamfi, B. A., Agozie, D. Q., & Bekun, F. V. (2022). Can technological innovation, foreign direct investment and natural resources ease some burden for the BRICS economies within current industrial era?. Technology in Society, 70, 102037.
Hasbrouck, J., & Saar, G. (2013). Low-latency trading. Journal of Financial Markets, 16(4), 646-679.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 1251-1271.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Hemmert, M., Cross, A. R., Cheng, Y., Kim, J. J., Kotosaka, M., Waldenberger, F., & Zheng, L. J. (2022). New venture entrepreneurship and context in East Asia: a systematic literature review. Asian Business & Management, 21(5), 831-865.
Hendershott, T., & Menkveld, A. J. (2014). Price pressures. Journal of Financial Economics, 114(3), 405-423.
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396.
Hoaglin, D. C., Iglewicz, B., & Tukey, J. W. (1986). Performance of some resistant rules for outlier labeling. Journal of the American Statistical Association, 81(396), 991-999.
Hu, C., Li, Y., & Zheng, X. (2022). Data assets, information uses, and operational efficiency. Applied Economics, 54(60), 6887-6900.
Hwang, A. L., Qiao, Y., & Ku, C. (2016). Pledge or not pledge? Shares owned by insiders pledged for collateral. International Journal of Management Theory and Practices, 17(1), 36-55.
Iliev, P., Kalodimos, J., & Lowry, M. (2021). Investors’ attention to corporate governance. Review of Financial Studies, 34(12), 5581-5628.
Ingley, C. B., & Van Der Walt, N. T. (2004). Corporate governance, institutional investors and conflicts of interest. Corporate Governance: An International Review, 12(4), 534-551.
Ioannidis, J. P. (2019). Why most published research findings are false. Chance, 32(1), 4-13.
Jain, T., & Jamali, D. (2016). Looking inside the black box: The effect of corporate governance on corporate social responsibility. Corporate Governance: An International Review, 24(3), 253-273.
Jensen, M. E., & Meckling, W. H. (1976) Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.
Jiang, F., & Kim, K. A. (2020). Corporate governance in China: A survey. Review of Finance, 24(4), 733-772.
Johnson, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2000). Tunneling. American Economic Review, 90(2), 22-27.
Jovanovic, B., & Menkveld, A. J. (2016). Middlemen in limit order markets. Available at SSRN 1624329.
Kacperczyk, M., Sundaresan, S., & Wang, T. (2018). Do foreign investors improve market efficiency?(No. w24765).
Kacperczyk, M., Sundaresan, S., & Wang, T. (2021). Do foreign institutional investors improve price efficiency?. Review of Financial Studies, 34(3), 1317-1367.
Kaczmarek, S., Kimino, S., & Pye, A. (2012). Antecedents of board composition: The role of nomination committees. Corporate Governance: An International Review, 20(5), 474-489.
Kallel, H., & Triki, M. (2024). Foreign ownership, bank efficiency and stability: Whether the institutional quality of countries is important?. International Journal of Finance & Economics, 29(1), 632-653.
Kamaluddin, A., Ishak, N., & Mohammed, N. F. (2019). Financial distress prediction through cash flow ratios analysis. International Journal of Financial Research, 10(3), 63-76.
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2019). Ownership structure, board of directors and firm performance: evidence from Taiwan. Corporate Governance: International Journal of Business in Society, 19(1), 189-216.
Kavadis, N., & Thomsen, S. (2023). Sustainable corporate governance: A review of research on long‐term corporate ownership and sustainability. Corporate Governance: An International Review, 31(1), 198-226.
Kennedy, P. (2008). A guide to econometrics. John Wiley & Sons.
Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. Accounting Review, 91(6), 1697-1724.
Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary Accounting Research, 33(1), 412-441.
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?. Accounting Review, 87(3), 761-796.   
Kirilenko, A., Kyle, A. S., Samadi, M., & Tuzun, T. (2017). The flash crash: High‐frequency trading in an electronic market. Journal of Finance, 72(3), 967-998.
Kutner, M. H., Nachtsheim, C. J., Neter, J., & Li, W. (2005). Applied linear statistical models. McGraw-hill.
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471-517.
Landi, G. C., Iandolo, F., Renzi, A., & Rey, A. (2022). Embedding sustainability in risk management: The impact of environmental, social, and governance ratings on corporate financial risk. Corporate Social Responsibility and Environmental Management, 29(4), 1096-1107.
Le, T. T., & Behl, A. (2022). Role of corporate governance in quick response to Covid-19 to improve SMEs’ performance: evidence from an emerging market. Operations Management Research, 15(1), 528-550.
Leys, C., Ley, C., Klein, O., Bernard, P., & Licata, L. (2013). Detecting outliers: Do not use standard deviation around the mean, use absolute deviation around the median. Journal of Experimental Social Psychology, 49(4), 764-766.
Li, S., & Filer, L. (2007). The effects of the governance environment on the choice of investment mode and the strategic implications. Journal of World Business, 42(1), 80-98.
Liang, H., & Renneboog, L. (2017). On the foundations of corporate social responsibility. Journal of Finance, 72(2), 853-910.
Lin, C., Ma, Y., Malatesta, P., & Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics, 100(1), 1-23.
Linck, J. S., Netter, J. M., & Yang, T. (2008). The determinants of board structure. Journal of Financial Economics, 87(2), 308-328.
Lins, K. V., Servaes, H., & Tufano, P. (2010). What drives corporate liquidity? An international survey of cash holdings and lines of credit. Journal of Financial Economics, 98(1), 160-176.
Lu, S. L., & Li, Y. H. (2019). Effect of corporate governance on institutional investors’ preferences: An empirical investigation in Taiwan. Journal of Risk and Financial Management, 12(1), 32.
Martínez, J. I., Stöhr, B. S., & Quiroga, B. F. (2007). Family ownership and firm performance: Evidence from public companies in Chile. Family Business Review, 20(2), 83-94.
Millar, C. C., Eldomiaty, T. I., Choi, C. J., & Hilton, B. (2005). Corporate governance and institutional transparency in emerging markets. Journal of Business Ethics, 59, 163-174.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261-297.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Moss, T. W., Neubaum, D. O., & Meyskens, M. (2015). The effect of virtuous and entrepreneurial orientations on microfinance lending and repayment: A signaling theory perspective. Entrepreneurship Theory and Practice, 39(1), 27-52.
Nagel, S. (2012). Evaporating liquidity. Review of Financial Studies, 25(7), 2005-2039.
Nguyen, H., Calantone, R., & Krishnan, R. (2020). Influence of social media emotional word of mouth on institutional investors’ decisions and firm value. Management Science, 66(2), 887-910.
Nguyen, P., Rahman, N., & Zhao, R. (2018). CEO characteristics and firm valuation: a quantile regression analysis. Journal of Management & Governance, 22, 133-151.
Nguyen, T., Locke, S., & Reddy, K. (2015). Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter?. International Review of Financial Analysis, 41, 148-161.
Nugrahanti, Y. W., Sutrisno, T., Rahman, A. F., & Mardiati, E. (2020). Do firm characteristics, political connection and corporate governance mechanism affect financial distress?(Evidence from Indonesia). International Journal of Trade and Global Markets, 13(2), 220-250.
OECD. (2022). The impact of electronic industry on global economic growth. OECD Economic Studies, 49(2), 15-32.
Oikonomou, I., Yin, C., & Zhao, L. (2020). Investment horizon and corporate social performance: the virtuous circle of long-term institutional ownership and responsible firm conduct. European Journal of Finance, 26(1), 14-40.
Ormiston, J., Charlton, K., Donald, M. S., & Seymour, R. G. (2015). Overcoming the challenges of impact investing: Insights from leading investors. Journal of Social Entrepreneurship, 6(3), 352-378.
Park, J., & Kang, J. (2021). The impact of corporate governance on institutional investors' stock selection: Evidence from emerging markets. Journal of Business Research, 128, 39-50.
Patin, J. C., Rahman, M., & Mustafa, M. (2020). Impact of total asset turnover ratios on equity returns: Dynamic panel data analyses. Journal of Accounting, Business and Management, 27(1), 19-29.
Peng, M. W., & Jiang, Y. (2010). Institutions behind family ownership and control in large firms. Journal of Management Studies, 47(2), 253-273.
Petersen, M. A. (2008). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435-480.
Premuroso, R. F., & Bhattacharya, S. (2007). Is there a relationship between firm performance, corporate governance, and a firm's decision to form a technology committee?. Corporate Governance: An International Review, 15(6), 1260-1276.
Prowse, S. D. (1990). Institutional investment patterns and corporate financial behavior in the United States and Japan. Journal of Financial Economics, 27(1), 43-66.
Rajan, R., & Zingales, L. (1996). Financial dependence and growth.
Rees, W., & Rodionova, T. (2015). The influence of family ownership on corporate social responsibility: An international analysis of publicly listed companies. Corporate Governance: An International Review, 23(3), 184-202.
Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance1. In Handbook of the Economics of Finance (Vol. 2, pp. 493-572). Elsevier.
Rosenstein, S., & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191.
Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. Bell Journal of Economics, 23-40.
Rousseeuw, P. J., & Leroy, A. M. (2005). Robust regression and outlier detection. John wiley & sons.
Saltelli, A., Tarantola, S., Campolongo, F., & Ratto, M. (2004). Sensitivity analysis in practice: a guide to assessing scientific models (Vol. 1). New York: Wiley.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737-783.
Stock, J. H., & Watson, M. W. (2020). Introduction to econometrics. Pearson.
Van Mieghem, J. A. (2007). Risk mitigation in newsvendor networks: Resource diversification, flexibility, sharing, and hedging. Management Science, 53(8), 1269-1288.
Vasudeva, G., Nachum, L., & Say, G. D. (2018). A signaling theory of institutional activism: How Norway’s sovereign wealth fund investments affect firms’ foreign acquisitions. Academy of Management Journal, 61(4), 1583-1611.
Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180.
Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value?. Journal of Financial Economics, 80(2), 385-417.
Wheeler, D. J. (1993). Understanding variation. The Key to Managing Chaos, 1993.
Wilcox, R. R. (2011). Introduction to robust estimation and hypothesis testing. Academic press.
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
Wu, R. S. (2012). Does corporate governance quality lend credibility to open‐market share repurchase announcements?. Corporate Governance: An International Review, 20(5), 490-508.
Yadav, I. S., Pahi, D., & Gangakhedkar, R. (2022). The nexus between firm size, growth and profitability: new panel data evidence from Asia–Pacific markets. European Journal of Management and Business Economics, 31(1), 115-140.
Yeh, Y. H., & Woidtke, T. (2005). Commitment or entrenchment?: Controlling shareholders and board composition. Journal of Banking & Finance, 29(7), 1857-1885.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
Yu, M. (2023). CEO duality and firm performance: A systematic review and research agenda. European Management Review, 20(2), 346-358.
Yuan, R., Xiao, J. Z., & Zou, H. (2008). Mutual funds’ ownership and firm performance: Evidence from China. Journal of Banking & Finance, 32(8), 1552-1565.
Zhang, R., & Rezaee, Z. (2009). Do credible firms perform better in emerging markets? Evidence from China. Journal of Business Ethics, 90, 221-237.
Zhang, Z. (2016). Missing data imputation: focusing on single imputation. Annals of Translational Medicine, 4(1).
Zhou, J., Li, W., Yan, Z., & Lyu, H. (2021). Controlling shareholder share pledging and stock price crash risk: Evidence from China. International Review of Financial Analysis, 77, 101839.