Association among Independent Directors (Supervisors), Corporate information transparency and Firm value.
碩士 === 國立彰化師範大學 === 會計學系 === 92 === After Enron scandal, issues on corporate governance are gradually getting more and more attention. Introducing independent directors (supervisors) and enhancing corporate information transparency have become two imperative topics. In this study, two objectives are...
| Main Authors: | , |
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2004
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| Online Access: | http://ndltd.ncl.edu.tw/handle/dx44nh |
| Summary: | 碩士 === 國立彰化師範大學 === 會計學系 === 92 === After Enron scandal, issues on corporate governance are gradually getting more and more attention. Introducing independent directors (supervisors) and enhancing corporate information transparency have become two imperative topics. In this study, two objectives are raised: (1) to examine the effect of independent directors and independent supervisors on corporate information transparency; (2) to examine the effect of independent directors (supervisors) and corporate information transparency on firm value. The data was gathered from those firms listed on Stock Exchange of Taiwan in 2002. After deleting the omitted data, our final sample consists 553 observations. Ordinary Least Squares (OLS), path analysis and t test as well as M-W test are used to analyze our data sets. The results indicate that independent directors and independent supervisors indeed facilitate firms to enhance information transparency. It also shows that both the independent directors and the corporate information transparency are significantly relevant to firm value. The other finding is the proportion of independent directors has the most impact on the firm value. Although independent supervisors don’t have any direct impact on the firm value, they can increase firm value indirectly by their positive impact on their corporate information transparency.
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