题名

獨立董監之設置決策與績效

并列篇名

The Decision of Having Independent Members on the Board and Its Relation to Performance

作者

陳宜伶(Yi-Ling Chen)；林宛瑩(Wan-Ying Lin)

关键词

獨立董監 ； 股權結構 ； 公司特性 ； 績效 ； Independent Board Member ； Ownership Structure ； Firm Characteristic ； Performance

期刊名称

管理與系統

卷期/出版年月

20卷4期（2013 / 10 / 01）

页次

697 - 725

内容语文

繁體中文
中文摘要

本研究從企業之股權結構與公司特性的觀點，探討設置獨立董監之決定因素及其對後續績效之影響。由於獨立董監之設置係決定於公司（董事會）設置意願與獨立董監出任的意願，本文提出獨立董監的自我選擇假說，預期獨立董監設置前績效較佳之公司，公司與獨立董監合意的機率較大，因此設置獨立董監之可能性及席次比例較高。我們發現，股權結構變數中，外部大股東持股與內部人持股高之公司，以及公司特性變數中，設置前績效表現差、電子業者、競爭程度高與公司規模大之企業，設置獨立董監之可能性與席次比率較高；控制權與盈餘分配權偏離程度高及家族控制之公司，則較低。最後，在控制設置前期間之績效表現下，在設置組中，設置前期間績效較差（佳）之樣本其後續績效顯著提升（衰退）。我們的實證發現未支持獨立董監之設置決策符合自我選擇假說，而設置獨立董監之效益則支持增進績效之論點，但僅限於設置前績效差之公司。
英文摘要

This study investigates the impact of ownership structure and firm characteristics on decisions of having independent members on the corporate boards and its relation to firm performance. Since well-performed firms are usually perceived to be less risky, we propose the self-selection hypothesis predicting that better performed firms tend to have more independent members on their board. We find that firms with greater shares held by blockholders and insiders (firms with higher deviation of voting rights from cash flow rights and family-controlled firms) are significantly and positively (negatively) associated with the board independence. We also find that firms with poorer prior performance, operating in the electronic industry, facing greater market competition and larger firm size are associated with greater board independence. Finally, after controlling prior performance, we observe a more obvious improve (decline) trend in subsequent performance for boards with poor (better) prior performance and independent members. Thus the evidence does not support our self-selection hypothesis and the firms with poor prior performance and independent members have a positive effect on subsequent performance.
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. 沈中華、陳錦村、吳孟紋(2005)。更早期預警模型：台灣銀行道德指標的建立及影響。管理學報，22(1)，1-28。
    連結：
  2. Agrawal, A.,Knoeber, C. R.(1996).Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.Journal of Financial and Quantitative Analysis,31(3),377-397.
  3. Agrawal, A.,Mandelker, G.(1990).Large Shareholders and the Monitoring of Managers: the Case of Antitakeover Charter Amendments.Journal of Financial and Quantitative Analysis,25(2),143-161.
  4. Anderson, R. C.,Mansi, S. A.,Reeb, D. M.(2004).Board Characteristics, Accounting Report Integrity, and the Cost of Debt.Journal of Accounting Economics,37(3),315-342.
  5. Anderson, R. C.,Mansi, S. A.,Reeb, D. M.(2003).Founding Family Ownership and the Agency Cost of Debt.Journal of Financial Economics,68(2),263-285.
  6. Ashbaugh-Skaife, H.,Collins, D.,LaFond, R.(2006).The Effects of Corporate Governance on Firms'Credit Ratings.Journal of Accounting and Economics,42(2),203-243.
  7. Beasley, M. S.(1996).An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud.The Accounting Review,71(4),443-465.
  8. Bhagat, S.,Black, B.(2002).The Non-correlation between Board Independence and Long-term Firm Performance.Journal of Corporation Law,27(2),231-273.
  9. Bhojraj, S.,Sengupta, P.(2003).Effect of Corporate Governance on Bond Ratings and Yields: the Role of Institutional Investors and the Outside Directors.The Journal of Business,76(3),455-475.
  10. Borokhovich, K. A.,Parrino, R.,Trapani, T.(1996).Outside Directors and CEO Selection.Journal of Financial and Quantitative Analysis,31(3),337-355.
  11. Boyd, B. K.(1995).CEO Duality and Firm Performance: a Contingency Model.Strategic Management Journal,16(4),301-312.
  12. Bozec, R.(2005).Board of Directors, Market Discipline and Firm Performance.Journal of Business Finance & Accounting,32(9&10),1921-1960.
  13. Brickley, J. A.,Coles, J. L.,Terry, R. L.(1994).Outside Directors and the Adoption of Poison Pills.Journal of Financial Economics,35(3),371-390.
  14. Bushee, B.(1998).The Influence of Institutional Investors on Myopia Rand Investment Behavior.The Accounting Review,73(3),305-333.
  15. Byard, D.,Li, Y.,Weintrop, J.(2006).Corporate Governance and the Quality of Financial Analysts' Information.Journal of Accounting and Public Policy,25(5),609-625.
  16. Byrd, J. W.,Hickman, K. A.(1992).Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids.Journal of Financial Economics,32(2),195-222.
  17. Callahan, W. T.,Miller, J. A.,Schulman, C.(2003).An Analysis of the Effect of Management Participation in Director Selection on the Long-term Performance of the Firm.Journal of Corporate Finance,9(2),169-181.
  18. Claessens, S.,Djankov, S.,Fan, J.,Lang, L.(2002).Disentangling the Incentive and Entrenchment Effects of Large Shareholdings.Journal of Finance,57(6),2741-2772.
  19. Claessens, S.,Djankov, S.,Lang, L. H. P.(2000).The Separation of Ownership and Control in East Asian Corporation.Journal of Financial Economics,58(1),81-112.
  20. Core, J.,Holthausen R.,Larcker, D.(1999).Corporate Governance, Chief Executive Officer Compensation and Firm Performance.Journal of Financial Economics,51(3),371-406.
  21. Cotter, J.,Shivdasani, A.,Zenner, M.(1997).Do Outside Directors Enhance Target Shareholder Wealth during Tender Offer Contests?.Journal of Financial Economics,43(2),195-218.
  22. Davidson, W. N., III,Pilger, T.,Szakmary, A.(1998).Golden Parachutes, Board and Committee Composition, and Shareholder Wealth.Financial Review,33(1),17-32.
  23. Dechow, P. M.,Sloan, R. G.,Sweeney, A. P.(1996).Causes and Consequences of Earnings Manipulation: an Analysis of Firms Subject to Enforcement Actions by the SEC.Contemporary Accounting Research,13(1),1-36.
  24. Denis, D. J.,Sarin, A.(1999).Ownership and Board Structures in Publicly Traded Corporations.Journal of Financial Economics,52(2),187-223.
  25. Fama, E. F.(1980).Agency Problems and the Theory of the Firm?.Journal of Political Economy,88(2),288-307.
  26. Fama, E. F.,Jensen, M. C.(1983).Separation of Ownership and Control.Journal of Law and Economics,26(2),301-325.
  27. Gomez-Mejia, L. M.,Nunez-Nickel,Gutierrez, I.(2001).The Role of Family Ties in Agency Contracts.Academy of Management Journal,44(1),81-95.
  28. Gordon, L.,Pound, J.(1993).Information, Ownership Structure, and Shareholder Voting: Evidence from Shareholder-sponsored Corporate Governance Proposal.Journal of Finance,48(2),697-718.
  29. Helland, E.,Sykuta, M.(2005).Who's Monitoring the Monitor? Do Outside Directors Protect Shareholders' Interests?.The Financial Review,40(2),155-172.
  30. Hermalin, B. E.,Weisbach, M. S.(1988).The Determinants of Board Composition.RAND Journal of Economics,19(4),589-606.
  31. Hermalin, B. E.,Weisbach, M. S.(1991).The Effects of Board Composition and Direct Incentives on Firm Performance.Financial Management,20(4),101-112.
  32. Jensen, M. C.(1993).The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems.Journal of Finance,48(3),831-880.
  33. 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.
  34. John, K.,Senbet, L. W.(1998).Corporate Governance and Board effectiveness.Journal of banking and Finance,22(4),371-403.
  35. Kesner, I. F.(1987).Directors Stock Ownership and Organization Performance: An Investigation of Fortune 500 Companies.Journal of Management,13(3),499-507.
  36. Klein, A.(2002).Economic Determinants of Audit Committee Independence.The Accounting Review,77(2),435-452.
  37. Klein, A.(1998).Firm Performance and Board Committee Structure.Journal of Law and Economics,41(1),275-303.
  38. Klein, A.(2002).Audit Committee, Board of Director Characteristics, and Earnings Management.Journal of Accounting and Economics,33(3),375-400.
  39. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, A.(2002).Investor Protection and Corporate Valuation.Journal of Finance,57(3),1147-1170.
  40. Lasfer, A. M.(2006).The Interrelationship between Managerial Ownership and Board Structure.Journal of Business Finance and Accounting,33(7),1006-1033.
  41. 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.
  42. Lins, K. V.(2003).Equity Ownership and Firm Value in Emerging Markets.Journal of Financial and Quantitative Analysis,38(1),159-185.
  43. McConnell, J.,Servaes, H.(1990).Additional Evidence on Equity Ownership and Corporate Value.Journal of Financial Economics,27(2),595-612.
  44. Mehram, H.(1995).Executive Compensation Structure, Ownership, and Firm Performance.Journal of Financial Economics,38(2),163-184.
  45. Morck, R.,Shleifer, A.,Vishny, R.(1988).Management Ownership and Market Valuation: An Empirical Analysis.Journal of Financial Economics,20(2),293-315.
  46. Myers, D.,Shivdasani, A.,Smith, C. W.(1997).Board Composition and Corporate Control: Evidence from the Insurance Industry.Journal of Business,70(1),33-62.
  47. O''Reilly, V. M.,McDonnell, P. J.,Winograd, B. N.,Gerson, J. S.,Jaenicke, H. R.(1998).Montgomery's Auditing.New York, N.Y.:John Wiley & Sons.
  48. Oviatt, B. M.(1988).Agency and Transaction Cost Perspectives on the Manager-shareholder Relationship, Incentives for Congruent Interests.Academy of Management Review,13(2),214-225.
  49. Peasnell, P.,Pope, F.,Young, S.(2005).Board Monitoring and Earnings Management: Do Outside Directors Influence Abnormal Accruals?.Journal of Business Finance and Accounting,32(7&8),1311-1346.
  50. Pound, J.(1988).Proxy Contests and the Efficiency of Shareholder Oversight.Journal of Financial Economics,20(2),237-264.
  51. Rosenstein, S.,Wyatt, J. H.(1990).Outsider Directors, Board Independence, and Shareholder Wealth.Journal of Financial Economics,26(2),175-191.
  52. Schellenger, M. H.,Wood, D. D.,Tashakori, A.(1989).Board of Director Composition, Shareholder Wealth, and Dividend Policy.Journal of Management,15(3),457-467.
  53. Scherer, P. S.(2003).Directors' Responsibilities and Participation in the Strategic Decision Making Process.Corporate Govrenance,3(1),86-90.
  54. Sengupta, P.(1998).Corporate Disclosure Quality and the Cost of Debt.The Accounting Review,73(4),459-474.
  55. Shleifer, A.,Vishny, R.(1997).A Survey of Corporate Governance.Journal of Finance,52(2),737-783.
  56. Szewczyk, S. H.,Tsetsekos, G. P.,Varma, R.(1992).Institutional Ownership and the Liquidity of Common Stock Offerings.The Financial Review,27(2),211-225.
  57. Wang, D.(2006).Founding Family Ownership and Earnings Quality.Journal of Accounting Research,44(3),619-656.
  58. Watts, R.,Zimmerman, J.(1986).Positive Accounting Theory.Englewood Cliffs, N.J.:Prentice-Hall.
  59. Weisbach, M. S.(1988).Outside Directors and CEO Turnover.Journal of Financial and Economics,20(4),431-460.
  60. Xie, B.,Davidson, W., III,DaDalt, P.(2003).Earnings Management and Corporate Governance: the Role of the Board and the Audit Committee.Journal of Corporate Finance,9(3),295-316.
  61. Yeh, Y. H.,Lee, T. S.,Woidtke, T.(2001).Family Control and Corporate Governance: Evidence for Taiwan.International Review of Finance,2(1),21-48.
  62. Yermack, D.(1996).Higher Market Valuation of Companies with a Small Board of Directors.Journal of Financial Economics,40(2),185-211.
  63. Zahra, S. A.,Pearce, J. A.(1989).Boards of Directors and Corporate Financial Performance: A Review and Integrated Model.Journal of Management,15(2),291-334.
  64. 林宛瑩、許崇源、戚務君、陳宜伶(2009)。公司治理與信用風險。台大管理論叢，19(2)，71-98。
  65. 戚務君、馬瑜霙(2005)。我國獨立董事以及獨立監察人制度對異常應計影響之研究。金融風險管理季刊，1(1)，35-60。
  66. 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，16(4)，1-36。
被引用次数
  1. 劉瑋軒(2017)。薪酬委員會組成與高階經理人總薪酬之關連性─探討獨立董事新制度發布前後之影響。中原大學會計學系學位論文。2017。1-55。 
  2. 胡雅榛(2016)。董監事股權質押與外資持股之關聯性研究。中原大學會計學系學位論文。2016。1-27。 
  3. 莊美玲(2017)。董監事特性、股權結構和公司營運績效的關係。長榮大學經營管理研究所學位論文。2017。1-54。
  4. 洪秀玉(2017)。公司治理與經營效率之關聯性-以台灣上市(櫃)公司光電產業為例。臺中科技大學會計資訊系碩士班學位論文。2017。1-36。
print cancel