The Relationships of Corporate Governance and Financial Indexes to Corporate Operational Performance – Using IC Industry as an Example

• Main Authors: Chuang, Shu-Hui, 莊淑蕙
• Other Authors: Goo, Yeong-Jia
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/k234np

碩士 === 國立臺北大學 === 企業管理學系 === 101 === This study investigates the relationships of corporate governance and financial indexes to financial performance of IC Industry using observed financial data between 2001 to the 2011. In this study, the business performances were divided into Earnings Per Share (EPS), Return on Assets (ROA) and Return on Equity (ROE). Using corporate governance and financial indexes as independent variables, and EPS, ROA and ROE as dependent variables, degree of collinearity were first checked and then factor analysis were used to develop constructs. At the same time, stepwise regression was used to screen variables in order to develop construct and variable combinations that can best analyze business performances. Finally, the factors and variables with the most significant impact were sorted in the order of importance. The results of the analyses are as follows: 1.After checking the IC manufacturing corporate governance indicators, there is a positive significant impact between the shares held by government, board of directors and business performances. Also such impact showed a non-linear inverted U shape. In addition, the holdings of foreign financial institutions and three performance indicators of IC Manufacturing showed positive significant impacts. However the other corporate governance indicators did not show any positive significant impacts with the three performance indicators. 2.Profitability ability, liquidity and long-term stability ability were all significant of three performance indicators. Also the long-term stability ability showed an inverted U nonlinear relationship. In addition, cash flow ratio, the revenue growth ratio and the debt ratio also have positive significant impact with the three performance indicators. 3.CEO duality, liquidity and long-term stability ability show most significant impact on the EPS of IC manufacturing industries and long-term stability ability shows significant impact on the ROA and the ROE. The ROA, the national government and major shareholders showed inverted U-shaped nonlinear relationship. Foreign natural person, supervisors’ holdings and the ROE also showed an inverted U-shaped non-linear impact.