CORPORATE GOVERNANCE, CUSTOMER AWARENESS, AND FIRM VALUE: EVIDENCE FROM TWSE CG 100 INDEX

Hsin-Hue Chang ； Joyce Hsieh

《Advances in Investment Analysis and Portfolio Management》 9期 (2019/12) Pp. 175-216

https://doi.org/10.6291/AIAPM.201912_9.0007

摘要

In this study, we use TWSE CG 100 Index, a corporate governance index launched by Taiwan Securities Exchange (TWSE) in 2015, to examine the connection between corporate governance and firm value. The empirical sample consists of 1,401 firm-year observations, spanning the period from 2015 to 2017. Our findings indicate that the CG 100 Index constituents have higher firm value than those not. In addition, the moderating analysis finds that the CG 100 Index constituents with higher customer awareness measured by marketing intensity are significantly and positively associated with firm value. This implies that a firm's CG performance can further enhance the firm's value through the customer channel, and several robust results provide evidence to support the main results.

關鍵字

Corporate Governance ； Customer Awareness ； Firm Value ； TWSE CG 100 Index

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