國際化、創新活動與公司績效：台灣上市公司董事會結構論析

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：31

、訪客IP：18.116.8.98

姓名

吳春敏(Chun-Min Wu) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

國際化、創新活動與公司績效：台灣上市公司董事會結構論析
(Internationalization, Firm Innovation, and Firm Performance: The Role of Board Structure of Taiwanese Listed Firms)

相關論文

★ 從生態共生觀點發展組織合作模式	★ 影響產業垂直分工因素之探討
★ 我國中小企業貸款門檻操縱行為分析 -以某銀行授信戶為例	★ 發展台籍專業管家的人力派遣模式
★ 影響軍事機關審計品質之關鍵性因素及其相對效率衡量	★ 台灣光碟片設備供應商競爭策略分析
★ 國防科技研發機構組織向心力之研究	★ 衡量半導體零組件通路商之相對經營績效
★ 衡量半導體晶圓代工廠商生產單位之營運績效	★ 商業銀行營運型態與組織調整對分行營運效率的影響
★ 發展行動條碼為基礎的隨傳隨用視訊平台之應用	★ 飛機引擎定子零件維修之訂價調整方式
★ 董事會結構與自願性財務預測之關聯性	★ 探討網際網路事件達成關鍵多數之影響因素
★ 生態循環農業產銷策略個案研究	★ 探討以政策規範高耗能產業參與再生能源開發之綜效－以太陽光電發電系統為例

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 創新活動
★ 國際化
★ 董事會結構
★ 公司績效

關鍵字(英)

★ Innovative activities
★ Firm performance
★ Internationalization
★ Board Director Structure

論文目次

目錄　　　　　　
中文摘要 ………………………………………………………… i
英文摘要 ………………………………………………………… ii
目錄 ……………………………………………………… iii
表目錄 ……………………………………………………… iii
壹、緒論…………………………………………………… 1
貳、文獻回顧與假說發展………………………………… 4
一董事會結構對“國際化公司績效”關聯性之影響……… 4
二董事會結構對“國際化公司創新”關聯性之影響……… 8
參、研究方法……………………………………………… 9
一樣本及選樣過程………………………………………… 9
二變數衡量……………………………………………… 10
三測試假說1之迴歸式模型……………………………… 13
四測試假說2之迴歸式模型……………………………… 14
肆、實證結果與分析……………………………………… 14
一敍述統計分析………………………………………… 14
二多元迴歸分析………………………………………… 16
伍、結論與建議…………………………………………… 19
參考文獻 ………………………………………………………… 22
表目錄
表 1 樣本分配表 …………………………………………… 28
表 2 國際化(INT)因素主成分分析 ……………………… 28
表 3 樣本敘述統計量 ……………………………………… 29
表 4 各相關變數之定義及公式 …………………………… 30
表 5 相關係數表_Pearson積差相關分析…………………… 31
表 6 多元迴歸分析國際化公司之董事會結構與公司績效(ROA)之關聯性……………………………………………………………… 32
表 7 多元迴歸分析國際化公司之董事會結構與公司績效(Torbin’s Q)之關聯性…………………………………………… 33
表 8 多元迴歸分析國際化公司之董事會結構與創新活動(Patent intensity)之關聯性……………………………………… 34
表 9 多元迴歸分析國際化公司之董事會結構與創新活動(R&D intensity)之關聯性………………………………………………… 35

參考文獻

國內文獻部分
1. 曹壽民與陳光政 (2010), 創新活動、國際化與公司績效：以台灣上市公司之國外直接投資檢測, 管理學報, 第27卷第3期，205-224頁。（TSSCI）.
2. 陳光政 2008， “國際化、創新活動與公司績效: 台灣上市公司股權結構論析”，國立中央大學。
3. 蘇佳慧 2008， “家族所有權、董事會與國際化關係之研究”，國立中央大學企業管理學系碩士論文。
4. 廖秀梅李建然吳祥華 2006， ”董事會結構特性與公司績效關係之研究 – 兼論台灣家族企業因素的影響“，東吳經濟商學學報第五十四期 (民國九十五年九月): 117-160。
5. 陳韻珊 2005， “公司治理機制、代理成本與盈餘品質問題間的關係”，中原大學會計學系碩士學位論文。
6. 洪世馨 2003，“設立外部董事與企業經營績效之關係”，國立成功大學會計學研究所碩士論文。
7. 熊秀英 2001， “我國高科技產業與傳統產業董事會結構之探討”，國立台灣大學會計學研究所碩士論文。
國外文獻部分
1. Balkin, D. B., G. D. Markman, L. R. Gomez-Mejia. 2000. Is CEO pay in high-technology firms related to innovation? Academy of Management Journal 43, 1118-1129.
2. Berger, P. G. 1993. Explicit and implicit tax effect of the R&D tax credit. Journal of Accounting Research 31, 131-171.
3. Bettis, R. A., and M. A. Hitt. 1995. The new competitive landscape. Strategic Management Journal 16, 7-20.
4. BIPIN AJINKYA, *SANJEEV BHOJRAJ, and PARTHA SENGUPTA. 2004. The Association between Outside Directors, Institutional Investors, and the Properties of Management Earnings Forecasts, Journal of Accounting Research, Vol. 43 No.3 June.
5. Carpenter, M. A., and W. G. Sanders. 2004. The effects of top management team pay and firm internationalization on MNC performance. Journal of Management 30, 749-778.
6. Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Finance Economics 58, 81-112.
7. Claessens, S., S. Djankov, J. P. H. Fan and L. H. P. Lang. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance 57, 2741-2771.
8. Collins, J. M. 1990. A market performance comparison of US firms active in domestic, developed and developing countries. Journal of International Business Studies 2, 271-287.
9. Deeds, D. L., and C. W. L. Hill. 1998. An examination of opportunistic actioni within research alliances: Evidence from the biotechnology industry. Journal of Business Venturing 11, 41-56.
10. Demsetz, H., and K. Lehn. 1985. The structure of corporate ownership: Cause and consequences. Journal of Political Economy 93, 1155-1177.
11. Dierickx, I., and K. Cool. 1989. Asset stock accumulation and sustainability of competitive advantage. Management Science, 35, 1504-1510.
12. Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33, 401-425.
13. Fan, J. P. H., and T. J. Wong. 2005. Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research 43, 35-72.
14. Francis, J., and A. Smith. 1995. Agency costs and innovation some empirical evidence. Journal of Accounting and Economics 19, 383-409.
15. Geringer, J. M., P. W. Beamish, and R. C. Dacosta. 1989. Diversification strategy and internationalization: Implication for MNE performance. Strategic Management Journal 10, 109-119.
16. Ghoshal, S. 1987. Global strategy: An organizing framework. Strategic Management Journal 3, 425-440.
17. Gomez-Mejia, L., and L. Palich. 1997. Cultural diversity and the performance of multinational firms. Journal of International Business Studies 28, 309-336.
18. Grant, R. M., A. P. Jammine, and H. Thomas. 1988. Diversity, diversification, and profitability among British manufacturing companies. Academy of Management Journal 31, 771-801.
19. Greene, W. 2003. Econometric analysis, 5. ed., Prentice Hall, Englewood Cliffs.
20. Harris, R. S., and D. Ravenscraft. 1991. The role of acquisitions in foreign direct investment: Evidence from the U.S. stock market. The Journal of Finance 46, 826-844.
21. Hitt, M. A., and D. Smart. 1994. Debt: A disciplining force for managers or a debilitating force for organizations? Journal of Management Inquiry 3, 144-152.
22. Hitt, M. A., L. Bierman, K. Uhlenbruck, and K. Shimizu. 2006. The importance of resources in the internationalization of professional service firms: The good, the bad, and the ugly. Academy of Management Journal 49, 1137-1157.
23. Hitt, M. A., R. E. Hoskisson, and H. Kim. 1997. International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal 40, 767-798.
24. Hitt, M. A., R. E. Hoskisson, and R. D. Ireland. 1994. A mid-term theory of the interactive effects of international and product diversification on innovation and performance. Journal of Management 20, 297-326.
25. Hoskisson, R. E., and M. A. 1988. Strategic control systems and relative R&D investment in large multiproduct firms. Strategic Management Journal 9, 605-621.
26. IRENE KARAMANOU* AND NIKOS VAFEAS*. 2005. The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis, Journal of Accounting Research, Vol. 43 No.3 June.
27. Jiraporn, P., Y. S. Kim, W. N. Davidson, and M. Singh. 2006. Corporate governance, shareholder rights and firm diversification: An empirical analysis. Journal of Banking and Finance 30, 947-963.
28. Kim, W. C., P. Hwang, and W. P. Burgers. 1989. Global Diversification Strategy and Corporate Profit Performance," Strategic Management Journal, 10: 45-57.
29. Kim, W. c., P. Hwang, and W. P. Burgers. 1993. Multinationals’ diversification strategy and corporate profit performance. Strategic management Journal 10, 45-57.
30. Kogut, B. 1985. Designing global strategies: Comparative and competitive value added chains, Part 1. Sloan Management Review 27, 15-28.
31. Kogut, B., and H. Singh. 1988. The effect of national culture on the choice of entry mode. Journal of International Business Studies 19, 411-432.
32. Korbin, S. J. 1991. An empirical analysis of the determinants of global integration. Strategic Management Journal 12, 17-37.
33. Kotabe, M. 1990. The relationship between offshore sourcing and innovativeness of U. S. multinational firms: An empirical investigation. Journal of International Business Studies 21, 623-638.
34. Kotabe, M., S. S. Srinivasan, and P. S. Aulakh. 2002. Multinationality and firm performance: The moderating role of R&D and marketing capabilities. Journal of International Business Studies 33, 79-97.
35. La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. W. Vishny. 2002. Investor protection and corporate valuation. The Journal of Finance 57, 1147-1170.
36. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. The Journal of Finance 54, 471-517.
37. Lemmon, M. L., and K. V. Lins. 2003. Ownership structure, corporate governance, and firm value: Evidence form the East Asian financial crisis. The Journal of Finance 58, 1445-1468.
38. Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis 38, 159-184.
39. Lu, J. W., and P. W. Beamish. 2001. The internationalization and performance of SMEs. Strategic Management Journal 22, 565-586.
40. Lu, J. W., and P. W. Beamish. 2004. International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal 47, 598-609.
41. Mansfield, E. 1968. Industrial research and technological innovation. New York: Notron.
42. Morck, R., and B. Yeung. 1991. Why investors value multinationality. Journal of Business 64, 165-187.
43. Porter, M. E. 1990. The competitive advantage of nations. New York: The Free Press.
44. Ramaswamy, K. 1995. Multinationality, configuration, and performance: A study of MNEs in the US drug and pharmaceutical sector. Journal of International Management 1, 231-253.
45. Sanders, W. G., and M. A. Carpenter. 1998. Internationalization and firm performance: The roles of CEO compensation, top team composition, and board structure. Academy of Management Journal 41, 158-178.
46. Sundaram, A. K. 1992. The environment and internal organization of multinational enterprises. The Academy of Management Review 17, 729-758.
47. Tallman, S., and J. Li. 1996. Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management Journal 39, 179-196.
48. Tihanyi, L., R. A. Johnson, R. E. Hoskisson and M. A. Hitt. 2003. Institution ownership differences and international diversification: The effects of boards of directors and technological opportunity. Academy of Management Journal 46, 195-211.

指導教授

張東生、曹壽民
(D.S. Chang、Shou-Min Tsao)

審核日期

2011-7-7

推文