Empirical Studies of Agency Problem and Corporate Performance

• Main Authors: Ming-Chou Cheng, 鄭明州
• Other Authors: Hui-Fun Yu
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/69238902757838326898

碩士 === 清雲科技大學 === 國際企業管理研究所 === 98 === This thesis selected 133 Taiwan listed companies ever having financial crisis between 2000 and 2008 and the same amount normally operating ones with the similar assets scale and in the same industry in that time, compared with the former , and furthermore, investigated which one(s) of the selected six indicators- financial structure, liquidity ability, operational performance, profitability, cash flow and corporate governance- is or are more useful to predict the corporate performance regarding to(with) the agency problem (here we focused on whether the director of board and general manager was the same one) by Lagit regression analysis. We found that on the one hand, if the ownership and management was the same one, liquidity ability, profitability and cash flow were the more useful indicators to predict the corporate performance and creditors got more guarantee with increased interest coverage ratio; on the other hand, if the ownership and management was not the same one, financial structure, operational performance, profitability, cash flow and corporate governance were the more useful indicators to predict the corporate performance and the avoidance of changing accountants enhanced the ability of external control and corporate governance to improve corporate performance. Overall, the empirical value and management implications of the thesis are for agency problem, corporate governance, financial forecasting and corporate performance.