| Summary: | 碩士 === 逢甲大學 === 國際經營與貿易學系 === 106 === This study used financial service industry, including insurance, banking and securities industry in Taiwan as our research sample. According to Asia Corporate Governance, the rank in 2012 has decreased. We then based on the period year 2012 to 2015 and divided them into two samples (2012 versus 2013 to 2015) to analyze the composition of board structure. The results showed that the proportion of independent directors was significantly different. In addition, the regulation of corporate social responsibility issuance for listed companies in financial services industry has practiced in the year of 2014. We thus divided the firms into voluntary and mandatory issuance, try to analyze the effect of the composition of board structure. The results showed that inside, independent directors and directors with legal and financial backgrounds have statistically significant impact. We then divided the samples into actual-issuing and non-issuing in the sample of the voluntary issuance. The results found that large board, independent, busy, financial professional, legal professional and politically related directors showed significantly. This study further calculated the score of CSR from the sample of mandatory issuance through KLD rating system to analyze the composition of board structure based on the average score (higher than average score versus lower). The results showed that board size, directors with politically related, busy, accounting and financial professional directors were significant in terms of estimated coefficient. Finally, we analyzed the board structure among sub-industries. The results showed that the variables of board structure in three sub-industries were statistically significant. Insurance and securities industry showed the most prominent effect. Insurance industry tended to have large board, higher proportion of independent, busy directors and directors with legal professional backgrounds.
Since the government in Taiwan actively promotes corporate social responsibility issuance and the listed firms in financial service industry were regulated by the law of issuing. We used principal component analysis and Logit model to analyze the impact of board structure on reports. The results showed that the dimension of board structure (directors with legal professional backgrounds) in banking and securities industry have the willingness on CSR issuance. However, in insurance industry, directors with legal backgrounds showed significantly negative on CSR issuance. In terms of the robustness check, this study excluded two companies from voluntary issuance (samples listed in the year of 2016 and 2017) to examine the impact of board structure on the issuance. The results were still consistent. The contributions could be referred to the authorities in Taiwan when formulating the policies of board structure and corporate social responsibility issuance and can be offered to social institutional investors.
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