| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 96 === In recent years, there has been a dramatic proliferation of research concerned with corporate governance such as the board, the ownership structure, earnings management, regulations and so on. These studies use the mechanism of corporate governance to improve firm’s performance. However few studies explore how the relevance of governance factor and firm performance depends on the different operating phase. From the perspective of firm life cycle, firm characteristics vary with different life cycle stages. An optimal set of corporate governance structure might work for a firm, but not for the other, because it is not adopting one optimal structure to impose on all firms since the firm’s attributes is different. Furthermore, based on the principle of costs and benefits, it will incur large costs to firms if firm put every governance factor to work. If the firm can find the advantageous factors to strengthen, rather than input resource to the all factors, it could yield twice the result with half the effort.
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