跳到主要內容

臺灣博碩士論文加值系統

(3.235.120.150) 您好!臺灣時間:2021/08/06 03:13
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:林子堯
研究生(外文):Tzu-Yao Lin
論文名稱:外部董監與家族持股對公司績效的影響─以台灣電子產業為例
論文名稱(外文):The Impacts of Outside Directors and Family Ownership on Firm Performance - The Case of Electronic Industry in Taiwan
指導教授:陳忠仁陳忠仁引用關係
指導教授(外文):Chung-Jen Chen
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:商學研究所
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2008
畢業學年度:97
語文別:英文
論文頁數:41
中文關鍵詞:公司治理外部董監家族董監家族持股
外文關鍵詞:Corporate GovernanceOutside DirectorFamily DirectorFamily Ownership
相關次數:
  • 被引用被引用:0
  • 點閱點閱:195
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本篇研究將探究外部董監比率、家族董監比率以及家族持股比率對於公司績效的關連性進行分析。根據研究結果,外部董監比率與公司績效的關係將呈現倒U形,而吸收能力在此關係中將扮演一個調節作用的腳色。另一方面,家族董監比率與公司績效之間存在一個反向的直線關係;而家族持股與公司績效之間則是有一個正向的直線關係,本篇研究認為家族大股東願意讓出董事會的席次給予有足夠專業學識與背景的經理人,是造成此結果的一大主因。
本篇研究將以台灣上市電子公司為樣本,並利用台灣經濟新報所提供的次級資料進行迴歸分析。結論部份會提供本篇研究的管理意涵、研究限制與未來研究方向的建議。
This study examines the effects of outside directors, family ownership and absorptive capacity on corporate performance. From the research results, this study suggests an inverse U-shaped relationship between the proportion of outside directors and corporate performance. When adding two types of absorptive capacity- R&D intensity and marketing intensity- as moderators, the relationship between outside director percentage and corporate performance becomes strengthened or attenuated respectively. In addition, this study proposes that the proportion of family directors is negatively associated with the corporate performance; while the proportion of the family equity ownership is positively associated with the corporate performance. Comprehensive secondary data on all the electronic companies listed in the Taiwan Stock Exchange supports the prediction. This article also discusses the managerial implications and highlights future research directions in the end.
CHAPTER 1: INTRODUCTION 1
1.1 Research Background and Objective 1
1.2 Research Procedure 5
CHAPTER 2 LITERATURE REVIEW AND HYPOTHESIS 6
2.1 The Mechanism of Corporate Govenance 6
2.2 Theoretical Perspectives on Outside Directors 7
2.2.1 Agency Theory 7
2.2.2 Stewardship Theory 8
2.2.3 Resource Dependence Theory 9
2.3 Outside Directors and Corporate Performance 10
2.4 Family Ownership and Corporate Performance 11
2.5 The Moderating Role of Absorptive Capacity 14
2.5.1 R&D Intensity 14
2.5.2 Resource Dependence Theory 15
CHAPTER 3 RESEARCH DESIGN AND METHODOLOGY 17
3.1 Data Collection and Sample 17
3.2 Research Framework and Variables Measurement 18
3.2.1 Research Framework 18
3.2.2 Independent Variables 19
3.2.3 Moderating Variables 20
3.2.4 Dependent Variables 20
3.2.5 Control variables 21
3.3 Statistical Method 22
3.3.1 Descriptive Statistics Analysis 22
3.3.2 Correlation Analysis 22
3.3.3 Moderated Hierarchical Regression Analysis 22
CHAPTER 4 RESEARCH RESULTS 24
4.1 Descriptive Analysis 24
4.2 Correlation Analysis 25
4.3 Regression Analysis 27
CHAPTER 5 CONCLUSIONS AND IMPLICATIONS 32
5.1 Research Conclusions 32
5.2 Research Contributions 34
5.3 Research Limitations and Recommendation for Future Studies 35
REFERENCE 36
Agrawal, A. and Nagarjan, N. J. (1990) “Corporate Structure, Agency Costs, and Ownership Control: the Case of All-Equity Firms,” Journal of Finance, 45, 1325–1331.

Anderson, R. C. and Reeb, D. M. (2003) “Founding Family Ownership and Performance: Evidence from the S&P 500,” Journal of Finance, 58, 1301– 1327.

Barth, E., Gulbrandsen, T. and Schone, P. (2005) “Family Ownership and Productivity: the Role of Owner-Management,” Journal of Corporate Finance, 11(1), 107– 127.

Baysinger, B. D., Kosnik, R. D., and Turk, T.A. (1991) “Effects of Board and Ownership Structure on Corporate R&D Strategy,” Academy of Management Journal, 34(1), 205–214.

Boyd, B. (1990) “Corporate Linkages and Organizational Environment: A Test of the Resource Dependence Model,” Strategic Management Journal, 11, 419–430.

Chiang, M. H. and Lin, J. H. (2007) “The Relationship between Corporate Governance and Firm Productivity: Evidence from Taiwan’s Manufacturing Firms.” Corporate Governance: An International Review, 15(5), 768-779

Cohen, W. M and Levinthal, D. A. (1990) “Absorptive Capacity: A New Perspective on Learning and Innovation,” Administrative Science Quarterly, 35: 128-152.

Daily, C. and Dalton, D. (1993) “Board of Directors Leadership and Structure: Control and Performance Implications,” Entrepreneurship Theory and Practice, 65–81.

Dalton, D. R., Daily, C. M., Ellstrand, A. E., and Johnson, J.L. (1998) “Meta-analytic Review of Board Composition, Leadership Structure, and Financial Performance,” Strategic Management Journal, 19, 269–290

David, P., Hitt, M. H. and Gimeno, J. (2001) “The Influence of Activism by Institutional Investors on R&D,” Academy of Management Journal, 44, 144–158.

David, F., George, S. B., and David, H. (2007) “Corporate Boards and Company Performance: Review of Research in Light of Recent Reforms,” Corporate Governance: An International Review, 15(5), 865–878

Darrow, A.L. & Kahl, D.R. (1982) “A Comparison of Moderated Regression Techniques Considering Strength of Effect,” Journal of Management, 8(2), 35-47

Donaldson, L. and Davis, J. H. (1991) “Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns,” Australian Journal of Management, 16, 49–64.

Donaldson, L. and Davis, J. H. (1994) “Boards and Company Performance – Research Challenges the Conventional Wisdom,” Corporate Governance: An International Review, 2, 151–160

De andres, P., Azofra, V. and Lopez, F. (2005) “Corporate Boards in OECD Countries: Size, Composition, Functioning, and Effectiveness,” Corporate Governance: An International Review, 13(2), 197–210.

Diane, K. D. and John, J. M. (2003) “International Corporate Governance,” Journal Financial and Quantitative Analysis, 38(1)

Dulewicz, V. and Herbert, P. (2004) “Does the Composition and Practice of Boards and Directors Bear Any Relationship to the Performance of the Their Companies?” Corporate Governance: An International Review, 12(3), 263–280.

Eisenhardt, K. M. (1989) “Agency Theory: An Assessment and Review,” Academy of Management Review, 14, 57–74.

Fried, V., Bruton, G. D. and Hisrich, R. D. (1998) “Strategy and the Board of Directors in Venture Capital-Backed Firms,” Journal of Business Venturing, 13, 493–503.

Gallo, M. A. and Vilaseca, A. (1996) “Finance in Family Business,” Family Business Review, 9, 387–401.

Gavin, J. N. and Geoffrey, C. K. (2007) “Can Directors Impact Performance? A Case-based Test of Three Theories of Corporate Governance,” Corporate Governance: An International Review, 15(4), 585–608

Golden, B. R. and Zajac, E. J. (2001) “When Will Boards Influence Strategy? Inclination × Power = Strategic Change,” Strategic Management Journal, 22(12), 1087–1111.

Han, J. K., Kim, N., & Srivastava, R. K. (1998) “Market Orientation and Organizational Performance: Is Innovation a Missing Link?” Journal of Marketing, 62, 30–45.

Hillman, A. J. and Dalziel, T. (2003) “Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives,” Academy of Management Review, 28, 383–396.

James, H. S. (1999) “Owner as Manager, Extended Horizons and the Family Firm,” International Journal of the Economics of Business, 6, 41-56

Jensen, M. and Meckling, W. (1976) “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, 3(4), 305–360.

Kesner, I. (1987) “Directors’ Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies,” Journal of Management, 13(3), 499–507.

Kosnik, D. R. (1990) “Effects of Board Demography and Directors’ Incentives on Corporate Greenmail Decisions,” Academy of Management Journal, 33, 129–150.

Lins, K. V. (2003) “Equity Ownership and Firm Value in Emerging Markets,” Journal of Financial and Quantitative Analysis, 38, 159–184.

Luan, C. J. and Tang, M. J. (2007) “Where is Independent Director Efficacy?” Corporate Governance: An International Review, 15(4), 636-643.

Lynall, M. D., Golden, B. R. and Hillman, A. J. (2003) “Board Composition from Adolescence to Maturity: A Multitheoretic View,” Academy of Management Review, 28, 416–431.

Mansfield, E. (1968) “Industrial Research and Technological Innovation,” New York: Norton

McConaughy, D. L., Walker, M. C., Henderson, G. V. and Mishra, C. S. (1998) “Founding Family Controlled Firms: Efficiency and Value,” Review of Financial Economics, 7, 1 –19.

Mehran, H. (1995) “Executive Compensation Structure, Ownership and Firm Performance,” Journal of Financial Economics, 38(2), 163-184.

Narasimhan, O., Rajiv, S. and Dutta, S. (2006). “Absorptive Capacity of Firms in High Technology Markets: The Competitive Advantage of the Haves,” Marketing Science, 25 (5), 510-524

Pearce, J. A., II and Zahra, S. A. (1992) “Board Composition from a Strategic Contingency Perspective,” Journal of Management Studies, 29, 411–438.

Peng, M. W. (2004) “Outside Directors and Firm Performance during Institutional Transitions,” Strategic Management Journal, 25, 453–471.

Pfeffer, J. (1972) “Size and Composition of Corporate Boards of Directors: The Organization and its Environment,” Administrative Science Quarterly, 17, 218–228.

Pfeffer, J. and Salancik, G. R. (1978) “The External Control of Organizations: A Resource Dependence Perspective,” New York, NY, Harper and Row

Pfeffer, J. (1983) “Organizational Demography,” Research in Organizational Behavior, 5, 299–357.

Pollack, R.A. (1985) “A Transaction Cost Approach to Families and Households,” Journal of Economic Literature, 23, 581–608.

Rhoades, D. L., Rechner, P. L. and Sundaramurthy, C. (2000) “Board Composition and Financial Performance: A Meta-analysis of the Influence of Outside Directors,” Journal of Managerial Issues, 12, 76–91.

Schoonhoven, C.B. (1981) “Problems with Contingency Theory: Testing Assumptions Hidden within the Language of Contingency “Theory”,” Administrative Science Quarterly, 26(3), 349-377.

Sharma, S., Durand, R. M. and Gur-Arie, O. (1981) “Identification and Analysis of Moderator Variables,” Journal of Marketing Research, 18(3), 291-300

Sheu, H. J. and Yang, C. Y. (2005) “Insider Ownership Structure and Firm Performance: a Productivity Perspective Study in Taiwan''s Electronics Industry,” Corporate Governance: An International Review, 13(2), 326-337

Shleifier, A. and Vishny, R. W. (1997) “A Survey of Corporate Governance,” Journal of Finance, 52, 737-783.

Stein, J. (1989) “Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior,” Quarterly Journal of Economics, 103, 655-669
Thomsen, S. and Pedersen, T. (2000) “Ownership Structure and Economic Performance in the Largest European Companies,” Strategic Management Journal, 21(6), 689–705.

Wiwattanakantang, Y. (2001) “Controlling Shareholders and Corporate Value: evidence from Thailand,” Pacific-Basin Finance Journal, 9, 323–362.

Zahra, S. A. and Pearce, J. A., II (1989) “Boards of Directors and Corporate Financial Performance: A Review and Integrative Model,” Journal of Management, 15, 291–334.

Zald, M. N. (1969) “The Power and the Functions of Boards of Directors: A Theoretical Synthesis,” American Journal of Sociology, 75, 97–111.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊