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研究生:翁天龍
研究生(外文):Tien-Lung Weng
論文名稱:忙碌獨立董事能降低公司波動?
論文名稱(外文):Would busy independent directors reduce firm''s volatility?
指導教授:丁秀儀丁秀儀引用關係
指導教授(外文):Hsiu-I Ting
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:金融營運所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:43
中文關鍵詞:聲譽資本董事兼職數公司波動性獨立董事
外文關鍵詞:Reputational CapitalDirector''''s Professional CharacteristicVariabilityDirectorshipsIndependent Director
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本研究主要探討獨立董事忙碌程度與公司波動的關聯性。在尚未考慮樣本特性前,無法發現獨立董事兼職數與公司績效波動的關聯。考慮樣本公司特性後,發現董事會獨立性較高的公司,獨立董事存在聲譽資本,而會採取穩健的決策,使公司績效波動幅度變小,並有較佳的監督能力,於公司績效不好時能有效撤換績效不佳的經理人。在考量董事專業能力後,並沒有發現獨立董事專業性能有效降低樣本期間公司績效變異程度,但具備法律、商務、政治與相關產業專業背景的獨立董事能有效監督公司。
This paper examined the relationship between the independent director''s directorship and firm''s volatility. Without considering the firm''s specific characteristic, the relationship between the number of directorships per independent director and firm''s variability is not found. However, after considering the firm''s specific characteristic, we find that when the board has higher independence level, the independent directors have reputational capital and provide better monitoring. They will make the robust decisions which would reduce the firm''s volatility. When the firm''s performance is worse, the CEO will be replaced. Furthermore, we consider the independent directors'' professional abilities. We do not find that the independent directors'' professional abilities can reduce the firm''s variability. We find that the busy directors with law, business, political background or relevant industrial experience have the better supervisory.
摘要 i
Abstract ii
誌謝 iii
目錄 iv
圖目錄 v
表目錄 v
1 緒論 1
2 文獻探討與假說 3
3 研究方法與樣本篩選 7
3.1 資料與樣本選取 7
3.2 研究變數 8
3.3 研究方法 10
4 實證結果 15
4.1 樣本與敘述統計 15
4.2 獨立董事忙碌程度與公司績效波動性 18
4.3 考量非單一家族企業 23
4.4 考量自願設立獨立董事 26
4.5 考量非財務績效波動 30
4.6 考量董事專業性 34
4.7 敏感性分析 38
5 結論 39
參考文獻 41
附錄 43
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