The Influence of Corporate Governance on Operation Performance-Empirical Study of Taiwan 50 Composite Index

• Main Authors: Cheng-Yi Chen, 陳政誼
• Other Authors: Tzu-kuang Hsu
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/62914931617021425423

碩士 === 中華大學 === 企業管理學系碩士班 === 101 === This study to investigate the relationship between the corporate government and the financial performance. The object of study are the 50 constituent stocks of companies in Taiwan, during the study period from 2002 to 2011, taken from the Taiwan Economic Journal database research. The method we use is the multiple regression analysis. Taiwan 50 composite Index divided into traditional industries, the electronics industry and the financial industry, and compare there differences. The results show that , In traditional industries,the relationship between shares of the directors and supervisors and operating performance has the nonlinear type. The relation between shares of managers and business performance is not significant, the relationship between major shareholders and operating performance has a significantly positive correlation,the relation between directors and supervisors proportion of pledged shares and business performance has the nonlinear type.The relation between the size of the board and business performance is not significant,the relationship between the number of independent directors and operating performance has the nonlinear type,the relationship between the number of monitoring and operating performance has the nonlinear type,the relation between the age of list and business performance is not significant. In the financial industry,the relationship between shares of the directors and supervisors and operating performance is not significant, the relation between shares of managers and business performance is not significant, the relationship between major shareholders and operating performance has a significantly negative correlation.the relation between directors and supervisors proportion of pledged shares and business performance has the nonlinear type,the relation between the size of the board and business performance is not significant,the relationship between the number of independent directors and operating performance is not significant,the relationship between the number of monitoring and operating performance is not significant,the relationship between audit committee and operating performance is not significant,the relation between the age of list and business performance has a significantly positive correlation. In the electronics industry,the relationship between shares of the directors and supervisors and operating performance has the nonlinear type, the relation between shares of managers and business performance is not significant, the relationship between major shareholders and operating performance is not significant.the relation between directors and supervisors proportion of pledged shares and business performance has a significantly negative correlation,the relation between the size of the board and business performance has a significantly negative correlation,the relationship between the number of independent directors and operating performance has the nonlinear type,the relationship between the number of monitoring and operating performance has the nonlinear type,the relationship between audit committee and operating performance has a significantly positive correlation,the relation between the age of list and business performance has a significantly positive correlation.