| Summary: | 碩士 === 國立高雄大學 === 金融管理學系碩士班 === 100 === Using a sample of 156 firms listed on Taiwan Stock Exchange during the period of 2003-2010, this paper examines the corporate performance following an independent director’s resignation. Our results show that firms will experience an operating performance significantly inferior to their industry’s peers. In addition, we also find that governance mechanisms play a crucial role in determining corporate performance. To be specific, firms that have higher insider shareholdings, higher institutional shareholdings, receive an unqualified opinion, or do not switch their accountings firms will experience a better operating performance after a resignation of independent directors.
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