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A Study of Factors Influencing Foreign Share Holdings in the Taiwan Semiconductor Industry

As the semiconductor industry grows globally, the ability to attract investments and capital from foreign institutions continues to become more competitive. This paper examines factors—including stock indexes, macroeconomic variables, and company financial statistics—that would influence the foreign investment ratio in the Taiwan semiconductor industry, based on panel data from 2004 to 2009. The major findings of this study are that three types of variables significantly influence a foreign institution's preference for firms in Taiwan. These findings could have important implications in decision making either for local investors who want to follow a foreign institution's investment strategy or for a firm's financial managers who want to draw a foreign institution's attention.