A Study of Relation between Diversification, Board Structure, and Firm Value

• Main Author: 蔡佩雯
• Other Authors: 林淑惠
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/02034127186522355662

碩士 === 國立彰化師範大學 === 商業教育學系 === 95 === This study investigates the relationship between diversification and board structure and it impacts on the firm value. The empirical results indicate that： (1)Firms that are only geography diversified have the smaller board size. (2)Firms that are both industry diversified and geography diversified have higher fraction of inside directors on the board. (3)The relationship between board size and Tobin’s Q is not significant. (4)For firms that are only diversified across geography areas, the firm value decreases with the board size. (5)The relationship between the fraction of inside directors and Tobin’s Q is negative. (6)For firms that are both industry diversified and geography diversified and firms that are only diversified across geography areas, the firm value increases with the fraction of inside directors.