| dc.description.abstract | It has been eight years since the inaugural Corporate Governance Evaluation was held in 2014, and the promulgation effort for corporate governance in Taiwan has been positively recognized around the world. Per the result of the Corporate Governance Evaluation published by The Asian Corporate Governance Association in 2020, Taiwan ranked 4th out of the twelve Asian countries evaluated, its best result so far, while the significance of Taiwan’s semiconductor industry has become even more so in the wake of the US-China Trade War and the COVID-19 pandemic; therefore, this study focuses on the semiconductor industry as its subject to study the impact of corporate governance evaluation.
This study primarily discusses the impact of the corporate governance evaluation on the Return on Equity, the Ratio of Foreign Investors′ shareholding Positions, and corporate
value among eighty-seven listed companies in Taiwan’s semiconductor industry, spanning from 2014 to 2020, with 609 records, in carrying out an analysis of relevant coefficients and multiple regression models.
The study results indicated that (1) There is an apparent positive correlation between corporate governance evaluation and the ROEs of the stockholders, as the better the corporate governance evaluation results fare, the higher the ROEs of the stockholders; (2)There is an apparent positive correlation between corporate governance evaluation and the
foreign investors′ shareholding positions, as the foreign investors are more willing to hold stock positions of companies with good corporate governance rating; (3) There is an apparent negative correlation between corporate governance evaluation and the corporate value, as the capital invested into corporate governance has not been reflected readily in the corporate value in the short term, and in the long term, the benefits from the said
investment are gradually harnessed, the corporate value will be increased. | en_US |