Investor Sentiment and Governance Mechanisms

Governance mechanisms include earnings management, ownership structure, and board characteristics. Under information transparency, the corporate governance reflected investor sentiment is worthy of further discussion. The purpose of this study discusses the impact of Governance mechanisms on investor sentiment. Based on the annual data of listed companies from 2008 to 2017, multiple linear regression analysis was used to observe the impact of Governance mechanisms on investor sentiment.

[1]  Investor Sentiment and Corporate Disclosure , 2008 .

[2]  Malcolm P. Baker,et al.  Investor Sentiment and the Cross-Section of Stock Returns , 2003 .

[3]  Edward M. Saunders.  Stock Prices and Wall Street Weather , 1993 .

[4]  Belen Villalonga,et al.  Ownership Structure and Corporate Performance , 2001 .

[5]  Edwin J. Elton,et al.  Do Investors Care About Sentiment , 1998 .

[6]  Marcus Wagner,et al.  The Effect of Family Ownership on Different Dimensions of Corporate Social Responsibility: Evidence from Large US Firms , 2011 .

[7]  A. Kyle,et al.  Smart Money, Noise Trading and Stock Price Behavior , 1988 .

[8]  Ronald K. Mitchell,et al.  Stakeholder Agency and Social Welfare: Pluralism and Decision Making in the Multi-Objective Corporation , 2016 .

[9]  Joern H. Block,et al.  The Effect of Family Ownership on Different Dimensions of Corporate Social Responsibility: Evidence from Large US Firms: Effect of Family Ownership on Corporate Social Responsibility , 2014 .

[10]  Larry H. P. Lang,et al.  The Separation of Ownership and Control in East Asian Corporations , 1999 .

[11]  L. Summers,et al.  Noise Trader Risk in Financial Markets , 1990, Journal of Political Economy.

[12]  Michael Lemmon,et al.  Consumer Confidence and Asset Prices: Some Empirical Evidence , 2002 .

[13]  J. McGuire,et al.  All in the family? Social performance and corporate governance in the family firm , 2012 .

[14]  S. Heston,et al.  News Versus Sentiment: Predicting Stock Returns from News Stories , 2015 .

[15]  G. Gemmill,et al.  Does Governance Affect the Performance of Closed-End Funds? , 2004 .

[16]  Yen-Sheng Huang,et al.  The size anomaly on the Taiwan Stock Exchange , 1997 .

[17]  E. Fama.  EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* , 1970 .

[18]  Josef Lakonishok,et al.  The Weekend Effect: Trading Patterns of Individual and Institutional Investors , 1990 .

[19]  L. Gómez-Mejia,et al.  Socioemotional Wealth and Corporate Responses to Institutional Pressures: Do Family-Controlled Firms Pollute Less? , 2010 .

[20]  Multifactor Asset Pricing Analysis of International Value Investment Strategies , 1998 .

[21]  R. Ford,et al.  Managing Service Organizations: Does Having a “Thing” Make a Difference? , 2002 .

[22]  D. Hirshleifer,et al.  Good Day Sunshine: Stock Returns and the Weather , 2001 .

[23]  D. Ikenberry,et al.  The Individual Investor and the Weekend Effect , 1994, Journal of Financial and Quantitative Analysis.

[24]  Dawn A. Matsumoto,et al.  Management's Incentives to Avoid Negative Earnings Surprises , 2002 .

[25]  Hidekazu Sone,et al.  The Effects of CSR Announcement on Long-Life Business , 2017, IMIS.

[26]  M. Statman.  Investor Sentiment, Stock Characteristics, andReturns , 2011, The Journal of Portfolio Management.

[27]  E. Fama,et al.  The Cross‐Section of Expected Stock Returns , 1992 .

[28]  R. C. Merton,et al.  AN INTERTEMPORAL CAPITAL ASSET PRICING MODEL , 1973 .

[29]  Paul Hribar,et al.  Investor Sentiment and Analysts' Earnings Forecast Errors , 2012, Manag. Sci..

[30]  Hidekazu Sone,et al.  Asset Structure of Long-Lived Company , 2018, IMIS.

[31]  Hidekazu Sone,et al.  Do Institutional Investors like Local Longevity Companies? , 2019, IMIS.

[32]  E. Fama,et al.  Risk, Return, and Equilibrium: Empirical Tests , 1973, Journal of Political Economy.