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題名：公司治理機制對創新、多角化策略及公司績效之影響--研發密集產業之實證
書刊名：中山管理評論
作者：洪榮華 引用關係／陳香如 引用關係／林慧珍
作者(外文)：Hung, Jung-hua／Chen, Hsiang-ju／Lin, Hui-chen
出版日期：2007
卷期：15:1
頁次：頁37-60
主題關鍵詞：公司治理；創新策略；多角化經營；中介效果；干擾效果；Corporate governance；Innovation strategy；Diversification strategy；Mediating effect；Moderating effect
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(20) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:19
  • 共同引用共同引用:96
  • 點閱點閱:104
本文採固定/隨機效果模型，探討公司治理變數與公司策略、績效的關係，以研發密集產業為對象，期間為1997到2001年。理論上，治理機制的發揮，將促進股東的利益，抑制經理人的不良企圖;股東偏好創新策略，以極大化其財富；經理人則傾向多角化策略，以極大化自身效用。實證結果顯示，公司治理機制和創新策略、市場績效的關係多與預期相符，和多角化策略、會計績效的關係則異同參半。其他發現如下：(1)策略變數的中介與干擾效果皆只獲部分支持，(2)使用不同的績效指標會得到不同的結果，(3)管理者持股率的非線 性，僅在符號上呈現，未具統計顯著性。
This paper uses fixed/random effects model analysis to investigate the impact of corporate governance mechanisms on strategies and performance for R&D-intensive industries during 1997-2001. Theoretically, corporate governance protects stockholders from managerial opportunism. Stockholders prefer wealth maximizing innovation strategies while managers prefer to maximize their own utility through diversification strategies. Our results show that the relationships between corporate governance mechanisms and innovation strategy are almost consistent with our expectation, yet only weakly supported in cases where diversification was adopted. Other findings include the following: (1) The mediating and moderating effects of strategy variables are only slightly significant. (2) Empirical results are varied across performance proxies. (3) Management ownership has an insignificantly nonlinear impact on performance.
期刊論文
1.杜玉振、黃荃、林容竹(20020700)。董事會特性對經營績效、財務決策之影響研究--以臺灣上市公司為例。管理與系統，9(3)，345-367。new window  延伸查詢new window
2.Anderson, Ronald C.、Bates, Thomas W.、Bizjak, John M.、Lemmon, Michael L.(2000)。Corporate Governance and Firm Diversification。Financial Management，29(1)，5-22。  new window
3.Chaganti, R.、Damanpour, F.(1991)。Institutional ownership, capital structure, and firm performance。Strategic Management Journal，12(7)，479-491。  new window
4.Teece, D. J.(1980)。Economies of Scope and the Scope of Enterprise。Journal of Economic Behavior and Organization，1，233-247。  new window
5.Jacquemin, A. P.、Berry, C. H.(1979)。Entropy measure of diversification and corporate growth。Journal of Industrial Economics，27(4)，359-369。  new window
6.劉韻僖、葉匡時(19990600)。企業監控之研究。經濟情勢暨評論，5(1)，1-22。  延伸查詢new window
7.Pettigrew, Andrew M.(1992)。On Studying Managerial Elites。Strategic Management Journal，13，163-182。  new window
8.Ayadi, F.、Dufrene, U. B.、Obi, C. P.(1996)。Firm Performance Measures: Temporal Roadblock to Innovation?。Managerial Finance，22(8)，18-32。  new window
9.Leland, Hayne E.、Pyle, D. H.(1977)。Information asymmetries, financial structure and financial intermediation。Journal of Finance，32，371-387。  new window
10.邱毅、張訓華(19910500)。股權結構、董事會組成與企業財務績效。臺北市銀月刊，22(5)=260，11-32。  延伸查詢new window
11.俞海琴、周本鄂(19940100)。臺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，13(1)，79-98。new window  延伸查詢new window
12.Mandelker, Gershon N.、Agrawal, Anup(1990)。Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments。Journal of Financial and Quantitative Analysis，25(2)，143-161。  new window
13.Kochhar, R.、David, P.(1996)。Institutional investors and firm innovation: A Test of Competing Hypotheses。Strategic Management Journal，17(1)，73-84。  new window
14.Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1988)。Management Ownership and Market Valuation: An Empirical Analysis。Journal of Financial Economics，20(1/2)，293-315。  new window
15.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。Journal of Law and Economics，26(2)，301-325。  new window
16.Baysinger, Barry D.、Kosnik, Rita D.、Turk, Thomas A.(1991)。Effects of board and ownership structure on corporate R&D strategy。Academy of Management Journal，34(1)，205-214。  new window
17.Graves, S. B.、Waddock, S. A.(1990)。Institutional ownership and control: Implications for long-term corporate strategy。Academy of Management Perspectives，4(1)，75-83。  new window
18.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
19.王元章(20011000)。內部人持股、風險、股利、負債、投資與公司價值。證券市場發展季刊，13(3)=51，29-70。new window  延伸查詢new window
20.Denis, David J.、Denis, Diane K.、Sarin, Atulya(1997)。Agency Problems, Equity Ownership, and Corporate Diversification。The Journal of Finance，52(1)，135-160。  new window
21.黃旭輝、陳隆麒、謝劍平(20010300)。公司成長機會對經理人持股與董事會組成影響之研究。中山管理評論，9(1)，37-59。new window  延伸查詢new window
22.Pearce, John A. II、Zahra, Shaker A.(1992)。Board composition from a strategic contingency perspective。Journal of Management Studies，29(4)，411-438。  new window
23.Weisbach, Michael S.(1988)。Outside directors and CEO turnover。Journal of Financial Economics，20(1/2)，431-460。  new window
24.Lang, Larry H. P.、Stulz, René M.(1994)。Tobin's Q, Corporate Diversification, and Firm Performance。Journal of Political Economy，102(6)，1248-1280。  new window
25.Hill, C. W. L.、Snell, S. A.(1988)。External control, corporate strategy, and firm performance in research-intensive industries。Strategic Management Journal，9(6)，577-590。  new window
26.Baysinger, Barry D.、Hoskisson, Robert E.(1990)。The composition of boards of directors and strategic control: effects on corporate strategy。Academy of Management Review，15(1)，72-87。  new window
27.Pfeffer, Jeffrey(1972)。Size and Composition of Corporate Boards of Directors: The Organization and its Environment。Administrative Science Quarterly，17(2)，218-228。  new window
28.詹文男、張朝清、曾秀芳(2002)。我國資通訊產業智慧資本調查分析。技術尖兵，87，32-34。  延伸查詢new window
29.Hill, C. W. L、Hitt, M. A.、Hoskisson, R. E.(1988)。Declining U.S. Competitiveness: Reflections on a Crisis。The Academy of Management Executive，2(1)，51-60。  new window
30.Fosberg, R. H.(1999)。Leadership Structure and CEO Compensation。American Business Review，17，50-56。  new window
31.Goodstein, J.、Gautam, K.、Boeker, W.(1994)。The Effects of Board Size and Diversity on Strategic Change。Strategic Management Journal，15，241-250。  new window
圖書
1.Hair, J. F.、Anderson, R. E.、Tatham, R. L.、Black, W. C.(1995)。Multivariate data analysis with readings。Upper Saddler River, NJ：Prentice-Hall。  new window
 
 
 
 
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