A Study of the Relationship between Corporate Governance and Dynamic Efficiency─Empirical Evidence from Taiwan’s Semiconductor Industry

• Main Authors: Dai,Li-Yu, 戴驪遇
• Other Authors: Shieh, Hwai-Shuh
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/77912888262525549514

碩士 === 國立交通大學 === 管理科學系所 === 105 === This study evaluates the dynamic Efficiency of Taiwan’s semiconductor industry from 2008 to 2015, using the dynamic data envelopment analysis on the perspective of carry-over in accounting. Besides, tobit regression is adopted to examine the relationships between corporate governance and corporate efficiency of listed firms in Taiwan’s semiconductor industry. Our empirical results show that the shareholding of foreign board members have significantly positive effects on corporate efficiency. Moreover, both the shareholding of managers and the shareholding of institutional investors have significantly positive effects on corporate efficiency. The indicators above are impotnat for corporate governance. On top of that, due to companies have stronger demand for funds in midstream and downstream of semiconductor industry, the limits of shares collateralized by board members should be more flexible.