The Relationship between Corporate Governance, Internal Contrrol Weaknesses and Performance-The Case of Taiwan’s Listed Companies

• Main Authors: Yi-yun Liu, 劉易昀
• Other Authors: Huang,Pei-how
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/cvwr4j

碩士 === 國立中山大學 === 企業管理學系研究所 === 102 === The study samples are totally 4146 companies listed in Taiwan Stock Exchange Corporation from 2011 to 2013, but excluding banks and insurance companies.In this study, we used four dimensions and sixteen independent variables, and we used the regression equation statistical methods to find out the relationship between corporate governance and operating performance. The corporate governance variables include shareholding structure ,composed of directors and supervisors, related party transactions and corporate social responsibility. The empirical results show that: 1.The ratio of foreign ownership and operating performance was positively correlated and significant. 2.The ratio of managerial ownership and operating performance was positively correlated and significant. 3.The ultimate controlling shareholder gain the controlling rights by pyramid structures &; cross-shareholdings and operating performance was negative correlated and significant. In this study ,we further used the internal contrrol weaknesses as the moderator variable to explore the moderating effect between corporate governance and operating performance. The empirical results show that: 1.The moderator effect of internal contrrol weaknesses has negative correlated and significant between blockholder shareholding ratio and ROE. 2.The moderator effect of internal contrrol weaknesses has negative correlated and significant between earnings shares deviation ratio and ROA. 3.The moderator effect of internal contrrol weaknesses has negative correlated and significant between proportion of directors and supervisors owned by controlling shareholder ratio and ROA. 4.The moderator effect of internal contrrol weaknesses has negative correlated and significant between outside directors seat ratio and ROA. 5.The moderator effect of internal contrrol weaknesses has negative correlated and significant between outside directors seat ratio and Tobin's Q.