The Study on Corporate Governance and Operation Transparency

公司治理與經營透明度之分析

10.29705/EAR.201212.0002

林英星(Ying-Shing Lin)；陳尚武(Winfred Sun-Wu Chen)；李培齊(Peir-Chyi Lii)；陳鴻翔(Hong-Hsiang Chen)；劉偉庭(Wei-Ting Liu)

公司治理 ； 資訊透明度 ； 獨立董事 ； Corporate Governance ； Information Transparency ； Independent Director of Board

東亞論壇

478期（2012 / 12 / 01）

21 - 30

英文

自從1998年亞洲金融風暴重創亞洲企業之後，公司治理已是國際間討論的重要議題。而後來的安隆事件、雷曼兄弟事件更是凸顯上市企業營運資訊不透明，對股東甚至整個金融市場的傷害甚鉅。本研究透過文獻探討，瞭解公司治理的各種面向和企業資訊透明度之間的關係，從而形成相關命題，做為後續實證研究的基礎。

This study intends to build up some major propositions, which may highlight the importance of corporate governance to operation information transparency. We conduct a comprehensive previous literature review to investigate whether stockholding structure and the characteristics of board of directors show any impacts on corporates' information transparency. These two corporate governance dimensions can be divided into six variables. Stockholding structure contains four variables, which are the stockholding ratio of major holders, the stockholding ratio of the management, the stockholding ratio of institutional investors, and the corporate's family-owned style. The characteristics of the board of directors include two variables, which are the ratio of independent directors and the size of the board of directors. The research results contribute to forming up related propositions which may be used for future related empirical study.

1. Berle, A. and G. Means (1932), The Modern Corporation and Private Property, MacMillan, New York.
2. Abbott, L. J.,Parker, S.(2000).Audit Committee Characteristics and Auditor Selection.Auditing: A Journal of Practice and Theory,19(2),47-66.
3. Agrawal, A.,Knoeber, C. R.(1996).Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.Journal of Financial and Quantitative Analysis,3,377-397.
4. Bacon, J.(1973).Corporate Directorship Practices: Membership and Committees of The Board.New York:The Conference Board.
5. Beasley, M. S.(1996).An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud.Accounting Review,71,443-465.
6. Chen, C. J. P.,Jaggi, B.(2000).Association between Independent Non-Executive Directors, Family Control and Financial Disclosures in Hong Kong.Journal of Accounting and Public Policy,19,285-310.
7. Dalton, D. R.,Daily, C. M.,Johnson, J. L.,Ellstrand, A. E.(1999).Number of Directors and Financial Performance: A Meta-Analysis.Academy of Management Journal,42,674-686.
8. Dechow, P. M.,Sloan, R. G.,Sweeney, A. P.(1996).Cause and Consequence of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC.Contemporary Accounting Research,13,1-36.
9. El-Gazzar, S. M.(1998).Predisclosure Information and Institutional Ownership: A Cross-Sectional Examination of Market Revaluations During Earning Announcement Periods.Accounting Review,73,119-129.
10. Eng, L. L.,Mak, Y. T.(2003).Corporate Governance and Voluntary Disclosure.Journal of Accounting and Public Policy,22,325-345.
11. Falkenstein, E. G.(1996).Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings.Journal of Finance,51(1),111-136.
12. Fama, E. F.(1980).Agency Problems and the Theory of the Firm.Journal of Political Economy,88,288-307.
13. Fama, E. F.,Jensen, M. C.(1983).Separation of Ownership and Control.Journal of Law and Economics,26,301-325.
14. Forker, J. J.(1992).Corporate Governance and Disclosure Quality.Accounting and Business Research,22(86),111-124.
15. Haniffa, R. M.,Cook, T. E.(2002).Culture, Corporate Governance and Disclosure in Malaysian Corporations.Abacus,38,317-349.
16. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure.Journal of Financial Economics,3,305-360.
17. Jensen, M. C.,Ruback, R. S.(1983).The Market of Corporate Control.Journal of Financial Economics,11,5-50.
18. Karamanou, I.,Vafeas, N.(2005).The Association between Corporate Boards, Audit Committees, and Management Earnings Forecast: An Empirical Analysis.Journal of Accounting Research,43(3),453-486.
19. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.(1999).Corporate ownership around the world.Journal of Finance,54,471-517.
20. Mallian, C. A.(2007).Corporate Governance.Oxford:Oxford University Press.
21. McKinnon, J. L.,Dalimunthe, L.(1993).Voluntary Disclosure of Segment Information by Australian Diversified Companies.Accounting and Finance,33(1),33-50.
22. Mitchell, J. D.,Chia, C. W. L.,Loh, A. S.(1995).Voluntary Disclosure of Segment Information: Further Australian Evidence.Accounting and Finance,35(2),1-16.
23. Morck, R.,Shleifer, A.,Vishny, R.W.(1988).Management Ownership and Market Valuation: an Empirical Analysis.Journal of Financial Economics,20(1),293-315.
24. Pearce, J. A.,Zahra, S. A.(1989).Board of Directors and Corporate Performance: A Review and Integrated Model.Journal of Management,15,291-334.
25. Pound, J.(1988).Proxy Contests and the Efficiency of Shareholder Oversight.Journal of Financial Economics,20,237-265.
26. Schadewitz, H. J.,Blevins, D. R.(1998).Major Determinants of Interim Disclosure in an Emerging Market.American Business Review,16(1),41-55.
27. Sharma, D. V.(2004).Board of Director Characteristics, Institutional Ownership, and Fraud: Evidence from Australia.A Journal of Practice and Theory,105-117.
28. Shleifer, A.,Vishny, R.(1997).A Survey of Corporate Governance.Journal of Finance,737-783.
29. Stulz, R. M.(1997).Good Timing: CEO Stock Option Awards and Company New Announcements.Journal of Finance,52,449-476.
30. Stulz, R. M.(1988).Managerial Control of Voting Right: Financing Policies and The Market for Corporate Control.Journal of Financial Economics,20,25-54.
31. Weisbach, M. S.(1988).Outside Directors and CEO Turnover.Journal of Financial Economics,20,431-460.