Shares of companies that have good corporate governance records tend to post higher gains, said Taiwan Index Plus Corp (TIP, 台灣指數公司), a wholly owned subsidiary of the Taiwan Stock Exchange (TWSE).
TIP, which compiles and manages TWSE indices, said that with the benchmark TAIEX closing at a high for this year of 9,385.65 on Tuesday, the TWSE Corporate Governance 100 Index ended at a record high of 5,321.72.
The TWSE CG 100 Index was launched on June 29 last year. The index is comprised of 100 stocks that scored among the top 20 percent in the exchange’s corporate governance evaluation system.
As of Tuesday, the TWSE CG 100 Index has gained 19.8 percent this year, outperforming the TAIEX, which has risen 15.42 percent, indicating that the TWSE CG 100 Index has strong constituents chosen through a sound selection mechanism, TIP said.
In addition to good corporate governance records, the TWSE CG 100 Index has two additional criteria — liquidity and financial health, which take into account a company’s book value, net profits and revenue growth, TIP said.
The TWSE CG 100 Index rose 12.91 percent in the previous 240 trading sessions, 14.88 percent in the previous 120 trading sessions, and 4.38 percent in the previous 60 trading sessions, beating the TAIEX’s gains of 8.95 percent, 13.16 percent and 3.40 percent respectively over the three-month period.
Another TIP index, the TIP TAIEX+ Dividend Appreciation 150 Index, has also outperformed the TAIEX since it was launched on July 8 last year.
On Tuesday, the TIP TAIEX+ Dividend Appreciation 150 Index closed at 5,450.58, the highest since its launch, having gained 9.01 percent since July 8, compared with a 6.81 percent increase recorded on the broader market.
The TIP TAIEX+ Dividend Appreciation 150 Index is comprised of 150 stocks that pay high cash dividends based on their good profitability, TIP said, adding that the index has become one of the favorites of institutional investors seeking stable returns.
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