The Impact of Corporate Governance and Disclosure Level on Corporate Performance

• Main Authors: TSENG,SHIAO-WEN, 曾筱雯
• Other Authors: Chang, Chun-Po
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/782kkn

碩士 === 大葉大學 === 管理學院碩士在職專班 === 105 === The purpose of this paper is to examine the effect of corporate governance and information disclosure level on corporate performance. The sample of the study consists of public companies in Taiwan for the period from 2005 to 2015. The main feature of this study is that we divide information disclosure level into two groups, and we explore the relation between corporate governance and corporate performance. The empirical results indicate as follows：First, the managerial ownership has a positive impact on corporate performance, but the managerial ownership has a negative impact on corporate performance in low transparency samples when Tobin’s Q as performance index. Second, the core agency problem has a positive impact on corporate performance in high transparency samples when Tobin’s Q as performance index, but it has a negative impact on corporate performance when ROA as performance index. Third, the shares of institutional investor and the ratio of independent directors have positive impact on corporate performance. Finally, the CEO and chairman being the same person and the ratio of busy independent directors have negative impact on corporate performance.