臺灣博碩士論文加值系統

此研究旨在探討董事會資本（包括人力資本和社會資本）與創新之間的關係。本研究提出三個假說: 一、當一公司董事會的人力資本較高預期有較高的創新；二、當一公司董事會的社會資本較高時，預期有較高的創新；三、一公司的董事會資本與公司創新預期呈正向的關聯。為了檢驗這些假設，本研究使用了來自不同資源的數據，包括SEC EDGARD-10k，Noah Stoffman，S＆P 500 Capital IQ在1990至2018年間來自各行各業的美國上市公司。 我們使用研發，專利，專利引用次數和新產品數量來代表公司創新指標；對於董事會資本的衡量方面，我們使用董事的教育水平、行業經驗來做為董事會人力資本的變數；並考慮董事的社交網絡與在他公司是否擔任經理職等做為董事會社會資本變數。研究結果發現，公司董事會成員中有較高教育水平和產業經驗，可有效提升公司的創新能力。

This study is aimed to examine the relationship between board capital, including human and social capital, and corporate innovation. We propose two hypotheses. First, a board with higher level of human capital is expected to have higher innovation. Second, a board with higher level of social capital is expected to have higher innovation. To test these hypotheses, we use data from different resources, including SEC EDGARD-10k, Noah Stoffman, S&P 500 Capital IQ in the U.S. public firms from all industries from 2000 to 2018. Four different types of innovation measurement are used to proxy for innovation, including R&D, patents, citations, and number of new products. For board capital, we use the level of education, and industry experiences of directors to proxy for board human capital. The directors’ social network and interlocking ties are used to proxy for board social capital. The human and social score measurement are created as well. We use fixed effect regression to test the hypothesis and use two-stage least squares regression (2SLS) to address for the endogeneity issues. We find that a board with a higher human capital is highly associated with corporate innovation in terms of citations. The findings imply that firms should hire a board with directors who have higher level of education and industry experiences to promote its innovation.

Table of contents
Title…………………………………………………………………………………….i
Letter of Approval……………………………………………………………………ii
Abstract in Chinese………………………………………………………………….iii
Abstract in English…………………………………………………………………..iv
Acknowledgements…………………………………………………………………...v
Table of Contents…………………………………………………………………….vi
List of Tables………………………………………………………………………...vii
List of Figure……………………………………………………………………….viii
1. Introduction………………………………………………………………………1
2. Literature review…………………………………………………………………5
2.1. The role of the board………………………………………………………….6
2.2. What is board capital?. ……………………………………………………….9
2.3. The role of the board capital in the firm performance………………………...9
3. Hypothesis development……………………………………………….................12
4. Data and variables………………………………………………………………...15
4.1. Data…………………………………………………………………………..15
4.2. Variable definitions…………………………………………………………..15
4.3. Descriptive statistics…………………………………………………………17
5. Research method………………………………………………………………….19
6. Empirical results………………………………………………………….............19
6.1. The effects of board capital on innovation……………………………………19
6.2. Robustness tests……………………………………………………………...20
6.3. Additional results…………………………………………………………….22
7. Concluding remarks……………………………………………………………...22
References…………………………………………………………………………...24

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