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題名：公司治理機制與公司績效之實證研究
書刊名：東吳經濟商學學報
作者：李馨蘋 引用關係／莊宗憲
作者(外文)：Lee, Shin-ping／Chuang, Tsung-hsien
出版日期：2007
卷期：57
頁次：頁1-27
主題關鍵詞：股權結構；董事會規模；公司績效；追蹤型資料二階段最小平方法；Ownership structure；Board size；Firm performance；Two-stage least squares regression for panel data model
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(36) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:35
  • 共同引用共同引用:293
  • 點閱點閱:93
本研究主要探討股權結構、董事會規模與公司績效之聯立方程組，以1994 年至2003 年間台灣上市公司資料進行實證觀察。因本研究所採用的資料為橫斷面與混合時間數列的資料，故使用追蹤型資料之二階段最小平方法來分析，經由F-test、LM test 與Hausman test 之驗證顯示各模型均適用於固定效果模型為實證分析的依據。實證結果顯示內部人持股比例、董事會規模、機構法人持股比例與公司經營績效四者彼此間互相影響，具有內生效果。再者，內部人持股比例與公司績效之非線性相關檢定並不顯著。
The main purpose of this study is to examine the determinants and interrelationships among ownership structure, board size and firm performance using a sample of Taiwan’s listed firms. This study re-builds the simultaneous equations that impact the inter-action effects among ownership structure, board size and firm performance. This model is applied to the data of the Taiwan stock market for 1994-2003 to investigate the effects for all samples and for dominated industries explained by endogenous variables, and to find the possible reasons. This study collects a panel data set. We will apply two-stage least squares regression(2SLS) for panel data model. Furthermore, applies F-test, LM-test and Hausman test to determine the best statistic method (ordinary least squares method, fix-effects model or random-effects model). Under our system of equations, insider ownership, board size, institutional ownership, and corporate performance are dependent on each other, and also on other exogenous variables, such as dividend payout ratio. According to the result of this study, it should be useful information to the industry and academy.
期刊論文
1.Andres, P. D.、Azofra, V.、Lopez, F.(2005)。Corporate boards in some OECD countries: Size composition, functioning and effectiveness, corporate governance。An International Review，13(2)，197-210。  new window
2.Crutchley, C. E.、Jensen, M. R. H.、Jahera, J. S. Jr.、Raymond, J. E.(1999)。Agency Problems and the Simultaneity of Decision Making: The Role of Institutional Ownership。International Review of Financial Analysis，8(2)，177-197。  new window
3.Moon, Kenneth P.、Bathala, Chenchuramaiah T.、Rao, Ramesh P.(1994)。Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective。Financial Management，23(3)，38-50。  new window
4.Wertheim, Paul E.、Stansell, Stanley R.、Eakins, Stanley G.(1998)。Institutional portfolio composition: An examination of the prudent investment hypothesis。The Quarterly Review of Economics and Finance，38，93-109。  new window
5.Hudson, C. D.、Jahera, J. S. Jr.、Lloyd, W. P.(1992)。Further Evidence on the Relationship between Ownership and Performance。The Financial Review，27(2)，227-239。  new window
6.Chan, S. H.、Martin, J. D.、Kensinger, J. W.(1990)。Corporate research and development expenditures and share value。Journal of Financial Economics，26(2)，255-276。  new window
7.Cho, M. H.(1998)。Ownership Structure, Investment, and the Corporate Value: An Empirical Analysis。Journal of Financial Economics，47(1)，103-121。  new window
8.McConnell, John J.、Servaes, Henri(1990)。Additional Evidenceon Equity Ownership and Corporate Value。Journal of Financial Economics，27(2)，595-612。  new window
9.Jensen, Gerald R.、Solberg, Donald P.、Zorn, Thomas S.(1992)。Simultaneous Determination of Insider Ownership, Debt and Dividend Policies。Journal of Financial and Quantitative Analysis，27(2)，247-263。  new window
10.Chen, C. R.、Steiner, T. L.(1999)。Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy and Dividend Policy。The Financial Review，34(1)，119-136。  new window
11.Bradley, Michael、Jarrell, Gregg A.、Kim, E. Han(1984)。On the Existence of an Optimal Capital Structure: Theory and Evidence。Journal of Finance，39(3)，857-878。  new window
12.Crutchley, C. E.、Hansen, R. S.(1989)。A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends。Financial Management，18(4)，36-46。  new window
13.Oswald, Sharon L.、Jahera, John S. Jr.(1991)。The Influence of Ownership on Performance: An Empirical Study。Strategic Management Journal，12(4)，321-326。  new window
14.Shleifer, Andrei、Vishny, Robert W.(1986)。Large shareholders and corporate control。Journal of Political Economy，94(3 Part 1)，461-488。  new window
15.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
16.Mak, Yuen Teen、Li, Yuan(2001)。Determinants of Corporate Ownership and Board Structure: Evidence from Singapore。Journal of Corporate Finance，7(3)，235-256。  new window
17.Titman, Sheridan、Wessels, Roberto(1988)。The determinants of capital structure choice。The Journal of Finance，43(1)，1-19。  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.Eisenberg, Theodore、Sundgren, Stefan、Wells, Martin T.(1998)。Larger board size and decreasing firm value in small firms。Journal of Financial Economics，48(1)，35-54。  new window
20.Hermalin, Benjamin E.、Weisbach, Michael S.(1991)。The Effects of Board Composition and Direct Incentives on Firm Performance。Financial Management，20(4)，101-112。  new window
21.Hermalin, B. E.、Weisbach, M. S.(2003)。Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature。Economic Policy Review，9(1)，7-26。  new window
22.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
23.Demsetz, Harold、Villalonga, Belén(2001)。Ownership Structure and Corporate Performance。Journal of Corporate Finance，7(3)，209-233。  new window
24.葉銀華、邱顯比(19960800)。資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論。臺大管理論叢，7(2)，57-89。new window  延伸查詢new window
25.Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics，20(1/2)，237-265。  new window
26.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics，11(1-4)，5-50。  new window
27.Demsetz, Harold、Lehn, Kenneth(1985)。The Structure of Corporate Ownership: Causes and Consequences。Journal of Political Economy，93(6)，1155-1177。  new window
28.Barnhart, Scott W.、Rosenstein, Stuart(1998)。Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis。The Financial Review，33(4)，1-16。  new window
29.Jensen, Michael C.(1993)。The modern industrial revolution, exit, and the failure of internal control systems。The Journal of Finance，48(3)，831-880。  new window
30.Fan, Joseph P. H.、Wong, Tak-Jun(2002)。Corporate ownership structure and the informativeness of accounting earnings in East Asia。Journal of Accounting and Economics，33(3)，401-425。  new window
31.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
32.Agrawal, A. and C. R. Knoeber(1996)。“Finn Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.”。Journal of Financial and Quantitative Analysis，3，pp.377-397。  new window
33.Hermalin, B. E. and M. Weisbach(1987)。“The Determinants of Board Composition.”。RAND Journal of Economic，19，pp.589-606。  new window
34.Kiel, G. C. and G. J. Nicholson(2003)。“Board Compositiona and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance.”。Corporate Governance，11，pp.189-205。  new window
35.Kula, V.(2005)。The Impact of the Roles, Structure and Process of Boards on Firm Performance: Evidence from Turkey。Corporate Governance，13(2)，265-276。  new window
36.Lipton, M. and J. Lorsch(1992)。“A Modest Proposal Improved Corporate Governance.”。Business Lawyer，48，pp.59-77。  new window
37.Vance, S.(1995)。“Inside or Outside Directors: Is There Really a Difference.”。Across The Board，27，pp. 15-17。  new window
學位論文
1.沈立平(2003)。台灣上市公司股權結構、財務決策與公司價值之關聯性研究(碩士論文)。國立中正大學。  延伸查詢new window
2.王惠昕(2001)。代理問題對公司股權結構與財務決策之影響(碩士論文)。國立中正大學。  延伸查詢new window
3.張雅琳(2004)。我國企業獨立董事機制與經營績效之關聯性研究(碩士論文)。大葉大學。  延伸查詢new window
4.柯璟瑩(2003)。董事會特性、股權結構與負債關聯性之研究(碩士論文)。國立中央大學。  延伸查詢new window
5.黃璟琦(2002)。上市公司董監事持股、持股質押、市值與經營績效關聯性之研究(碩士論文)。國立高雄第一科技大學。  延伸查詢new window
6.周夢柏(2002)。應用財務比率分析我國商業銀行獲利能力之實證研究(碩士論文)。朝陽科技大學。  延伸查詢new window
7.何里仁(2003)。公司治理之資訊透明度與績效評核關聯性之研究(碩士論文)。逢甲大學。  延伸查詢new window
8.王大維(2003)。公司治理相關要素與公司績效關聯性之研究--以台灣上市公司為例(碩士論文)。淡江大學。  延伸查詢new window
9.王玉珍(2002)。股權結構、董事會組成、資本結構與企業績效關系之研究，桃園。  延伸查詢new window
10.曾斐金(1996)。代理問題之控制工具與經營績效關係之研究，台北市。  延伸查詢new window
11.鄭筱凡(2001)。全球股權結構與經營績效之研究，台北市。  延伸查詢new window
12.劉靜容(2002)。經理者股權與公司績效─內生轉換聯立方程組模型分析，新北市。  延伸查詢new window
13.嚴月玲(2003)。資本結構、股權結構與股利政策對公司價值之影響，台中市。  延伸查詢new window
圖書
1.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北：智商文化。new window  延伸查詢new window
2.Bacon, Jeremy(1973)。Corporate Directorship Practices: Membership and Committees of The Board。The Conference Board。  new window
 
 
 
 
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