| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 96 === There are many researches of investigating the relationship between board of director and firm performance in Taiwan. However, forecasting the performance by board of director is improper because there are no direct evidences and relationship between inputs (board of director) and outputs (firm performance). Top management team (TMT) links organization and environment. According to the demand of external technique and environment, they make proper decisions to response them. Therefore, TMT is an important factor about organizational outcome and we expect that attributes of TMT are related to firm value. The sample used in this paper includes 518 companies of high-tech industry in Taiwan from 2005 to 2006. This research investigates the composition of TMT and explores the relationship between TMT and firm value. The study also takes asset growth ratio and institutional investor ownership as control variables under consideration. According to the regression analysis, this thesis indicates average educational level, educational specialty heterogeneity, and shareholdings of TMT have significant effect on firm values; educational level heterogeneity and foreign education ratio of top management are not statistically significant effect on the firm values.
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