| 摘要(英) |
With rising prominence of global corporate governance and corporate social responsibility (CSR), companies are paying increasing attention to the interests of all stakeholders, not just independent and institutional shareholders. Board diversity, independence, and size have become hot topics of research in Taiwan′s biotechnology and medical supplies industries.
This study utilizes data from the Taiwan Economic Journal database from 2006 to 2022, selecting 126 listed biotechnology and medical supplies companies and using the maximum likelihood estimation method to analyze a total of 1,322 observations. The main variables used include earnings per share, return on assets, stock return, Beta, stock price variance, and kurtosis to investigate the effects of board structure on corporate, financial, and risk performance.
The results show that increasing the proportion of independent directors significantly enhances the earnings per share and kurtosis but reduces Beta, indicating that independent directors generate a positive effect on bettering the decision-making process and reducing the systemic risk. However, the proportion of female directors has no significant impact on company risk and performance. Additionally, board size has a significant negative impact on the return on assets and stock return while reducing Beta. Therefore, we propose that increasing the proportion of independent directors and optimizing the board size can holistically enhance the company′s competitiveness. |
| 參考文獻 |
英文部分
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中文部分
于東智與池國華(2004)。董事會規模、穩定性與公司績效：理論與經驗分析。經濟研究，4(1)，70-79。
林于琇(2023)。台灣上市公司之女性董事比例、ESG活動及企業價值相互關係。國立成功大學財務金融研究所碩士論文。
洪千涵(2010)。台灣生物科技產業經營績效與公司治理之研究。淡江大學財務金融學系碩士班碩士論文。
游婷如(2023)。獨立董事品質匹配效果與獨立董事任命之市場反應研究。國立成功大學財務金融研究所碩士論文。
黃玉麗與謝宗佑(2024)。女性擔任管理者或董事會成員如何影響企業信用評等? 管理學報，41(1)，91-121。
詹哲旻(2023)。公司治理3.0-擴大設置獨立董事對於公司績效之影響。國立成功大學財務金融研究所碩士論文。 |
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