The Study of The Relationship between The Ownership Structure Composition of Board and Corporate Performance In The Agent Theoretic Framework

• Main Authors: Yan-Chen Liu, 劉宴辰
• Other Authors: Hsin-Fu Tasi
• Format: Others
• Language: zh-TW
• Published: 1993
• Online Access: http://ndltd.ncl.edu.tw/handle/63450729582237443298

碩士 === 淡江大學 === 管理科學研究所 === 81 === This paper examines the agent problem between shareholders and managers. This study challenges the nation from an empirical perspective using cross-sectional data of 123 companies for 1990 and 1991. The goal of this research is discover the relationship between ownership structure and composition of board and corporate performance. The research is taken mutiple regression analysis and one-way ANOVA as research methods. The results got from certisication are those: 1.The factors which affect ownership structure are economic environment,firm size, market monopolies,leverage ratio and firm''''s age. So th3 firm'''' optimal ownership structure depends on these factors. 2.There is positive relationship between the concertation of stock ownership and corporate performance,but the impact of diversified behavior is negative. So the results are consist- ent with the convergence of interest hypothesis. 3.We find that evidences report significant positive relation- ship between corporate performance and the fraction of equity owned by institutional investors exists. So the result is consistent with Pound''''s(1988) efficient monitoring hypothesis. 4.The relationships among firm size, R&D,advertisement,CEO and corporate performance are positive.