本研究使用印尼、馬來西亞、菲律賓、新加坡和泰國五個東南亞國家作為研究市場，探討從2007年到2016年間，不同類型的投資人持股對公司績效的影響。本研究分別對持股類型與同期和下一期的公司績效進行實證分析。結果顯示，各類持股在這五個國家的效果不完全一致。但普遍而言，各類持股在持有一年後對公司績效的影響程度增加了。東南亞五國的各類持股在同期對公司績效皆無顯著影響，而國外持股與英美法系持股經過一年後有助於提升公司的績效，其他類型的持股則無此效果。最後，本研究將五個樣本國家依據LLSV(1997) 提出的法源進行分類。迴歸結果顯示，國外持股無論是在英美法系國家或是大陸法系國家，皆能提升公司績效，而國內持股在英美法系國家也有助於提升公司表現，雖然其效果不及國外持股強，而國內投資人在大陸法系國家則無此結果。本研究的結果顯示，國外持股對提升東南亞公司績效扮演了重要的角色。;This paper explores the impact of different types of investors on the corporate performance. This paper focus on five Southeast Asian countries, including Indonesia, Malaysia, Philippines, Singapore, and Thailand, during the period of 2007 to 2016. The empirical study shows that the upshot of different types of ownership are different among those countries. In general, different types of holdings show no significant effect on corporate performance in the first year, however, the impact magnifies in the following year. Foreign holdings and english-law ownership shows significant positive effect on corporate performance in the following year, but other types of ownership have no such effect nonetheless. Finally, this study categorize those five countries into common-law countries and civil-law countries - citing the LLSV(1997). The results show that foreign ownership can indeed promote corporate performance in both english-law counties and civil-law countries. Domestic ownership in english-law countries exibit improvement in corporate performance, although its effect is less significant than foreign ownership. Meanwhile, civil-law countries do not have such result. The result demonstrates that foreign ownership, regardless of law affiliation, plays an important role in promoting corporate performance in Southeast Asia.
