董事會組成與組織績效 : 以台灣上市櫃公司為例

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Title:	董事會組成與組織績效 : 以台灣上市櫃公司為例
Other Titles:	Board composition and organization performance : Taiwan listing companies
Authors:	劉栯瑄;Liou, Yu-Xuan
Contributors:	淡江大學會計學系碩士在職專班徐志順
Keywords:	董事會組成;財務績效;企業社會責任績效;Board Composition;financial performance;Corporate Social Responsibility Performance
Date:	2014
Issue Date:	2015-05-04 09:52:11 (UTC+8)
Abstract:	本研究旨在探討台灣上市櫃公司董事會組成(獨立董事、性別、教育程度、是否為家族控制企業) 、企業社會責任績效、與財務績效三者間之關聯，並進一步探討董事會組成是否調節企業社會責任績效與財務績效之間的關係。以獲選《天下雜誌》(CSR) 之「天下企業公民TOP 50」企業並排除外商公司每年選出40家台灣上市櫃公司作為研究樣本，總共篩選出85家上市櫃公司，並配對150家非CSR企業，共573筆資料進行實證分析，研究期間為2007至2012年。本研究資料係採混合資料型態，並採用多元迴歸分析及邏輯斯迴歸分析法進行假說檢定。就全體樣本而言，實證結果發現：(1)企業之社會責任績效做的愈好，財務績效就愈佳。(2)獨立董事的設立，的確能提升公司財務績效。(3)獨立董事的設立、董事平均教育程度愈高，對企業社會責任績效有顯著正面的影響。此外，若以家族董事成員一半以上為家族企業，而將樣本分群後，分別檢定董事會組成、社會責任績效與財務績效之關聯性，結果顯示：(1)相較於非家族企業，家族企業之企業社會責任績效顯著較佳；(2)家族企業若設立獨立董事及提高女性董事比例，則其公司財務績效比非家族企業好。本研究同時考量台灣上市櫃企業之董事會組成與企業社會責任績效兩者對其財務績效之影響，此實證結果可補充台灣關於董事會組成之管理文獻，另外當企業設計董事會機制時，本研究結果可提供台灣實務界參考。 This study aims to explore the relationships among Board Composition (independent directors, gender, education, family members), Corporate Social Responsibility (CSR) performance, and financial performance of Taiwan listed companies. The Study also investigates the moderating effect of Board Composition on the relationship between CSR performance and financial performance. The study uses 573 observations for empirical analysis, consisting of 85 CSR corporations of Top 50 Corporate Citizenship by Commonwealth Magazine from 2007 to 2012, and of 150 non-CSR corporations paired from Taiwan listed companies. The pooling data are analyzed with the multiple regression and the logics regression. The study results, based on the entire sample, show that: (1) the better CSR performance is the more increase of financial performance for the company; (2) the existing of independent directors can indeed enhance the company''s financial performance; (3) CSR performance is positively affected by independent directors, female directors, and the average level of education of directors of the company. In addition, after partitioning the sample with family business, the results show that (1) compared with non-family companies, family companies significantly have better CSR performance, so do the same for financial performance in case of the independent directors and increase of female directors exist within family companies. The contributions of the study are to complement the management literature on CSR issue by considering board composition and financial performance, and to provide the practical reference for companies in designing the board monitoring mechanism.
Appears in Collections:	[Graduate Institute & Department of Accounting] Thesis

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