Lin, Feng-Li; Lin, Hai-Ling - In: Emerging Markets Finance and Trade 49 (2013) 1, pp. 68-81
Using a panel of 242 Taiwanese listed firms during a ten-year period (1997-2006), this study tests whether there is an optimal ratio of ownership ultimate control that maximizes firm value. This work adopts Tobin's <i>q</i> as the proxy for firm value and finds that cash flow rights less than 27.8...