臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：董事會之獨立、專業、參與對企業績效及風險之影響
作者：陳宜伶 引用關係
作者(外文)：Chen, Yi Ling
校院名稱：國立政治大學
系所名稱：會計研究所
指導教授：許崇源
林宛瑩
學位類別：博士
出版日期：2009
主題關鍵詞：董事會獨立性；專業性；參與程度；企業績效及風險；board independence；expertise；attendance；performance and risk
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:0
  • 點閱點閱:50
董事會組成、結構與運作的特性影響董事會功能的發揮，而董事會功能的強弱則決定企業經營的良窳。董事會的策略功能若能發揮，應可增進公司績效；董事會若能盡到監督的職責，應可降低企業的風險。因此，本研究探討董事會特性對企業績效與風險之影響。有別於其他公司治理的相關文獻多以董事會的獨立性衡量董事會之效能，本研究額外針對董事會成員發展其專業性及參與程度等衡量董事會特性之變數，探討這些變數與公司績效及風險間之關聯性，並進一步納入市場競爭程度與研發強度，分析公司經營特性對董事會特性與公司績效、風險關聯性之影響。
本研究以資產報酬率(ROA)、股東權益報酬率(ROE)、Tobin’s Q (Q)、Jensen Productivity (Jensen)來衡量企業績效，以信用評等(TCRI、RankRisk)、資產報酬率的標準差(sdROA)、股東權益報酬率的標準差(sdROE)來衡量企業風險，從董事會之獨立性、專業性以及參與度探討其對企業績效與風險之影響。研究結果發現，董事會之獨立性可以提升企業績效(ROA、ROE)、降低企業風險(TCRI、RankRisk、sdROA、sdROE)。董監具備會計或法律專業可以提升投資績效(Jensen)，董監之聲譽可以提升企業績效(ROA、Q、Jensen)，但董監若兼職過於忙碌，反而會提高財務風險(sdROA、sdROE)，而董事會之參與度則可以提升企業績效(ROA、ROE)且降低信用風險(TCRI、RankRisk)。此外，市場競爭程度與研發強度影響董事會之獨立性、專業性以及參與度與企業績效、風險之關聯性。相對於低市場競爭程度，在高度市場競爭的環境下，董監具備會計或法律專業可以降低信用風險(RankRisk)，董監過於忙碌會增加企業風險(TCRI、RankRisk、sdROA、sdROE)，而董事會之參與度可以提升企業績效(Q)。相對於低研發強度，在高研發強度的環境下，公司需要內部董監的專屬知識，董事會之獨立性會降低投資績效(Jensen)，但董監具備會計或法律專業可以提升企業績效(ROA、ROE、Q、Jensen)且降低信用風險(TCRI)，董監之聲譽可降低信用風險(TCRI、RankRisk)，而董事會之參與度則可提升企業績效(ROA)。
The board composition, structure and process influence the effectiveness of the corporate board. The strategy function of the board helps to improve firm performance, while the monitoring function of the board assists to reduce firm risk. This research investigates the impact of board characteristics on firm performance and risk. Different from prior studies that focused mainly on board independence, this research expands board characteristics to include the expertise and attendance aspects of corporate boards. Furthermore, this research incorporates market competition and R&D intensity to analyze their moderating effects on the association between board characteristics and firm performance and risk.
This research uses ROA, ROE, Tobin’s Q and Jensen Productivity (Jensen) to measure firm performance, and uses TCRI, RankRisk, sdROA and sdROE to measure firm risk. The research results indicate that boards with higher independence have higher ROA and ROE and lower TCRI, RankRisk, sdROA and sdROE. The boards with accounting or legal expertise directors have higher Jensen, while the boards with more reputable directors have higher ROA, Q and Jensen. However, boards with busy directors have higher sdROA and sdROE. The more attentive boards are found to be associated with higher ROA and ROE and lower TCRI and RankRisk. In addition, the levels of market competition and R&D intensity affect the association between board independence, expertise and attendance and firm performance and risk. For firms operating in the high market competition environment, boards with accounting or legal expertise directors have lower RankRisk, boards with busy directors have higher TCRI, RankRisk, sdROA and sdROE, and more attentive boards have higher Q. For firms with high R&D intensity, boards with greater independence are associated with lower Jensen since these firms require insider directors who have firm-specific knowledge. Moreover, boards with accounting or legal expertise directors tend to have higher ROA, ROE, Q, and Jensen and lower TCRI and more reputable boards have lower TCRI and RankRisk, while more attentive boards have higher ROA.
王元章與陳瑞璽，2003，「股權結構、投資支出與公司價值-考慮動態股權結構下之實證研究」，證券市場發展季刊，第15卷第2期：頁65-100。
李春安、吳欽杉與葉麗玉，2003，「所有權結構與公司非法行為關係之研究-以台灣股票上市公司為例」，證券市場發展季刊，第14卷第4期：頁75-138。new window
李馨蘋與莊宗憲，2007，「公司治理機制與公司績效之實證研究」，東吳經濟商學學報，第57期：頁1-27。
邱正仁、熊大中與高蘭芬，2002，「股權質押與財務危機關聯性之研究」，中華會計學刊，第3卷第1期：頁79-111。
邱垂昌、張裕任與郭麗雪，2007，「強制設立獨立董監事與新股折價關聯性之研究」，會計評論，第45期：頁97-134。new window
周行一、陳錦村與陳坤宏，1996，「家族持股、聯屬持股與公司價值之研究」，中國財務學刊，第4卷第1期：頁115-139。new window
林宜勉與陳瑞斌，2000，「公司特性與股權結構對負債政策之影響」，亞太管理評論，第5卷第2期：頁199-219。
林妙雀、顏怡音與陳雪芳，2008，「公司治理與財務健全度對企業價值影響之研究-多元適應性雲形迴歸之運用」，中山管理評論，第16卷第4期：頁787-822。new window
林宛瑩與許崇源，2008，「台灣集團企業之控股型態及公司治理衡量指標之研究與建議」，交大管理學報，第28卷第1期：頁269-312。
林秀鳳與李建然，2008，「管理特質對企業績效之影響」，中山管理評論，第16卷第4期：頁703-742。
俞海琴與周本鄂，1994，「台灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究」，管理評論，第13期第1卷：頁79-98。
洪榮華、陳香如與王玉珍，2005，「公司內部治理機制與公司績效之關係-股權結構與董事會特性的觀點」，輔仁管理學報，第12卷第3期：頁23-40。new window
洪榮華、陳香如與柯璟瑩，2005，「從代理理論的角度探討董事會特性、股權結構與負債之關聯性」，管理與系統，第12卷第4期：頁33-53。new window
高蘭芬與邱正仁，2002，「董監事股權質押對會計盈餘與股票報酬相關性之影響」，台大管理論叢，第13卷第1期：頁127-162。
戚務君與馬瑜霙，2005，「我國獨立董事以及獨立監察人制度對異常應計影響之研究」，金融風險管理季刊，第1期第1卷：頁35-60。
陳美華與洪世炳，2005，「公司治理、股權結構與公司績效關係之實證研究」，企業管理學報，65期：頁129-153。
陳業寧、邱顯比與洪雲萍，2004，「獨立董事與公司治理：政府應該要求所有上市上櫃公司聘任獨立董事嗎？」，證券市場發展，第16期第4卷：頁1-36。new window
菅瑞昌與闕河士，2008，「台灣上市公司所有權結構與極端風險關係之分量迴歸分析」，中山管理評論，第16卷第3期：頁507-542。
楊朝旭，2004，「產品市場競爭可否降低公司內部治理機制不佳所導致的代理成本?」，管理學報，第21卷第2期：頁153-173。new window
葉銀華與邱顯比，1996，「資本結構、股權結構與公司價值關聯性之實證研究：代理理論」，台大管理論叢，第7卷第2期：頁57-89。
葉銀華與馬君梅，1999，「股權結構、公司價值與內部監督機制－上海證劵市場實證研究」，亞太管理評論，第4卷第1期：頁37-50。
葉銀華、蘇裕惠、柯承恩與李德冠，2003，「公司治理機制對於關係人交易的影響」，證券市場發展季刊，第15卷第4期：頁69-106。new window
劉正田，2001，「研發支出資本化之會計基礎股票評價」，會計評論，第33期：頁1-26。new window
鄭桂蕙、林宛瑩與許崇源，2006，「董監事持股高低對庫藏股買回誘因之影響」，東吳經濟商學學報，第54期：頁1-26。new window
薛健宏，2008，「董監持股、盈餘平穩化與企業風險之關聯性研究」，會計評論，第46期：頁107-130。new window
薛健宏與許崇源，2008，「無形資產投入與企業報酬及風險之關係」，證券市場發展季刊，第20卷第4期：頁1-38。
臺灣經濟新報社，2004，「貨幣觀測與信用風險評等」，46期：頁124-136。
Abbott, L., Parker, S. and Peters, G. 2003. Audit committee characteristics and restatements. Auditing: A Journal of Practice and Theory, 23 (1): 69-87.
Agrawal, A., and Chadha, S. 2005. Corporate governance and accounting scandals. Journal of Law and Economics, 48 (2): 371-406.
Agrawal, A., and Knoeber, C. R. 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31 (3): 377-397.
Agrawal, A., and Mandelker, G. 1990. Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis, 25 (2):143-161.
Ahmed, A. S., and Duellman, S. 2007. Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics, 43 (3): 411-437.
Ali, K., Chen, T. Y. and Radhakrishnan, S. 2007. Corporate disclosures by family firms. Journal of Accounting and Economics, 44 (2): 238-286.
Anderson, R. C., Mansi, S. A., and Reeb, D. M. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68 (2): 263–285.
Anderson, R. C., Mansi, S. A., and Reeb, D. M. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting Economics, 37 (3): 315–342.
Ashbaugh-Skaife, H., Collins, D., and LaFond, R. 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, 42 (2): 203-243.
Baginski, J., and Wahlen, J. M. 2003. Residual income risk, intrinsic values, and share prices. The Accounting Review, 78 (2): 327-351.
Balsam, S., Krishnan, J., and Yang, J. S. 2003. Auditor industry specialization and earnings quality. Auditing: A Journal of Practice & Theory, 22 (2): 71-97.
Barker, V. L. and Mueller, G. C. 2002. CEO characteristics and firm R&D spending. Management Science, 48 (6): 782-801.
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review, 71 (4): 443-465.
Bebchuk, L. and Cohen, A. 2005. The cost of entrenched boards. Journal of Financial Economics, 78 (2): 409-433.
Becker, C. L., DeFond, M. L., Jiambalvo, J. and Subramanyam, K. R. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research, 15 (1):1-24.
Bédard, J., Chtourou, S. M., and Courteau, L. 2004. The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice & Theory, 23 (2): 13-35.
Beekes, W., Pope, P., and Young, S. 2004. The link between earnings timeliness, earnings conservatism and board composition: evidence from the UK. Corporate Governance: An International Review, 12: 47-59.
Berle, A. and Means, G. 1932. The modern corporation and private property. MacMillan, New York, NY.
Bertrand, M. and Mullainathan, S. 2003. Enjoying the quiet life: Corporate governance and managerial preferences. Journal of Political Economy, 111 (5): 1043-1075.
Bhagat, S., and Black, B. 2002. The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27 (2): 231-273.
Bhojraj, S., and Sengupta, P. 2003. Effect of corporate governance on bond ratings and yields: the role of institutional investors and the outside directors. The Journal of Business, 76: 455–475.
Borokhovich, K. A., Parrino, R., and Trapani, T. 1996. Outside directors and CEO selection. Journal of Financial and Quantitative Analysis, 31 (3): 337-355.
Boyd, B. K. 1995. CEO duality and firm performance: a contingency model. Strategic Management Journal, 16 (4): 301-312.
Bozec, R. 2005. Board of directors, market discipline and firm performance. Journal of Business Finance & Accounting, 32 (9)&(10): 1921-1960.
Brickley, J. A., Coles, J. L., and Terry, R. L. 1994. Outside directors and the adoption of poison pills. Journal of Financial Economics, 35 (3): 371–390.
Bushee, B. 1998. The influence of institutional investors on myopia rand investment behavior. The Accounting Review, 73 (3): 305-333.
Bushman, R., and Piotroski, J. 2006. Financial reporting incentives for conservative accounting: The influence of legal and political institutions. Journal of Accounting and Economics, 42 (1): 107-148.
Bushman, R., and Smith, A. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics, 31 (2): 237-333.
Byard, D., Li, Y., and Weintrop, J. 2006. Corporate governance and the quality of financial analysts’ information. Journal of Accounting and Public Policy, 25 (5): 609-625.
Byrd, J. W., and Hickman, K. A. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics, 32 (2): 195-222.
Callahan, W. T., Miller, J. A., and Schulman, C. 2003. An analysis of the effect of management participation in director selection on the long-term performance of the firm. Journal of Corporate Finance, 9 (2): 169-181.
Carcello, J. V., Hermanson, R. H. and Huss, H. F. 1995. Temporal changes in bankruptcy-related reporting. Auditing: A Journal of Practice & Theory, 14 (2): 133-143.
Carcello, J. V., Hermanson, D. R., Neal, T., and Riley, R. A. 2002. Board Characteristics and audit fees. Contemporary Accounting Research, 19 (3): 365-384.
Chaganti, R., and Damanpour, F. 1991. Institutional ownership, capital structure, and firm performance. Strategic Management Journal, 12 (7): 479-491
Chaganti, R. S., Mahajan, V. and Sharma, S. 1985. Corporate board size, composition and corporate failures in retailing industry. Journal of Management Studies, 22 (4): 400-417.
Cheng, Q., and Warfield, T. 2005. Equity incentives and earnings management. The Accounting Review, 80 (2): 441–476.
Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics, 87 (1): 157-176.
Chung, K., and Pruitt, S. 1994. A simple approximation of Tobin’s q. Financial Management, 23 (3): 70–74.
Claessens, S., Djankov, S., Fan, J., and Lang, L. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57 (6): 2741-2772.
Claessens, S., Djankov, S., and Lang, L. H. P. 2000. The separation of ownership and control in East Asian corporation. Journal of Financial Economics, 58 (1): 81-112.
Claessens, S., Fan, J., and Lang, L. 2006. The benefits and costs of group affiliation: Evidence from East Asia. Emerging Markets Review, 7 (1): 1.
Coase, R. 1937. The nature of the firm. Economica, New Series 4 (16): 386-405.
Coles, J., Daniel, N., and Naveen, L. 2008. Boards: Does one size fit all? Journal of Financial Economics, 87 (2): 329-356.
Conger, J. A., Finegold, D., and Lawler, E. E. 1998. Appraising boardroom performance. Havard Business Review, 76: 136-148.
Core, J., Holthausen, R. and Larcker, D. 1999. Corporate governance, chief executive officer compensation and firm performance. Journal of Financial Economics, 51 (3): 371-406.
Core, J., Guay, W. and Rusticus, T. 2006. Does weak governance cause weak stock returns? An examination of firm operating performance and analysts’ expections. Journal of Finance, 61 (2): 655-687.
Cotter, J., Shivdasani, A., and Zenner, M. 1997. Do outside directors enhance target shareholder wealth during tender offer contests? Journal of Financial Economics, 43 (2): 195-218.
Cremers, M., and Nair, V. 2005. Governance mechanisms and equity prices. Journal of Finance, 60 (6): 2859-2894.
Dahya, J., Dimitrov, O., and McConnell, J. 2008. Dominant shareholders, corporate boards, and corporate value: A cross-country analysis. Journal of Financial Economics, 87 (1): 73-100.
Davidson, W. N. III, Pilger, T., and Szakmary, A. 1998. Golden parachutes, board and committee composition, and shareholder wealth. The Financial Review, 33 (1): 17-32.
Dechow, P. M., Sloan, R. G., and Sweeney, A. P. 1996. Cause and consequence of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, 13 (1): 1-36.
DeFond, M. L., Hann, R. N., and Hu, X. 2005. Does the market value financial expertise on audit committees of boards of directors? Journal of Accounting Research, 43 (2): 153-193.
Demsetz, H. and Lehn, K. 1985. The structure of corporate ownership: causes and consequences. Journal of Political Economics, 93 (6): 1155-1177.
Denis, D. J., and Sarin, A. 1999. Ownership and board structures in publicly traded corporations. Journal of Financial Economics, 52 (2): 187-223.
Eisenberg, T., Sundgren, S., and Wells, M. T. 1998. Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48 (1): 35-54.
Faleye, O. 2007. Classified boards, firm value, and managerial entrenchment. Journal of Financial Economics, 83 (2): 501-529.
Farber, D. B. 2005. Restoring trust after fraud: does corporate governance matter? The Accounting Review, 80 (2): 539-561.
Fama, E. F. 1980. Agency problems and the theory of the firm? Journal of Political Economy, 88 (2): 288-307.
Fama, E., and Jensen, M. 1983. Separation of ownership and control. Journal of Law and Economics, 26 (2): 301-325.
Fan, J., and Wong, T. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33 (3): 401–425.
Fan, J., and Wong, T. 2005. Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research, 43 (1): 35–72.
Ferris, S., Jagannathan, M. and Pritchard, A. 2003. Too busy to mind the business? Monitoring by directors with multiple board appointments. The Journal of Finance, 58 (3): 1087-1111.
Fich, E. M., and Shivdasani, A. 2006. Are busy boards effective monitors? The Journal of Finance, 61 (2): 689-724.
Fich, E. M., and Shivdasani, A. 2007. Financial fraud, director reputation, and shareholder wealth. The Financial Economics, 86 (2): 306-336.
Francis, R. LaFond, P., Olsson, and Schipper, K. 2004. Cost of equity and earnings attributes. The Accounting Review, 79 (3): 967-1010.
Francis, R. LaFond, P., Olsson, and Schipper, K. 2005. The market pricing of accruals quality. Journal of Accounting and Economics, 39 (2): 295-327.
Francis, R., Schipper, K. and Vincent.,L. 2005. Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting Economics, 39 (2): 329-360.
Francis, J., Maydew, E. and Sparks, H. 1999. The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice and Theory, 18 (1): 17-34.
Franks, J., and Mayer, C.2001. Ownership and control of German corporations. Review of Financial Studies, 14 (4): 934-977.
Gadhoum, Y., and Ayadi, M. A. 2003. Ownership structure and risk: A Canadian empirical analysis. Quarterly Journal of Business and Economics, 42 (winter): 19-39.
Godfrey, J. M., and Hamilton, J. 2005. The impact of R&D Intensity on demand for specialist auditor services. Contemporary Accounting Research, 22 (1): 55-93.
Gomez-Mejia, L. M. Nunez-Nickel, and Gutierrez, I. 2001. The role of family ties in agency contracts. Academy of Management Journal, 44 (1): 81-95.
Gompers, P., Ishii, J. and Metrick, A. 2003. Corporate governance and equity prices. Quarterly Journal of Economics, 118 (1): 107-155.
Gordon, L. and Pound, J. 1993. Information, ownership structure, and shareholder voting: evidence from shareholder-sponsored corporate governance proposal. Journal of Finance, 48 (2): 697-718.
Hamada, R. S. 1972. The effect of the firm’s capital structure on the market efficiency. Journal of Finance, 27 (2): 435-458.
Helland, E. and Sykuta, M. 2005. Who’s monitoring the monitor? Do outside directors protect shareholders’ interests? The Financial Review, 40 (2): 155-172.
Hermalin, B. E., and Weisbach, M. S. 1988. The determinants of board composition. RAND Journal of Economics, 19 (4): 589-606.
Hermalin, B. E., and Weisbach, M. S. 1991. The effects of board composition and direct incentives on firm performance. Financial Management, 20 (4): 101-112.
Hermalin, B. E., and Weisbach, M. S. 2003. Board of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review, 9 (1): 7-26.
Itter, C. D., Lamber, R. A. and Larcker, D. F. 2003. The structure and performance consequences of equity grants to employees of new economy firms. Journal of Accounting and Economics, 34: 89-127.
Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48 (3): 831-880.
Jensen, M. C. and Meckling, W. H. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4): 305-360.
Jensen, M. C. and Ruback, R. S. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics, 11 (1): 5-50.
John, K., and Senbet, L. W. 1998. Corporate governance and board effectiveness. Journal of Banking and Finance, 22 (4): 371-403.
Johnson, S., Boone, P., Breach, A., and Friedman, E. 2000. Corporate governance in the Asian financial crisis. Journal of Financial Economics, 58 (1): 141-186.
Johnson, J. L., Daily, C., and Ellstrand, A. 1996. Board of directors: A review and research agenda. Journal of Management, 22 (3): 409-438.
Kang, J. and A. Shivdasani. 1995. Firm performance, corporate governance and top executive turnover in Japan. Journal of Financial Economics, 38 (1): 29-58.
Karpoff, J., Malatesta, P., and Walkling, R. 1996. Corporate governance and shareholder initiatives: Empirical evidence. Journal of Financial Economics, 43 (3): 235-395.
Kesner, I. F. 1987. Directors stock ownership and organization performance: An investigation of fortune 500 companies. Journal of Management, 13 (3): 499-507.
Kim, J. B., R. Chung, and M. Firth. 2003. Auditor conservatism, asymmetric monitoring, and earnings management. Contemporary Accounting Research, 20 (2): 323-359.
Kim, W. S., and Sorensen, E. H. 1986. Evidence on the impact of agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21 (2): 131-143.
Klein, A. 1998. Firm performance and board committee structure. Journal of Law and Economics, 41 (1): 275–303.
Klein, A. 2002a. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33 (3): 375-400.
Klein, A. 2002b. Economic determinants of audit committee independence. The Accounting Review, 77 (2): 435-452.
Krishnan, G. V. 2003. Does big 6 auditors’ industry expertise constrain earnings management? Accounting Horizons (Supplement): 1-16.
Krishnan, G. V. 2005a. Did Houston clients of Arthur Andersen recognize publicly availablebad news in a timely fashion? Contemporary Accounting Research, 22 (1): 93-165.
Krishnan, G. V. 2005b. The association between Big 6 auditor industry expertise and the asymmetric timeliness of earnings. Journal of Accounting, Auditing, and Finance, 20 (3): 209-228.
La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance, 54 (2): 471-517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. 1997. Legal determinants of external finance. Journal of Finance, 52 (3): 1131-1150.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. 1998. Law and finance. Journal of Political Economy, 106 (6): 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. 2000. Investor protection and corporate governance. Journal of Finance Economics, 58 (1): 3-27.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. 2002. Investor protection and corporate valuation. Journal of Finance, 57 (3): 1147-1170.
Lambert, R. 2001. Contracting theory and accounting. Journal of Accounting and Economics, 32 (1): 3-87.
Larcker, D. F., Richardson, S. A., and Tuna, I. 2007. Corporate governance, accounting outcomes, and organizational performance. The Accounting Review, 82 (4): 963-1008.
Lasfer, A. M. 2006. The interrelationship between managerial ownership and board structure. Journal of Business Finance and Accounting, 33 (7)&(8): 1006-1033.
Lee, C. I., Rosenstein, S., Rangan, N., and Davidson, W. N. 1992. Board composition and shareholder wealth: The case of management buyouts. Financial management, 21 (1): 58-72.
Lee, Y. S., Rosenstein, S., and Wyatt, J. G. 1999. The value of financial outside directors on corporate boards. International Review of Economics and Finance, 8 (4): 421-431.
Lemmon, M. L., and Lins, K. V. 2003. Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance, 58 (4): 1445-1468.
Leuz, C., Nanda, D. and Wysocki, P. 2003. Earnings management and investor protection: An international comparison. Journal of Financial and Economics, 69 (3): 505-527.
Levitt, A. 1998. The importance of high quality accounting standards. Accounting Horizons, 12 (1): 79-82.
Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38 (1): 159-185.
Lipton, M. and Lorsch, J. 1992. A modest proposal for improved corporate governance. Business Lawyer, 48 (1): 59-77.
Liu, C. C., Ryan, S. G. and Tan, H. 2004. How banks’ value-at-risk disclosures predict their total and priced risk: Effects of bank technical sophistication and learning over time. Review of Accounting Studies, 9 (2): 265-294.
MacAvoy, P., and Millstein, I. M. 1999. The active board of directors and its effect on the performance of the large publicly traded corporation. Journal of Applied Corporate Finance, 11 (4): 8-20.
Mandelker, G. N. and Rhee, S. G. 1984. The impact of the degree of operating and financial leverage on systematic risk of common stock. Journal of Financial and Quantitative Analysis, 19 (1): 45-57.
Mehram, H. 1995. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38 (2): 163-184.
McConnell, J., and Servaes, H. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27 (2): 595-612.
Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics, 64 (2): 215-241.
Morck, R., Shleifer, A., and Vishny, R. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20 (2): 293-315.
Murphy, K. J. 2003. Stock-based pay in new economy firms. Journal of Accounting and Economics, 34: 129-147.
Myers, D., Shivdasani, A. and Smith, C. W. 1997. Board composition and corporate control: Evidence from the insurance industry. Journal of Business, 70 (1): 33-62.
O’Brien, T., and Vanderheiden, P. 1987. Empirical management of operating leverage for growing firms. Financial Management, 16 (2): 45-53.
Organization for Economic Co-operation and Development, 2004. OECD Principles of Corporate Governance.
Oviatt, B. M. 1988. Agency and transaction cost perspectives on the manager-shareholder relationship, incentives for congruent interests. Academy of Management Review, 13 (2): 214-225.
Peasnell, P., Pope, F. and Young, S. 2005. Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance and Accounting, 32 (7)&(8): 1311-1346.
Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 20 (2): 237-264.
Prevost, A. K., Rao, R. P., and Hossain, M. 2002. Determinants of board composition in New Zealand: A simultaneous equations approach. Journal of Empirical Finance, 9 (4): 373-397.
Rosenstein, S. and Wyatt, J. H. 1990. Outsider directors, board independence, and shareholder wealth. Journal of Financial Economics, 26 (2): 175-191.
Rosenstein, S. and Wyatt, J. H. 1997. Insider directors, board effectiveness, and shareholder wealth. Journal of Financial Economics, 44 (2): 229-250.
Rubinstein, M. E. 1973. A mean-variance synthesis of corporate financial theory. Journal of Finance, 28 (1): 167-182.
Ryan, S. G. 1997. A survey of research relating accounting numbers to systematic equity risk, with implications for risk disclosure policy and future research. Accounting Horizons, 11 (2): 82-95.
Schellenger, M. H., Wood, D. D., and Tashakori, A. 1989. Board of director composition, shareholder wealth, and dividend policy. Journal of Management, 15 (3): 457-467.
Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The Accounting Review, 73 (4): 459-474.
Shivdasani, A., and Yermack, D. 1999. CEO involvement in the selection of new board members: An empirical analysis. Journal of Finance, 54 (6): 1829-1854.
Shleifer, A., and Vishny, R. 1986. Large shareholders and corporate control. Journal of Political Economy, 95 (3): 461–488.
Shleifer, A., and Vishny, R. 1997. A survey of corporate governance. Journal of Finance, 52 (2): 737–783.
Srinivasan, S. 2005. Consequences of financial reporting failure for outside directors: Evidence from accounting restatements and audit committee members. Journal of Accounting Research, 43 (2): 291-334.
Stulz, R. 1988. Managerial control of voting rights. Journal of Financial Economics, 20 (1): 25-59.
Szewczyk, S. H., Tsetsekos, G. P., and Varma, R. 1992. Institutional ownership and the liquidity of common stock offerings. The Financial Review, 27 (2): 211-225.
Tirole, J. 2001. Corporate governance. Econometrica, 69 (1): 1-35.
Vafeas, N. 1999. Board meeting frequency and firm performance. Journal of Financial Economics, 53 (1): 113-142.
Vafeas, N. 2000. Board structure and the informativeness of earnings. Journal of Accounting and Public Policy, 19 (2): 139-160.
Vafeas, N. 2005. Audit committees, boards, and the quality of reported earnings. Contemporary Accounting Research, 22 (4): 1093-1122.
Wang, D. 2006. Founding family ownership and earnings quality. Journal of Accounting Research, 44 (3): 619-656.
Warfield, T., Wild, J. and Wild, K. 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 20 (1): 61–92.
Watts, R. L., and Zimmerman, J. 1986. Positive Accounting Theory. Englewood Cliffs, N.J.: Prentice-Hall.
Weir, C. and Liang, D. 2001. Corporate structures, director independence and corporate performance in the UK. European Business Review: 86-95.
Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of Financial and Economics, 20 (4): 431-460.
World Bank. 1999. Corporate governance: A framework for implementation overview. The World Bank, Washington D. C.
Wruck, K., and Wang, Y. 1999. Equity ownership concentration and firm value. Journal of Financial and Economics, 23 (1): 3-28.
Xie, B., Davidson Ⅲ, W. and DaDalt, P. 2003. Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9 (3): 295-316.
Yeh, Y. H., Lee, T. S., and Woidtke, T. 2001. Family control and corporate governance: Evidence for Taiwan. International Review of Finance, 2 (1): 21-48.
Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40 (2): 185-211.
Yermack, D. 2004. Remuneration, retention, and reputation incentives for outside directors. Journal of Finance, 59 (6): 2281-2308.
Zahra, S. A., and Pearce, J. A. 1989. Boards of directors and corporate financial performance: A review and integrated model. Journal of Management, 15 (2): 291-334.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1114（臺灣：1082，外國：32） ／ 本年度總使用人次：2360590 ／ 訪客人次（自102年09月）：68166358
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上