The Asian financial crises in 1997 as well as the dishonest accounting records from some companies in the US made the world pay attention to the importance of corporate governance to protect the public investors. However, the stockholders often show a strong interest in how the stock price is affected. By using the Ohlson model, the study first proves that the higher the corporate book value and earnings per share and the BDI would positively increase the stock price of marine corporation, while an increase of fundamental interest rate would decrease the stock price. For corporate governance, this study evidenced that both the size of board and the internal directors does not mean the more the better, and that a large amount of them will negatively affect the stock price. While the board members and foreign fund investor possess more percentage of ownership interest, the higher stock price will result.
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