Investor reactions to joint venture announcements.
This study examines the impact that the presence of a family’s founder and governance variables such as duality, proportion of independent directors, independent director equity ownership and proportion of institutional ownership have on investors’ reactions towards joint venture announcements by pu...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2011
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/43937 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | This study examines the impact that the presence of a family’s founder and governance variables such as duality, proportion of independent directors, independent director equity ownership and proportion of institutional ownership have on investors’ reactions towards joint venture announcements by publicly-listed firms in Singapore. Based on a sample of 112 firms listed on the Singapore Exchange (SGX), our results provide evidence of a linear relationship between governance variables and stock market reactions toward joint venture announcements. Specifically, governance variables such as founder presence, duality, proportion of independent directors on the board as well as proportion of institutional ownership have significant effects on stock market reactions. Also, the interaction of some governance variables with founder presence is found to have a significant effect on investor reactions to joint venture announcements. |
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