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研究生:葉芮甄
研究生(外文):Yeh, Jui-Chen
論文名稱:獨立董事財務背景與成本僵固性之關聯
論文名稱(外文):The Association Between Financial Background of Independent Directors and Cost Stickiness
指導教授:潘健民潘健民引用關係
指導教授(外文):Pan, Chien-Min
口試委員:廖芝嫻張祐慈
口試委員(外文):Liao, Chih-HsienChang, Yu-Tzu
口試日期:2023-06-15
學位類別:碩士
校院名稱:國立政治大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2023
畢業學年度:111
語文別:中文
論文頁數:62
中文關鍵詞:成本僵固性獨立董事獨立董事財務背景
外文關鍵詞:Cost stickinessIndependent directorFinancial background of independent director
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本研究以東京證券交易所上市企業作為研究對象,探究日本企業在不強制聘任獨立董事之制度下,獨立董事之聘任及獨立董事產業背景與成本僵固性間之關聯性。成本僵固性係反映管理階層有意識之管理決策,代表企業於銷貨收入下降時,會傾向暫時保留先前之資源投入,而不貿然刪減成本。而獨立董事係為一專業且獨立之角色,能跳脫企業內部人角度,提供有用之觀點與建議。
從本研究之實證結果可知,日本企業普遍存有成本僵固之現象。當聘有獨立董事時,會加深企業之成本僵固性。本研究亦發現獨立董事之產業背景除主要往來銀行外,與成本僵固之現象並無顯著關聯。綜上實證結果可知,聘任獨立董事會改變企業成本刪減的幅度,而獨立董事之產業背景為何對成本僵固性無顯著影響。
Taking the advantage of the unique setting in Japan where the appointment of independent directors are not mandatory, this study investigates the association between independent director appointments and cost stickiness using data from firms listed on the Tokyo Stock Exchange. Cost stickiness reflects conscious management decisions, indicating that firms tend to temporarily retain resources rather than abruptly cutting costs when sales declines. In this study, while independent directors play a role in enhancing corporate governance, we further expected independent directors to provide insights from outside the firm.
The empirical results show that cost of Japanese firms are generally sticky. When independent directors are appointed, it amplifies the cost stickiness. The results also show that the industry background of independent directors, except for those who are connected with firms’ main banks, are not associated with cost stickiness. In summary, the appointment of independent directors influences the magnitude of cost reduction within firms, while the industry background of independent directors does not have significant impact on cost stickiness.
壹、 緒論 1
第一節 研究動機及目的 1
第二節 研究架構 4
貳、 文獻探討與研究假說 5
第一節 成本僵固性 5
第二節 獨立董事產業背景 10
第三節 研究假說 12
參、 研究方法 14
第一節 實證模型 14
一、 基礎模型 14
二、 加入年度固定效果及產業固定效果 15
三、 加入獨立董事之交乘項 15
四、 加入控制變數 16
第二節 資料使用及樣本選樣 22
肆、 實證結果與分析 25
第一節 敘述性統計 25
第二節 相關係數檢定 28
第三節 獨立董事之存在與成本僵固性之實證結果 32
一、 基礎模型 32
二、 加入年度固定效果及產業固定效果 33
三、 加入獨立董事之交乘項 33
四、 加入控制變數 33
五、 小結 34
第四節 獨立董事產業背景與成本僵固性之實證結果 37
一、 獨立董事產業背景為銀行 37
二、 獨立董事產業背景為主要往來銀行 40
三、 獨立董事產業背景為證券業 43
四、 獨立董事產業背景為保險業 46
伍、 追加測試 49
第一節 製造業 49
第二節 非製造業 52
陸、 結論 55
參考文獻 57
附錄 61
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