The Influence of Corporate Governance on Firm Performance –The Moderating Effect of the Characteristics of Independent Directors

• Main Authors: Yeh Yo-Tzu, 葉又慈
• Other Authors: Lin Fu-Lai
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/ys395g

碩士 === 大葉大學 === 管理學院碩士在職專班 === 103 === This study aimed to discuss the relationship between corporate governance and firm performance, along with consideration of versified characteristics of the independent directors and supervisors: Whether independence, extent of focus and professionalism would affect the relationship between the ratio of independent directors and supervisors and firm performance. In view of this, the Study took the listed companies in Taiwan from 2002 to 2013 as the subjects, and retrieved data from Taiwan Economic Daily News (TEJ) database, by using the Panel regression mode of empirical analysis. The empirical results indicated that for the structure of the Board of Directors, the larger scale as it is or the president titled with concurrent general manager, it might have negative impact on such company's operating performance. On the other hand, the higher ratio as the independent directors and supervisors, the more possibilities as the promotion of such company's operating performance. In addition, for the structure of ownership, if directors and supervisors, managers and legal entity as the corporate hold higher percentage of the shares, better as such company’s firm performance might be. In addition, among the independent directors and supervisors within the same group, the higher as the average number of concurrent corporate and the higher as the ratio of other concurrent public listed company, it might weaken the positive relationship between the ratio of independent directors and supervisors and firm performance. The higher average attendance rate of independent directors and supervisors, and the higher ratio as professional background they might be equipped with. Also, it might strengthen the positive relationship between the ratio of independent directors and supervisors and firm performance. Futhermore the more average length of seniority as such independent directors and supervisors may have, it might weaken the positive relationship between the ratio of such independent directors and supervisors and firm performance.