Effect of share collateralization by directors/supervisors on control rights, risk, and performance: application to the Taiwan market
Bibliographic record
Abstract
Share collateral is a popular and no restriction process in many capital markets. The directors/supervisors can pledge their shares as collateral to the lender for funding in capital markets. There are many purposes for directors/supervisors to collateral their shares, such as the demand for liquidity. Thus, this study investigates the effect of share collateralization by directors/supervisors in Taiwan. Further, this study explores the effect of directors'/supervisors' actual shareholdings. The sample is divided into two classes, conventional and nonconventional industries, and the sample period spans 11 years, from 2003 to 2013. The panel data regression model is used to determine whether the hypothesis of this paper is supported. The empirical results show that an increase in shares collateralized by directors/supervisors resulted in the widening of deviation between cash flow rights and ownership control rights. However, an increase in shares collateralized by directors/supervisors would not result in the widening of deviation between cash flow rights and board control seat rights. Further, the higher the ratio of director/supervisor share collateralization, the greater firm's risk. Finally, directors’/supervisors’ actual shareholdings have a positive correlation on performance.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.002 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".