| dc.description.abstract | This study mainly explores the impact of Taiwanese family businesses, Covid-19, corporate debt holdings and cash holdings on stock returns. In order to distinguish the difference before and after the outbreak of COVID-19, we take Taiwan listed companies from the first quarter of 2018 to the fourth quarter of 2021 as the research sample, and a total of 883 Taiwan listed companies, 14,128 observations, were used for empirical research and analysis. Empirical research results show that after the outbreak of Covid-19, stock market returns tend to rise, but overall family businesses do not affect the stock market trend. This study also analyzes the impact of corporate debt holdings and cash holdings on stock returns, and finds that after the outbreak of Covid-19, debt holdings of Taiwanese companies have a positive impact on stock returns, while cash holdings have a negative impact on stock returns. Further exploration of the relationship between family businesses and stock returns found that after the outbreak of Covid-19, the cash holdings of Taiwanese family businesses had a negative impact on stock returns, but the debt holdings of family businesses did not affect stock returns under the epidemic. It shows that different ownership structures of enterprises should have different policy considerations when facing financial risks. This research contributes to management practice, that is, in the face of major event crises, the capital structure and centralized family control of Taiwanese companies are one of the important factors that affect the stock return rate of enterprises. | en_US |