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題名 | 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=Board Structure, Firm Performance and Financial Policy: Empirical Analysis of Stock--Listed Firms in Taiwan |
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作者 | 杜玉振; 黃荃; 林容竹; Tu, Yu-chen; Huang, Chuan; Lin, Jung-chu; |
期刊 | 管理與系統 |
出版日期 | 20020700 |
卷期 | 9:3 2002.07[民91.07] |
頁次 | 頁345-367 |
分類號 | 494.2 |
語文 | chi |
關鍵詞 | 公司控制; 董事會特性; 經營績效; 財務決策; 三階段最小平方法; Corporate governance; Board structure; Firm performance; Financial policy; Three-stage least squares; 3SLS; |
中文摘要 | 本研究以聯立方程模型,構建臺灣上市公司之董事會特性、經營績效、財務進策等三者關係,並透過三階段最小平方法來分析。經實證?究發現:(1)最具影響經營績效之董事會特性為「內部董事持股」、最具影響投資決策之董事會特性為「董事長或近親兼任總經理」、最具影響融資決策之董事會特性為「董事會股權集中度」、最具影響股利政策之董事會特性為「內部董事持股」;(2)董事會特性因產業差異,影響關係不同;(3)當董事會特性變動時,多能產生立即且顯著之影響。 |
英文摘要 | This paper uses a simultaneous equation methodology to examine how board structure relates to performances and financial policies of stock-listed firms in Taiwan. The empirical results applied by three-stage least squares (3SLS) show: (1) the most significant factors of board structure are "inside ownership" to performance, "chairman or close relatives as general manager" to investment policy, "concentration degree of board ownership" to debt policy, and "insider ownership" to dividend policy; (2) the relationships between the same factor and performances or policies in different industries are different; (3) the change of a factor always affects significantly performances or policies in the same time period. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。