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URN etd-0811109-144149 Statistics This thesis had been viewed 3208 times. Download 1623 times. Author Jr-Ruei Shie Author's Email Address No Public. Department Management Business Administration Year 2008 Semester 2 Degree Master Type of Document Master's Thesis Language Chinese&English Page Count 91 Title The Relationship between Institutional Ownership and Capital Structure: Evidence from Taiwan’s Stock Market Keyword Ownership structure Institutional investors Capital structure Capital structure Institutional investors Ownership structure Abstract This article aims to investigate the relationship between the number of shares owned by shareholders and the company’s capital structure. In addition, how company characteristics influence capital and ownership structure of invested company is discussed as well. Subjects were 580 listed companies in Taiwan’s stock market, and the duration was from Jan 1st, 2003 to Dec 31st, 2007. This research adopted empirical study employing regression model proposed by Pooled and Panel. Two stage least squares is also applied to simultaneous model solution in order to examine the consistency among research results. Results show that the number of shares owned by institutional ownership is positively correlated with the size of a company and significantly negatively correlated with debt ratio, dividends payout ratios and profitability. Results suggest that institutional owners prefer big companies with lower debt and payout ratio than small companies with higher profitability and payout ratio. Judging from the capital structure of listed companies in Taiwan, big company with lower liquidity ratio and profitability can sustain high growth rate with fixed asset mortgaged for debts. However, smaller companies with higher liquidity ratio and profitability prefer using internal capital for investments. Advisor Committee Ming-Feng Hsu - advisor
none - co-chair
none - co-chair
Files Date of Defense 2009-07-08 Date of Submission 2009-08-14