企業生命週期、董事會組成特性對資訊透明度之影響

The Impacts of Life Cycle and Board Characteristics on Information Transparency

10.6295/TAMJ.2013.1301.04

劉政淮(Cheng-Hwai Liou)；許永聲(Yun-Sheng Hsu)；金凱雯(Kai-Wen Chin)

企業生命週期 ； 董事會組成特性 ； 資訊透明度 ； business life cycle ； characteristics of board directors ； information transparency

台灣管理學刊

13卷1期（2013 / 02 / 01）

73 - 94

繁體中文

本研究探討在不同的生命週期下，董事會組成特性對資訊透明度的影響程度，以2003年到2009年間台灣上市櫃公司資料進行分析。實證結果發現，企業處於成熟期階段，董事長兼任總經理對資訊透明度有較負面的影響，其次為衰退期和成長期。董事會規模較大時，對於資訊透明度的正向影響程度，依序為成熟期、衰退期和成長期。獨立董事席次比率在各生命週期階段對資訊透明度皆為正向的影響，尤其在衰退期更為明顯，其次為成熟期和成長期。董事內部化與資訊透明度有負向關聯，對處於成長期階段有較負向的影響，其次為成熟期和衰退期。

This study is to investigate the relationship between characteristics of board of directors and a firm's information transparency for a differential stage in a firm's life cycle. The observations are collected from Taiwan Stock Exchange and OTC during 2003-2009. The results show that the most negative impact to the information transparency when the chairman of the board is the CEO in the stage of mature, followed by decline and growth. The influence of the size of the Board for information transparency is positive impact in order of maturity, decline and growth stage. Independent director ratio is positively associated with the firm's information transparency in all stages and is most significant in the stage of decline, next for maturity and growth. Finally, the relationship between chairman internalization and firm's information transparency is negatively. Stage of growth has more negative influence, next for the stage of mature and decline.

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