英文摘要 |
This study investigates the relationship among governmental change, firm’s value and capital structure of listed firms in Taiwan for the period 1998-2002. First, it utilizes one-way MANOVA to test the structure change of macroeconomic/financial status and domestic/international stock market performances during this period. Then, two-way MANOVA, two-way MANCOVA and two-sample t-test are used to examine the impact of governmental change and ITINIT industry effect on firm-specific variables. In addition, this paper also provides a multiple regression model to empirically explore factors associated with firm’s value and capital structure before and after governmental change. The results show that the domestic/international stock market performances and macroeconomic/financial status worsened after the governmental change. During this period, the IT firms’ financial safety increased, but their operating and stock performances declined considerably. The NIT firms’ financial, operating and stock performances all weakened considerably. Moreover, this study finds that the effects of domestic macroeconomic/financial status and stock market performance on firms’ value did increase after the governmental change; and the impacts of NIT firms are higher than on IT firms. |