The Empirical Study of Corporate Governance Mechanism－Deviation Right, Components of Board of Directors and Structure of Share on Corporate Performance and Variability of Performance

• Main Authors: Chih Han, Wang, 王志翰
• Other Authors: Hou, Ou-Yang
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/37vgkn

碩士 === 崑山科技大學 === 企業管理研究所 === 97 === The economic recession initiated by global subprime loan crisis since 2007, highlighted the importance of corporate governance mechanism once again. This study’s purpose is to discussed the key determinants on corporate performance and standard deviation of corporate performance, and dynamically investigates the impacts of three dimension of corporate governance－control shareholder''s seat proportion in board of directors （or voting rights, cash flow right）, the deviation between voting right and cash flow right （deviation between control shareholder''s seat proportion in board of directors and cash flow right, or voting right）, the components of board of directors and structure of share on corporate performance and standard deviationv of corporate performance of listed companies in Taiwan. This study adopts listed companies to be research samples during 1996 to 2007 in Taiwan, which include 15,889 companies. The main findings are as follows: the percentage of directors and supervisors shareholding（DS_SHARE）and firm’s size （SIZE）have significantly negative effect on standard deviation of return on total assets（STD_ROA）, stock return（STD_RET） and Tobin’Q（STD_Tobin’s Q）. Size of board of directors（BOD_SIZE）and percentage of managers’ shareholdings（M_SHARE） have significantly negative effect on standard deviation of return on total assets and stock return. While chairman is also CEO（DUAL）, percentage of pledging of directors and supervisors（PLEDGE）, and debt ratio（DR） have significantly positive effect on standard deviation of return on total assets, stock return and Tobins’s Q. The control variables, such as proportion of research and development（RD）and have significantly positive effect on standard deviation of return on total assets and stock return.