公司的績效和價值會因為指派獨立董事而改善嗎? 公司治理會如何影響公司的績效? 本篇研究將使用台灣的資料來探討這兩個問題. 實證研究顯示,本研究的結果和過去的文獻相反,獨立董事對於公司績效是顯著正向的.研究還發現,公司績效和機構擁有者呈現正相關.最後研究顯示,董事會大小和公司績效呈現負相關.

Can corporate performance and value of the company be improved by appointment of
outside directors? How corporate governance and ownership make influence to firm
performance? The answer to these questions may vary from company to company or country to
country. However, in this research we will try to answer for that question for Taiwanese
companies. We consider of corporate governance for listed companies in Taiwan Stock
Exchange and Taipei Exchange (Gre Tai Securities Market) during the period 2000- 2015. Given
the passage of Independent Directors System during 2006, we will study how corporate
governance performance might have been impacted by this regulation.
Our empirical results show that, in contrast to studies in U.S and U.K firms the effects of
independent directors on firm performance is positive. Board independents has a significant and
positive effect on firm performance in our study on Taiwanese firms. We also find that firm
performance is positively related to institutional ownership. Additionally, we observe that the
separation between chairman and CEO associated with firm performance. In contrast, our
evidence points out that board size are negatively associated with firm performance.

ABSTRACT ……………………………………………………………………………………...ii
TABLE OF CONTENT ……………….………………………….………………………...……iii
LIST OF TABLES……………………………………………………………………………......iv
1. INTRODUCTION......………………...…………………………………………………….….1
2. LITERATURE REVIEW.......……...…….…………………………………………………….4
2.1 Board Characteristics and Firm Performance ………………………………………...4
2.2 Ownership Structure and Firm Performance…………………...……………………10
2.3 Hypotheses Development………………………………………...………………….10
3. METHODOLOGY........…………..……………………………………….………………….13
3.1 Sample Selection and Data Source………………………………………………......13
3.2 Ordinary Least Squares (OLS)……………………………………………….………13
4. EMPIRICAL RESEARCH RESULTS……………………………………………………......16
5. CONCLUSION AND DISCUSSION………………………………………………………...20
REFERENCES…………………………………………………………………………………..21
iv
List of Tables
Table 1 Definition of Research Variables…………………………………………………….....26
Table 2 Descriptive Statistic ……………………………………………………………………27
Table 3 Pearson Correlation Matrix…………………………………………………………......28
Table 4 OLS regression result…………………………………………………...………………29
Table 5 High tech vs Non high tech industry……………………………………………………30
Table 6 Interaction results………………………….……………………………………………31

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