獨立董事組成、資訊透明度與組織績效以2008全球金融風暴為例

Do Independent Directors Matter? The Evidence from Taiwan under the Global Financial Crisis of 2008

朱博湧(Po-Young Chu) ； 林裕淩(Yu-Ling Lin) ； 林峻宇(Chun-Yu Lin)

《評價學報》 9期 (2015/12) Pp. 1-20

摘要

鑒於全球近年來多起大規模企業的背信與經營失敗案件，獨立董事設置制度成為台灣上市櫃公司近十年來在改善公司治理的改革重點。2008年全球金融風暴引起了經營環境的巨大變動，獨立董事設立的有效性立即受到考驗。本研究以2008年台灣上市公司為研究對象，並納入獨立董事專業背景以及公司資訊透明度等兩個因子，探討在不同程度的獨立董事專業背景異質性及公司資訊透明度之下，對於公司經營績效以及經營風險之影響。本研究發現，董事會中若能設置獨立董事的席次，並且網羅不同背景的專業人士來擔任獨立董事之職，再配合公司資訊透明度的提高，將有助於董事會對公司決策的完備性，使董事會的效能得以有效發揮。

關鍵字

董事會組成 ； 獨立董事專業背景 ； 資訊透明度 ； 公司治理 ； 經營績效

並列摘要

All the listed corporations in Taiwan were required to incorporate independent directors in the board according to Taiwan Corporation’s constitutions after January 2007. Does it really matter when this regulation has been enforced? This research used the sample of listed corporations from Taiwan in year 2008, when the global financial storm occurred to explore the relationship between the composition of independent directors and firm performance. Using the information transparency as a moderator, the research found that the setting of independent directors and the specific professional background of independent directors have positive effects on promoting the firm’s performance. In addition, when the information transparency and the independent directors’ background are integrated in the model, we find that it has the positive effects on reducing the firm’s systematic risk.

並列關鍵字

Board Composition ； Professional Background of Independent Director ； Information Transparency ； Corporate Governance ； Firm Performance