The Impact of Corporate Governance Mechanism and Firm Characteristics on Firm Value Measurements,Financial Performance and Top Executive Turnover:The Examples of Electric,Electronic High-technical Industries in Taiwan

• Main Authors: Shing-Ching Peng, 彭獻慶
• Other Authors: Si-Name SHU
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/03070660492355232154

碩士 === 國立成功大學 === 企業管理學系碩博士班 === 92 === 　　In recent years, the effect of corporate governance has been received great attention and highly controversial. The aim of this study is to explore the impact of corporate governance mechanism and firm characteristics on top manager turnover, firm value and financial performance. The sample consists of 170 companies in listed and OTC electric, electronic and high-technical industries for 2000 through 2003, including optic-electron industry, pc device industry, semiconductor industry, computer circuit industry, network instrument industry, IC design industry, computer service industry, PCB industry, connector industry, and passive device industry. The dependent variables in the model include corporate value creation index (Tobin’s Q), financial performance indexes (such as ROE, ROA, EPS), and odd ration of top manager turnover. On the other hand, financial leverage, R&D expense, the number of diversified companies, and firm age (working years) are considered as control variables. Corporate governance variables include board size, percentage of outside directors, information disclosure, cash deviation, and manager’s stock ownership, etc. The methods of analysis include descriptive statistic analysis, principal component analysis, reliability and validity analysis, longitudinal section and cross section of pool regression, Logistic regression and Probit method are employed to examine top manager turnover/hit ratio, respectively. 　　The main results show that (1) For corporate governance variables to firm value and financial performance: CEO duality, management participation of the largest stockholder, managerial shareholding and board size have a positive effect on firm value and financial performance. Institutional shareholding is negatively related to firm value and financial performance.(2) For firm characteristics to firm value and financial performance: R&D expense has a positive effect on firm value and financial performance (EPS). Firm age and financial leverage ratio are negatively related to firm value and financial performance. (3) For corporate governance variables to top manager turnover: management participation of the largest stockholders, managerial shareholding and board size are negatively associated with top manager turnover. (4) For firm value and financial performance to top manager turnover: Firm value and financial performance (EPS) are positively related to top manager turnover. Besides, for firm characteristics to top manager turnover, financial leverage ratio has a positive relationship with top manager turnover.