The Relation Between Ownership Structure And Firm Performance

• Main Authors: Wei, Ting-Yu, 魏廷羽
• Other Authors: 詹乾隆
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/87789924345600611185

碩士 === 東吳大學 === 會計學系 === 102 === The main objective of corporate governance is to establish appropriate internal and external mechanisms in a company in order to protect the capital providers’ (shareholders, creditors and various stakeholders) interests, enhance firm performance and create value accordingly. As the Board is the core of corporate governance, this study aimed to explore the relation between ownership structure (including directors' shareholding and independent director and supervisor system) and firm performance of Taiwan listed companies in order to understand whether ownership structure is relevant to business value or not. In the past, studies rarely discussed empirical results based on industry, this study take electronics industry and non-electronics industry as comparison to explore empirical results’ similarities and differences. The empirical results indicate that regardless of electronics industry or non-electronics industry, directors 'shareholding ratio and firm performance showed a positive correlation, indicating that directors 'shareholding ratio is higher, and firm performance will be better which supports convergence-of-interest hypothesis. Second, regardless of electronics industry or non-electronics industry, independent director and supervisor ratio and firm performance showed a positive correlation with significant level, indicating that independent director and supervisor ratio is higher, and firm performance will be better.