题名

董事會獨立性與企業財務危機關係之研究

并列篇名

Board Independence and Financial Distress: Evidence from Taiwan

作者

李春安(Chun-An Li)；徐傳瑛(Chuan-Ying Hsu)

关键词

董事會獨立性 ； 獨立董事 ； 財務危機 ； Board Independence ； Independent Director ； Financial Distress

期刊名称

管理與系統

卷期/出版年月

17卷3期（2010 / 07 / 01）

页次

467 - 499

内容语文

繁體中文
中文摘要

本研究以台灣股票上市、櫃公司自2002年引進獨立董事之後的數據，就董事會獨立性觀點，建構2003年至2005年間的各項解釋變數之縱橫資料 (panel data)，透過二元不連續應變數的羅吉斯模型 (panel-logit model)，探討其與企業財務危機發生可能性的關聯。研究結果顯示，在沒有區分財務危機類型的情況下，獨立董事比率的高低、董事長是否兼任總經理、以及控制權對現金流量請求權偏離程度等公司治理機制，確實攸關財務危機發生的可能性。在進一步對曾經發生過被掏空資產的財務危機公司進行分析的結果顯示，獨立董事比率及控制股東的控制權，皆能有效解釋資產掏空案的發生，尤其是獨立董事的比率，不但統計意義上與掏空公司的財務危機顯著相關，在經濟意義上更是影響重大。對非掏空類型的財務危機而言，則是以董事長不兼任總經理及降低控制權與現金流量請求權之間的偏離程度，才會有明顯遏阻危機發生的效果。整體而言，公司治理變數較財務變數更具有解釋力。
英文摘要

This paper investigates the effect of board independence on financial distress using a sample of Taiwan listed firms, which are required to disclose the status of independent directors starting from the year 2002. By constructing the panel data of lagged explanatory variables during year 2003 to 2005, we employ the panel logit regression analysis. Our evidence indicates that the internal corporate governance variables, especially the proportions of independent directors, CEO duality or not, and the deviation in control away from cash flow rights, significantly relate to the possibility of financial distress for all-sample firms. By classifying all samples into two categories, we further test on one sub-sample in which top executives expropriate the corporate assets; and find that the larger proportions of independent directors and the higher control right of controlling stockholders may lower the incidence of expropriated-assets financial crisis effectively. Above all, the board independence proxy, proportions of independent directors, is strongly significant in both statistical and economical meanings. As to the other sub-sample firms with non-expropriated assets case, the key factors to reduce the likelihood of financial distress are the independent leadership of board chairman and the lower deviation in control away from cash flow rights. In sum, the explanatory power of corporate governance variables is better than that of financial variables in the events of financial distress.
主题分类 基礎與應用科學 > 統計
社會科學 > 財金及會計學
社會科學 > 管理學
参考文献
  1. Rodriquez, E. F. and Anson, S. G., “Wealth Effects Associated with the Compliance with the Code of Best Practice: The Spanish Experience,” Working Paper, University of Oviedo, 2001.
  2. Association of Certified Fraud Examiners, Fraud Statistics Web Page. Available from URL: http://www.cfenet.com/media/statistics.asp., 2002
  3. Pricewaterhouse Coopers, “Global Economic Crime Survey 2003,” Available from URL: http://www.wilmer.com., 2003
  4. Alexander, C. R.,Cohen, M. A.(1999).Why Do Corporations Become Criminals? Ownership, Hidden Actions, and Crime as an Agency Cost.Journal of Corporate Finance,5(1),1-34.
  5. Altman, E. I.(1968).Financial Ratios, Discriminate Analysis and the Prediction of Corporate Bankruptcy.Journal of Finance,23(4),589-609.
  6. Beasley, M.(1996).An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud.Accounting Review,71(4),443-465.
  7. Beaver, W. H.(1966).Financial Ratios as Predictors of Failure.Journal of Accounting Research,4(3),71-111.
  8. Bebchuk, L. A.,Kraakman, R. H.,Triantis, G. G.(2000).Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Creation and Agency Costs of Separating Control from Cash Flow Rights.Concentrated Corporate Ownership,Chicago:
  9. Bhagat, S.,Black, B.(2002).The Non-Correlation between Board Independence and Long-Term Firm Performance.Journal of Corporation Law,27(2),231-273.
  10. Bilimoria, D.(1995).Corporate Control, Crime, and Compensation: An Empirical Examination of Large Corporations.Human Relations,48,891-908.
  11. Booth, J. R.,Cornett, M. M.,Tehranian, H.(2002).Boards of Directors, Ownership, and Regulation.Journal of Banking and Finance,26(10),1973-1996.
  12. Brickley, J. A.,James, C. M.(1987).The Takeover Market, Corporate Board Composition, and Ownership Structure: The Case of Banking.Journal of Law and Economics,30,161-180.
  13. Brickley, J.,Coles, J.,Jarrell, G.(1997).Leadership Structure: Separating the CEO and Chairman of the Board.Journal of Corporate Finance,3(3),189-220.
  14. Bussiere, M.,Fratzscher, M.(2002).European Central Bank Working Paper Series: 145European Central Bank Working Paper Series: 145,未出版
  15. Chen, J.,Marshall, B. R.,Zhang, J.,Ganesh, S.(2006).Financial Distress Prediction in China.Review of Pacific Basin Financial Markets and Policies,9(2),317-336.
  16. Claessens, S.,Djankov, S.,Klapper, L.(1999).Resolution of Corporate Distress: Evidence from East Asia's Financial Crisis.First Annual World Bank Group-Brookings Institution Conference,Palisades, New York:
  17. Claessens, S.,Djankov, S.,Lang, H. P.(2000).The Separation of Ownership and Control in East Asian Corporation.Journal of Financial Economics,58(1/2),81-112.
  18. Dalton, D.,Daily, C.,Ellstrand, A.,Johnson, J.(1998).Meta-analytic Reviews of Board Composition, Leadership Structure, and Financial Performance.Strategic Management Journal,19(3),269-290.
  19. Deakin, E. B.(1972).A Discriminant Analysis of Predictors of Business Failure.Journal of Accounting Research,10(1),167-179.
  20. Eichengreen, B.,Rose, A. K.,Wyplosz, C.(1995).Exchange Market Mayhem: The Antecedents and Aftermath of Speculative Attack.Economic Policy,10(2),249-312.
  21. Fama, E. F.,Jensen, M. C.(1983).Agency Problems and Residual Claims.Journal of Law and Economics,26,301-326.
  22. Fan, P. H.,Wong, T. J.(2002).Corporate Ownership Structure and the Informativeness of Accounting Earning in East Asia.Journal of Accounting and Economics,33,401-425.
  23. Finkelstein, S.,Mooney, A.(2003).Not the Usual Suspects: How to Use Board Process to Make Boards Better.Academy of Management Executive,17(2),101-113.
  24. Hermalin, B. E.,Weisbach, M. S.(1998).Endogenously Chosen Boards of Directors and Their Monitoring of the CEO.The American Economic Review,88(1),96-118.
  25. Hermalin, B. E.,Weisbach, M. S.(2003).Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature.Economic Policy Review,9(1),7-26.
  26. Holderness, C. G.(2003).A Survey of Blockholders and Corporate Control.Economic Policy Review,9(1),51-63.
  27. Hopwood, W.,Mckeown, J.,Mutchler, J.(1989).A Test of the Incremental Explanatory Power of Opinions Qualified for Consistency and Uncertainty.Accounting Review,64(1),28-48.
  28. International Institute for Management Development(1999).The World Competitiveness Yearbook.Swiss:Lausanne.
  29. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,3(4),305-360.
  30. Johnson, J.,Daily, C.,Ellstrand, A.(1996).Boards of Directors: A Review and Research Agenda.Journal of Management,22(3),409-438.
  31. Johnson, S.,Boone, P.,Breach, A.,Friedman E.(2000).Corporate Governance in the Asian Financial Crisis.Journal of Financial Economics,58(1/2),141-186.
  32. Kaplan, S. N.,Minton B.(1994).Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers.Journal of Financial Economics,36(2),225-258.
  33. Kumar, M.,Moorthy, U.,Perraudin, W.(2003).Predicting Emerging Market Currency Crashes.Journal of Empirical Finance,10(4),427-454.
  34. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.(1999).Corporate Ownership around the World.Journal of Finance,54(2),471-517.
  35. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(2002).Investor Protection and Corporate Valuation.Journal of Finance,57(3),1147-1170.
  36. Lee, T. S.,Yeh, Y. H.(2004).Corporate Governance and Financial Distress: Evidence from Taiwan.Corporate Governance: An International Review,12(3),378-388.
  37. Lemmon, M. L.,Lins, K. V.(2003).Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis.Journal of Finance,58(4),1445-1468.
  38. Maddala, G. S.(1991).A Perspective on the Use of Limited-Dependent and Qualitative Variables Models in Accounting Research.Accounting Review,66(4),788-807.
  39. Mak, Y. T.,Li, Y.(2001).Determinants of Corporate Ownership and Board Structure: Evidence from Singapore.Journal of Corporate Finance,7(3),235-256.
  40. Mangel, R.,Singh, H.(1993).Ownership Structure, Board Relationships and CEO Compensation in Large US Corporation.Accounting and Business Research,23(19A),339-350.
  41. Mayers, D.,Shivdasani, A.,Smith, C. W.(1997).Board Composition and Corporate Control: Evidence from the Insurance Industry.Journal of Business,70(1),33-62.
  42. Nam, J. H.,Jinn, T.(2000).Bankruptcy Prediction: Evidence from Korean Listed Companies during the IMF Crisis.Journal of International Financial Management and Accounting,11(3),178-197.
  43. Odom, M.,Sharda, R.(1990).Bankruptcy Prediction Using Neural Networks.Proceedings of the IEEE international Conference on Neural Networks,San Diego:
  44. Ohlson, J.(1980).Financial Ratios and the Probabilistic Prediction of Bankruptcy.Journal of Accounting Research,18(1),109-131.
  45. Pearce, J. A.,Zahra, S. A.(1992).Board Composition from a Strategic Contingency Perspective.Journal of Management Studies,29(4),411-438.
  46. Peng, M. W.(2004).Outside Directors and Firm Performance during Institutional Transitions.Strategic Management Journal,25(5),453-471.
  47. Perry, L. G.,Henderson Jr., G. V.,Cronan, T. P.(1984).Multivariate Analysis of Corporate Bond Ratings and Industry Classifications.Journal of Financial Research,7(1),27-36.
  48. Pettigrew, A.(1992).On Studying Managerial Elites.Strategic Management Journal,13,163-182.
  49. Platt, H. D.,Platt, M. B.(1990).Development of a Class of Stable Predictive Variables: The Case of Bankruptcy Prediction.Journal of Business Finance & Accounting,17,31-51.
  50. Prevost, A. K.,Rao, R. P.,Hossian, M.(2002).Determinants of Board Composition in New Zealand: A Simultaneous Equations Approach.Journal of Empirical Finance,9(4),373-397.
  51. Rechner, P. L.,Dalton, D. R.(1991).CEO Duality and Organizational Performance: A Longitudinal Analysis.Strategic Management Journal,12(2),155-160.
  52. Rees, B.(1990).Financial Analysis.London:Prentice-Hall.
  53. Rose, P.,Andrews, W.,Giroux, G.(1982).Predicting Business Failure: A Macroeconomic Perspective.Journal of Accounting, Auditing and Finance,6,20-31.
  54. Rosenstein, S.,Wyatt, J. G.(1990).Outside Directors, Board Independence, and Shareholder Wealth.Journal of Financial Economics,26(2),175-191.
  55. Ryan H.,Wiggins, R.(2004).Who is in Whose Pocket? Director Compensation, Board Independence, and Barriers to Effective Monitoring.Journal of Financial Economics,73(3),497-524.
  56. Schnatterly, K.(2003).Increasing Firm Value through Detection and Prevention of White-Collar Crime.Strategic Management Journal,24(7),587-614.
  57. Shivdasani, A.(1993).Board Composition, Ownership Structure, and Hostile Takeovers.Journal of Accounting and Economics,16,167-198.
  58. Shivdasani, A.,Yermack, D.(1999).CEO Involvement in the Selection of New Board Members: An Empirical Analysis.Journal of Finance,54(5),1829-1853.
  59. Shleifer, A.,Vishny, R. W.(1997).A Survey of Corporate Governance.Journal of Finance,52(2),737-783.
  60. Shleifer, A.,Vishny, R. W.(1986).Large Shareholders and Corporate Control.Journal of Political Economy,94,461-488.
  61. Simpson, W. G.,Gleason, A.(1999).Board Structure, Ownership, and Financial Distress in Banking Firms.International Review of Economics and Finance,8(3),281-292.
  62. Westphal, J. D.,Zajac, E. J.(1995).Who Shall Govern? CEO/Board Power, Demographic Similarity, and New Director Selection.Administrative Science Quarterly,40,60-83.
  63. Williamson, O. E.(1983).Organization Form, Residual Claimants, and Corporate Control.Journal of Law and Economics,6,351-369.
  64. Wiwattanakantang, Y.(2001).Controlling Shareholders and Corporate Value: Evidence from Thailand.Pacific-Basin Finance Journal,9,323-362.
  65. Yeh, Y. H.,Lee, T. S.,Woidtke, T.(2001).Family Control and Corporate Governance: Evidence for Taiwan.International Review of Finance,2(1/2),21-48.
  66. Yermack, D.(1996).Higher Market Valuation of Companies with a Small Board of Directors.Journal of Financial Economics,40(2),185-211.
  67. 陳業寧、邱顯比、洪雲萍(2004)。獨立董事與公司治理：政府應該要求所有上市上櫃公司聘任獨立董事嗎？。證券市場發展季刊，16(4)，1-36。
  68. 鍾喜梅、劉韻僖、葉匡時(2003)。我國上市公司家族控制力與董事會運作關係之探討。中山管理評論，11(2)，341-365。
被引用次数
  1. 林芳利(2016)。公司經營危機預警模型‐以財務比率與公司治理指標為例。臺中科技大學企業管理系碩士班學位論文。2016。1-66。
print cancel