忙碌獨立董事可以降低公司績效波動性嗎？

Can Busy Independent Directors Reduce the Variability of Corporate Performance?

丁秀儀(Hsiu-I Ting) ； 翁天龍(Tien-Lung Weng)

《證券市場發展季刊》 25卷2期 (2013/06) Pp. 161-194

https://doi.org/10.6529/RSFM.2013.25(2).5

摘要

本研究主要探討獨立董事忙碌程度與公司波動的關聯性。在尚未考慮樣本特性前，無法發現獨立董事兼職數與公司績效波動的關聯；考慮樣本公司特性後，發現董事會獨立性較高的公司，獨立董事存在聲譽資本，會採取穩健的決策，使公司績效波動幅度變小，並有較佳的監督能力，於公司績效不好時能有效撤換績效不佳的經理人。雖然獨立董事專業性無法有效降低公司績效變異，但具備法律、商務、政治與相關產業專業背景的獨立董事能有效監督公司。

關鍵字

獨立董事 ； 公司波動性 ； 聲譽資本

並列摘要

This paper examines the relationship between the degree of busyness of independent director and the variability of firm performance. The relationship between the number of directorships per independent director and the variability of firm performance is unclear before considering firm characteristics. However, after taking the characteristics into account, we find that independent directors on boards with higher level of independence have better reputation and provide better monitoring function. They make moderate decisions to reduce the performance variability; remove CEOs owing to their poor performance. Professional expertise of independent directors does not reduce variability of firm performance; however, busy independent directors with law, business, politics or industry-related experience backgrounds can effectively monitor the firms.

並列關鍵字

Independent Director ； Variability ； Reputational Capital

參考文獻

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