203 /304
203
臺大管理論叢
第
28
卷第
1
期
Variable
Definition
Source
Control Divergence:
Divergence
between cash flow
rights and voting
rights (
Diverge
)
The difference between the ultimate owner’s cash flow
rights and voting rights, which equals one minus (cash
flow rights/voting rights). Voting rights are measured as
the largest owner’s ultimate control rights using the 50%
cutoff rule.
Claessens et al.
(2000), Faccio
and Lang (2002)
Controls:
Cash Flow Rights
(
Own
)
The percentage of the largest owner’s ultimate cash flow
rights using the 50% cutoff rule.
Claessens et al.
(2000), Faccio
and Lang (2002)
Growth Rate (
G
)
The rank decile for the average annual sales growth rate
of each firm over the past 5 years.
WorldScope
Firm Size (
Size
)
The natural logarithm of total assets in U.S. dollars at the
end of the year.
WorldScope
Leverage
(
Leverage
)
Total liability divided by total assets at the end of the year. WorldScope
GNP per Capita
(
Ln(GNP)
)
The natural logarithm of gross national product per capita
in constant 1994 dollars.
La Porta et al.
(1998)
Legal Reserve
(
LRes
)
The minimum percentage of total share capital that is
mandated by corporate law to avoid the dissolution of an
existing firm.
La Porta et al.
(1998)
Dividend Tax
Advantage (
Dta
)
The ratio of the value to an outside investor of US$1
distributed as dividend income to the value of US$1
received in the form of capital gains when kept inside the
firm as retained earnings.
La Porta et al.
(2000)