Independent Directors with Accounting Background and Investment Efficiency

• Main Authors: SUN,WEI-YU, 孫偉郁
• Other Authors: LEE,MING-TE
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/6z7jqp

碩士 === 銘傳大學 === 會計學系碩士班 === 106 === The purpose of this study examines the effect of independent directors with accounting expertise and the investment efficiency of corporate. Moreover, this study is further to investigate the association between the independent directors with accounting expertise and corporate investment efficiency during the global financial crisis. The study finds no correlation between independent directors with accounting expertise and overinvestment or underinvestment; however, the study also find that companies with independent directors have significantly worsened their investment efficiency. The longer tenure of independent director have better company's investment decisions, and thereby reducing overinvestment and improving underinvestment. More importantly, compared with companies with non-independent directors, companies with independent directors have a pronounced effect in exacerbating overinvestment after the crisis. During and after the crisis, companies with independent directors are significantly and positively associated with underinvestment. The independent directors of the company have the responsibility of investing in the company after the global financial crisis. The tenure of independent directors was negatively related to the overinvestment after the global financial crisis. However, during and after the crisis, the tenure of independent directors are inversely associated with underinvestment. The results of this study can be used by the company and the authority when hiring independent directors and making reference to relevant laws and regulations.