本論文的目的是探討董事會結構對涉及國際化公司績效與創新關聯性之影響。國內外相關文獻大都以股權結構對公司績效的影響加以分析研究，而目前針對董事會結構對公司績效及創新活動並加入國際化因素交乘分析之研究尚付之闕如。 我們參考相關文獻，定義內部董事席次比率、董事長是否兼任總經理、董事會規模、以及外部董事持股比例，為董事會結構的四個預測變數；並以2000-2007年台灣上市上櫃公司為樣本，實證結果發現，外部董事持股比例愈高，國際化的績效愈好；內部董事席次比率愈大，國際化的績效愈差，也不利於公司的創新活動。另一方面，本文亦發現對於國際化的公司，董事長兼總經理時，公司的績效愈好。 The purpose of this thesis is to investigate the moderating effects of board of director characteristics on the performance and innovation implications of internationalization. I use four board of director characteristics: (1) percentage of insiders on the board, (2) separation of chairman and CEO, (3) board size, and (4) outside director ownership. Using a sample of Taiwanese listed firms, I document that: (1) the percentage of outside directors’ shareholders is positively related to the performance implication of internationalization, (2) the percentage of insider directors is negatively related to the performance and innovation implications of internationalization, and (3) multinational firms which CEO is also the chairman of the board enjoy stronger performance implication of internationalization.
