The Relationship between Corporate Governance and Business Performance for Tourism Industry in Taiwan

• Main Authors: Lee,Yuehhan, 李約翰
• Other Authors: Chang,Chunpo
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/06058103587916819538

碩士 === 大葉大學 === 管理學院碩士在職專班 === 101 === The purpose of this paper is to examine the effect of Taiwan public trading tourism industry ownership structure, board characteristics and business performance from the perspective of corporate governance. In addition, we investigate the monitoring effect of institutional investors shareholding ratio, and the number of outside directors. The empirical results indicate as follows: first, managerial ownership has nonlinear relationship with business performance. While managerial ownership ratio is lower than 5%, managerial ownership is positively related to business performance and supported convergence-of-interest hypothesis. On the other hand, when the managerial ownership ratio is above 5%, managerial ownership is negatively related to business performance and supported entrenchment hypothesis Second, family ownership is positively related to business performance. Third, as core agency problem gets worse, business controlling right deviates from cash flow right, business performances would get poorer. Forth, when institutional investor’s shareholding ratio is positive related to business performance, it supports efficient monitoring hypothesis. Next, as the number of outside directors is more than half proportion, the ratio of outside directors has nonlinear relationship with business performance. The number of outside director is less than half; the ratio of outside directors is positively related to business performance. Reversely, the number of outside director is more than half; the ratio of outside directors is natively related to business performance. Last, the general manager of company is hold concurrently by the president will save operating cost and the business performance will arise.