题名

公司創新活動對董事會成員職能與政治關係之影響

并列篇名

The Impact of Innovation Activities on the Demand of Function of Board Members and Political Connections

作者

翁慈青(Tzu-Ching Weng)；陳光政(Guang-Zheng Chen)；游智翔(Chih-Hsiang Yu)

关键词

創新活動 ； 董事會成員職能 ； 政治連結 ； Innovation Activities ； Functions of Board Members ； Political Connections

期刊名称

會計學報

卷期/出版年月

6卷2期（2016 / 05 / 01）

页次

55 - 89

内容语文

繁體中文
中文摘要

本研究旨在探討創新活動與董事會成員職能的關聯性。綜合過去以往文獻有關董事會特性之衡量指標，並建構單一綜合指標來衡量董事會職能。此外，本研究以研發費用與專利權數作為衡量創新活動之替代變數。本研究以2006年至2010年，台灣證券交易所之上市公司與證券櫃檯買賣中心之上櫃公司為研究對象。實證分析採用二階段最小平方法(2SLS)，結果顯示創新活動與董事會成員職能呈顯著正相關，亦即創新活動愈多之公司傾向需求高品質之董事會職能。本文亦發現，創新活動與董事會成員之政治背景呈正向顯著關係，可知高創新活動的企業會尋求政治連結之關係來降低外部不確定性。本研究亦進行敏感性測試，並得到類似的結論。
英文摘要

The aim of this study is to investigate the relationship between innovation activities and functions of board members. We integrate the measures of board characteristics that have been studied previously and construct a composite measure of function of board of directors. In addition, we use R&D expenditures and patent counts as the proxy of innovation activities. Using firms listed on Taiwan Stock Exchange and Taipei Exchange during the period 2006-2010, the result of the two-stage least square (2SLS) regression shows that innovation activities are positively associated with the functions of board members, suggesting that firms with more innovation activities tend to demand higher quality of the board. Furthermore, we find that innovation activities are positively associated with politically connected directors, indicating that highly innovative firms are motivated to seek political connections to reduce external uncertainties. Finally, our results are robust to several sensitivity analyses.
主题分类 社會科學 > 財金及會計學
参考文献
  1. 方俊儒、李秀英、龍春伶(2008)。獨立董事對公司績效與盈餘品質之影響─控制股東之調節效果。會計與公司治理，5(1)，55-80。
    連結：
  2. 金成隆、陳俞如(2006)。公司治理與專利權：台灣新興市場。管理學報，23(1)，99-124。
    連結：
  3. 高蘭芬、邱正仁(2002)。董監事股權質押對會計盈餘與股票報酬相關性之影響。臺大管理論叢，13(1)，127-162。
    連結：
  4. 曹壽民、紀信義、劉正良(2007)。股市對創新活動的評價是否具有效率性？從研發效率與內部人交易論析。會計評論，45，27-55。
    連結：
  5. 陳瑞斌、許崇源(2007)。公司治理結構與資訊揭露之關聯性研究。交大管理學報，27(2)，55-109。
    連結：
  6. 楊朝旭、蔡柳卿、陳家慧、廖思婷(2012)。董董事會特性與實質盈餘管理。臺大管理論叢，23(1)，363-399。
    連結：
  7. 廖秀梅、李建然、吳祥華(2006)。董事會結構職能與公司績效關係之研究─兼論台灣家族企業因素的影響。東吳經濟商學學報，54，117-160。
    連結：
  8. 劉若蘭、許永聲、劉力維(2014)。在不同生命週期下董事會組成特性對公司經營績效之影響。會計評論，58，133-165。
    連結：
  9. 鄭桂蕙、林宛瑩、許崇源(2006)。董監事持股高低對庫藏股買回誘因之影響。東吳經濟商學學報，54，1-26。
    連結：
  10. Chen, Y., and S. Y. Hu. 2001. The controlling shareholder's personal stock loan and firm performance. Working paper. National Taiwan University
  11. Adams, R. B.,Ferreir, D.(2009).Women in the boardroom and their impact on governance and performance.Journal of Financial Economics,94(2),291-309.
  12. Agrawal, A.,Knoeber, C. R.(2001).Do some outside directors play a political role?.Journal of Law and Economics,44(1),179-198.
  13. Angelmar, R.(1985).Market structure and research intensity in high-technological-opportunity industries.The Journal of Industrial Economics,34(1),69-79.
  14. Barker, V. L.,Mueller, G. C.(2002).CEO characteristics and firm R&D spending.Management Science,48(6),782-801.
  15. Barney, J.(1991).Firm resources and sustained competitive advantage.Journal of management,17(1),99-120.
  16. Becker, C. L.,DeFond, M. L.,Jiambalvo, J.,Subramanyam, K. R.(1998).The effect of audit quality on earnings management.Contemporary Accounting Research,15(1),1-24.
  17. Bhagat, S.,Black, B.(1999).The uncertain relationship between board composition and firm performance.The Business Lawyer,54(3),921-963.
  18. Bhagat, S.,Bolton, B.(2013).Director ownership, governance, and performance.Journal of Financial and Quantitative Analysis,48(1),105-135.
  19. Brown, P.,Beekes, W.,Verhoeven, P.(2011).Corporate governance, accounting and finance: A review.Accounting & Finance,51(1),96-172.
  20. Bunkanwanicha, P.,Wiwattanakantang, Y.(2009).Big business owners in politics.Review of Financial Studies,22(6),2133-2168.
  21. Carmeli, A.,Tishler, A.(2004).The relationships between intangible organizational elements and organizational performance.Strategic Management Journal,25(13),1257-1278.
  22. Chaney, P. K.,Faccio, M.,Parsley, D.(2011).The quality of accounting information in politically connected firms.Journal of Accounting and Economics,51(1),58-76.
  23. Chen, K. Y.,Elder, R. J.,Hsieh, Y. M.(2007).Corporate governance and earnings management: The implications of corporate governance best-practice principles for Taiwanese listed companies.Journal of Contemporary Accounting and Economics,3(2),73-105.
  24. Chou, H. I.,Chung, H.,Yin, X.(2013).Attendance of board meetings and company performance: Evidence from Taiwan.Journal of Banking & Finance,37(11),4157-4171.
  25. Ciftci, M.,Cready, W. M.(2011).Scale effects of R&D as reflected in earnings and returns.Journal of Accounting and Economics,52(1),62-80.
  26. Cohen, W. M.,Levinthal, D. A.(1990).Absorptive capacity: A new perspective on learning and innovation.Administrative Science Quarterly,35(1),128-152.
  27. Core, J. E.,Holthausen, R. W.,Larcker, D. F.(1999).Corporate governance, chief executive officer compensation, and firm performance.Journal of Financial Economics,51(3),371-406.
  28. Dahya, J.,Dimitrov, O.,McConnell, J. J.(2008).Dominant shareholders, corporate boards, and corporate value: A cross-country analysis.Journal of Financial Economics,87(1),73-100.
  29. David, P.,O'Brien, J. P.,Yoshikawa, T.(2008).The implications of debt heterogeneity for R&D investment and firm performance.Academy of Management Journal,51(1),165-181.
  30. 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.
  31. DeFond, M. L.,Hann, R. N.,Hu, X.(2005).Does the market value financial expertise on audit committees of boards of directors?.Journal of Accounting Research,43(2),153-193.
  32. Dhaliwal, D. A. N.,Naiker, V. I. C.,Navissi, F.(2010).The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees.Contemporary Accounting Research,27(3),787-827.
  33. Faccio, M.(2006).Politically connected firms.The American Economic Review,96(1),369-386.
  34. Faccio, M.,Masulis, R. W.,McConnell, J.(2006).Political connections and corporate bailouts.The Journal of Finance,61(6),2597-2635.
  35. Fama, E. F.,Jensen, M. C.(1983).Separation of ownership and control.Journal of Law and Economics,26(2),301-325.
  36. Fan, J. P.,Wong, T. J.(2005).Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia.Journal of Accounting Research,43(1),35-72.
  37. Fich, E. M.,Shivdasani, A.(2006).Are busy boards effective monitors?.The Journal of Finance,61(2),689-724.
  38. Francis, J.,Smith, A.(1995).Agency costs and innovation some empirical evidence.Journal of Accounting and Economics,19(2),383-409.
  39. Goldman, E.,Rocholl, J.,So, J.(2009).Do politically connected boards affect firm value?.Review of Financial Studies,22(6),2331-2360.
  40. Griliches, Z.(1990).Patent statistics as economic indicators: a survey.Journal of Economic Literature,28(4),1661-1707.
  41. Hall, B. H.,Ziedonis, R. H.(2001).The patent paradox revisited: An empirical study of patenting in the U.S. semiconductor industry, 1979-1995.The RAND Journal of Economics,32(1),101-128.
  42. Healy, P. M.,Palepu, K. G.(2001).Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature.Journal of Accounting and Economics,31(1),405-440.
  43. Holmstrom, B.(1989).Agency costs and innovation.Journal of Economic Behavior and Organization,12(3),305-327.
  44. Holthausen, R. W.,Larcker, D. F.,Sloan, R. G.(1995).Annual bonus schemes and the manipulation of earnings.Journal of Accounting and Economics,19(1),29-74.
  45. Horton, J.,Millo, Y.,Serafeim, G.(2012).Resources or power? Implications of social networks on compensation and firm performance.Journal of Business Finance & Accounting,39(3-4),399-426.
  46. Houston, J. F.,Jiang, L.,Lin, C.,Ma, Y.(2014).Political connections and the cost of bank loans.Journal of Accounting Research,52(1),193-243.
  47. Johanson, U.,MartenssonM.,Skoog, M.(2001).Mobilizing change through the management control of intangibles.Accounting, Organizations and Society,26(7),715-733.
  48. Kaplan, S.,Zingales, L.(1997).Do investment-cash flow sensitivities provide useful measures of financing constraints?.Quarterly Journal of Economics,112(1),169-215.
  49. Karjalainen, P.(2008).R&D investments: The effects of different financial environments on firm profitability.Journal of Multinational Financial Management,18(2),79-93.
  50. Klein, A.(2002).Audit committee, board of director characteristics, and earnings management.Journal of Accounting and Economics,33(3),375-400.
  51. Kor, Y. Y.,Mahoney, J. T.(2005).Research notes and commentaries how dynamics, management, and governance of resource deployments influence firm-level performance.Strategic Management Journal,26(5),489-496.
  52. Krishnan, G. V.,Visvanathan, G.(2007).Reporting internal control deficiencies in the post‐sarbanes‐oxley era: The role of auditors and corporate governance.International Journal of Auditing,11(2),3-90.
  53. Kuemmerle, W.(1998).Optimal scale for research and development in foreign environments: An investigation into size and performance of research and development laboratories abroad.Research Policy,27(2),111-126.
  54. La Porta, R.,Lopez‐de‐Silanes, F.,Shleifer, A.(1999).Corporate ownership around the world.The Journal of Finance,54(2),471-517.
  55. Lang, L.,Ofek, E.,Stulz, R.(1996).Leverage, investment, and firm growth.Journal of Financial Economics,40(1),3-29.
  56. Lev, B.,Zarowin, P.(1999).The boundaries of financial reporting and how to extend them.Journal of Accounting research,37(2),353-385.
  57. Li, H.,Meng, L.,Wang, Q.,Zhou, L. A.(2008).Political connections, financing and firm performance: Evidence from Chinese private firms.Journal of Development Economics,87(2),283-299.
  58. Lin, W. C.,Chang, S. C.(2012).Corporate governance and the stock market reaction to new product announcements.Review of Quantitative Finance and Accounting,39(2),273-291.
  59. Liu, Y.,Miletkov, M. K.,Wei, Z.,Yang, T.(2015).Board independence and firm performance in China.Journal of Corporate Finance,30,223-244.
  60. Luo, X.,Bhattacharya, C. B.(2009).The debate over doing good: Corporate social performance, strategic marketing levers, and firm-idiosyncratic risk.Journal of Marketing,73(6),198-213.
  61. Mahmood, I. P.,Mitchell, W.(2004).Two faces: Effects of business groups on innovation in emerging economies.Management Science,50(10),1348-1365.
  62. McAlister, L.,Srinivasan, R.,Kim, M.(2007).Advertising, research and development, and systematic risk of the firm.Journal of Marketing,71(1),35-48.
  63. Muniandy, B.,Hillier, J.(2015).Board independence, investment opportunity set and performance of South African firms.Pacific-Basin Finance Journal,35(A)
  64. Muravyev, A.,Talavera, O.,Weir, C.(2014).Performance effects of appointing other firms' executive directors to corporate boards: An analysis of UK firms.Review of Quantitative Finance and Accounting,1-21.
  65. Nicholson, G. J.,Kiel, G. C.(2004).Breakthrough board performance: How to harness your board's intellectual capital.Corporate Governance: The international Journal of Business in Society,4(1),5-23.
  66. O'Connor, M.,Rafferty, M.(2012).Corporate governance and innovation.Journal of Financial and Quantitative Analysis,47(2),397-413.
  67. Peasnell, K. V.,Pope, P. 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.
  68. Pfeffer, J.,Salancik, G. R.(2003).The External Control of Organizations: A Resource Dependence Perspective.New York:Stanford University Press.
  69. Porter, M. E.(1990).The competitive advantage of notions.Harvard business review,73-93.
  70. Qi, B.,Yang, R.,Tian, G.(2014).Can media deter management from manipulating earnings? Evidence from China.Review of Quantitative Finance and Accounting,42(3),571-597.
  71. Raghunandan, K.,Rama, D. V.,Read, W. J.(2001).Audit committee composition, "gray directors," and interaction with internal auditing.Accounting Horizons,15(2),105-118.
  72. Reeb, D. M.,Zhao, W.(2013).Director capital and corporate disclosure quality.Journal of Accounting and Public Policy,32(4),191-212.
  73. Romer, P. M.(1990).Endogenous technological change.Journal of Political Economy,98(5),71-102.
  74. Russo, M. V.,Fouts, P. A.(1997).A resource-based perspective on corporate environmental performance and profitability.Academy of management Journal,40(3),534-559.
  75. Sharma, S.,Thomas, V. J.(2008).Inter-country R&D efficiency analysis: An application of data envelopment analysis.Scientometrics,76(3),483-501.
  76. Spence, M.(1973).Job market signaling.Quarterly Journal of Economics,87(3),355-374.
  77. Tang, H. W.,Chang, C. C.(2014).Does corporate governance affect the relationship between earnings management and firm performance? An endogenous switching regression model.Review of Quantitative Finance and Accounting,1-26.
  78. Tsoukas, H.(ed.),Mylonopoulos, N.(ed.)(2003).Organizations as Knowledge Systems.Palgrave:Basingstoke.
  79. Vafeas, N.(1999).Board meeting frequency and firm performance.Journal of Financial Economics,53(1),113-142.
  80. White, H.(1980).A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity.Economertica,48(4),817-838.
  81. 葉銀華、李存修、柯承恩(2002)。公司治理與評等系統。台北:商智文化。
被引用次数
  1. 蔡京姐,劉若蘭,柯景蒝(2021)。內部控制缺失暨創新能力對資產減損之影響。應用經濟論叢，110，221-262。
  2. 黃馨儀,許宗文,翁慈青(2021)。中國家族企業及後代接班對研發創新活動之影響。台灣管理學刊，21(2)，1-20。
  3. 蘇誌翔,蔡京姐,劉若蘭(2021)。審計委員會特性對內部控制暨實質盈餘管理之影響。會計學報，8(2)，1-34。
  4. 葉依諭,翁慈青,王祥宏(2020)。家族企業與政治關係對負債資金成本的影響。台灣管理學刊，20(2)，45-75。
  5. 張雅淇,王雅琦(2023)。董事會特質、企業風險管理與券商分析師盈餘預測準確度之關聯性。中山管理評論，31(3)，481-543。
print cancel