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dc.contributor.authorChen, Wei-Pengen_US
dc.contributor.authorChung, Huiminen_US
dc.contributor.authorHsu, Tsui-Lingen_US
dc.contributor.authorWu, Soushanen_US
dc.date.accessioned2014-12-08T15:19:54Z-
dc.date.available2014-12-08T15:19:54Z-
dc.date.issued2010-05-01en_US
dc.identifier.issn0964-8410en_US
dc.identifier.urihttp://dx.doi.org/10.1111/j.1467-8683.2010.00801.xen_US
dc.identifier.urihttp://hdl.handle.net/11536/14110-
dc.description.abstractManuscript Type: Empirical Research Question/Issue: We set out in this study to explore the overall impact of external financing needs on corporate governance and firm value, arguing that external financing needs have extremely important impacts on corporate governance, essentially because external financing can prove to be very costly, largely as a result of asymmetric information. Thus, we suggest that improvements in corporate governance of firms with external financing needs could help to reduce costs of outside equity financing. Research Findings/Insights: Our results reveal that it is in fact firm valuation that has an effect on governance practices, as opposed to the reverse, and that external financing needs appear to strengthen the influence of the quality of corporate governance practices on firm value. Theoretical/Academic Implications: The external forces considered in this study are product market competition, investment opportunities, and external financing needs, with particular emphasis being placed upon the impact of external financing needs, since this relates directly to outside shareholders. Given that poor corporate governance practices signal higher asymmetric information costs, and thus, lead to an increase in the costs of raising external capital, it is important to gain a comprehensive understanding of the impact of external financing needs on firm value and corporate governance. Practitioner/Policy Implications: Our results demonstrate the important implications that corporate governance practices have for those firms with a particularly strong need for external equity, and the fact that external financing needs provide incentives for firms to seek out ways of making improvements to the overall quality of their corporate governance practices.en_US
dc.language.isoen_USen_US
dc.subjectCorporate Governanceen_US
dc.subjectFirm Valueen_US
dc.subjectGovernance-Value Relationshipen_US
dc.subjectExternal Financing Needsen_US
dc.titleExternal Financing Needs, Corporate Governance, and Firm Valueen_US
dc.typeArticleen_US
dc.identifier.doi10.1111/j.1467-8683.2010.00801.xen_US
dc.identifier.journalCORPORATE GOVERNANCE-AN INTERNATIONAL REVIEWen_US
dc.citation.volume18en_US
dc.citation.issue3en_US
dc.citation.spage234en_US
dc.citation.epage249en_US
dc.contributor.department交大名義發表zh_TW
dc.contributor.departmentNational Chiao Tung Universityen_US
dc.identifier.wosnumberWOS:000278397400006-
dc.citation.woscount5-
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