臺灣博碩士論文加值系統

This thesis aims to examine board characteristics and ownership structures, with regard to the subsequent impact on the decisions taken to devote resources to R&D investment. The objective of this study is to contribute to the corporate governance and R&D fields, by culminating a succinct body of literature, as well as providing empirically tested quantitative insights from a Taiwanese perspective. Furthermore, the outcomes of this study may provide impetus for policy development, which may further galvanize effective frameworks that can support and strengthen Board of Directors powers, which will not only protect the interests of shareholders, but also provide mechanisms that will reflect the extent to which companies can strategically influence the extent to which R&D allocations are designated. Additionally, this study seeks to establish optimal structures and processes for Boards of Directors to incorporate into their roles and responsibilities, in the realm of strategic decision making. Companies seeking to optimize their R&D policy imperatives may benefit from such an analysis. A sample comprising 1736 firm-year observations of 434 technological firms listed on the Taiwanese Stock Exchange (TWSE) between 2014 and 2017 was utilized. Contrary to extant research, findings reveal that board independence plays a crucial role relative to R&D intensity, as strong evidence reflects a positive and significant relationship thereon. Moreover, empirical results demonstrate negative and significant relationships between CEO Duality, Board size (in big companies), Executive & Manager, Board of Directors and Top Blockholders; ownership structures and firm R&D intensity. It is interesting to note that the ownership structure results emergent from this Taiwanese contextual study are in support of, and consistent with the predictions of the ‘entrenchment argument’ and are counter to the ‘convergence of interest’ argument. This lays foundation for further discussion and analysis pertaining to corporate governance principles and regulations.

Keywords: Corporate Governance, Board Characteristics, Ownership Structures, Strategic Decision Making, R&D Investment

TABLE OF CONTENTS
ABSTRACT i
ACKNOWLEDGEMENTS ii
TABLE OF CONTENTS iii
LIST OF TABLES v
CHAPTER 1 - INTRODUCTION 1
1.1. Research Background 1
1.2. Objective of Studies 3
1.3. Research Contribution 4
1.4. Research Reporting Outline 4
Chapter 2 - LITERATURE REVIEW 5
2.1. R&D Strategic Decision making 5
2.1.1. The Board as Strategic Decision Makers 6
2.1.2. Corporate Board precursors of R&D Investment Spending 10
2.2. The effects of Board Characteristics on firm R&D 11
2.2.1. The effects of Board Size on firm R&D 11
2.2.2.The Effects of CEO / Chairman Duality on firm R&D 15
2.2.3. The effects of Board Independence on firm R&D 20
2.3. The effects of Ownership Structures on firm R&D 25
2.3.1 The effects of Blockholders ownership on firm R&D 27
2.3.2 The effects of Financial Institutional ownership on firm R&D 29
2.3.3 The effects of Board of Directors ownership on firm R&D 30
2.3.4 The effects of Executives and Managers ownership on firm R&D 32
Chapter 3 - METHODOLOGY 35
3.1 Operationalization of the research 35
3.1.1 Variables 35
3.1.1.1 Independent variables 35
3.1.1.2 Dependent variables 35
3.1.2. Definition of Variables 36
3.2. Sampling population 37
3.3. Statistical test 38
3.3.1. Multiple regressive analysis 38
3.3.2. Multivariate regression clarifications 38
3.3.2.1 Independent Variables 39
3.3.2.2 Dependent Variables 39
3.3.2.3 Control variables 40
3.3.3. Clarification and applied considerations regarding multivariate regression 40
3.3.4. Multicollinearity 40
3.3.5. Linearity 41
3.3.6. Normality test 41
3.3.7. Correlation 41
Chapter 4 - REGRESSION ANALYSIS AND DISCUSSION 43
4.1. Empirical results 43
Chapter 5 – CONCLUSION & STUDY IMPLICATIONS 77
5.1. Study Conclusion 77
5.2. Practical Implications for Asian Business 78
REFERENCES 81

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