| Summary: | 碩士 === 大葉大學 === 管理學院碩士在職專班 === 106 === The purpose of this paper is to examine the effect of corporate governance on corporate performance. The sample of the study consists of public companies in Taiwan for the period from 2008 to 2015. The study explore the relation between corporate governance and corporate performance under different stages of corporate life cycle. Overall, this paper expects to explain corporate governance can reduce agency problem and the efficient corporate governance can increase corporate performance.
The empirical results indicate as follows：First, the managerial ownership has a positive impact on corporate performance in all life cycle stages when ROA and EPS as performance index. Second, the core agency problem has a negative impact on corporate performance in all life cycle stages when ROA and EPS as performance index, but it has a positive impact on corporate performance in growth and maturity stages when Tobin’s Q as performance index. Third, the pledged share ratio of directors and the CEO and chairman being the same person have negative impact on corporate performance in all life cycle stages. Fourth, the shares of institutional investor and the ratio of independent directors have positive impact on corporate performance in all life cycle stages. Finally, the number of board directors has a negative impact on corporate performance in all life cycle stages when ROA and EPS as performance index, but it has a positive impact on corporate performance in decline stage when Tobin’s Q as performance index.
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