The Nonlinear Relationship Between Board Characteristics and Agency Costs: The Moderator Effect of Growth Opportunities

董事會組成要素與代理成本的非線性關係：成長機會的調節效果

李馨蘋(Shin-Ping Lee) ； 程心瑤(Hsin-Yao Cheng) ； 戚靜玟(Ching-Wen Chi) ； 林欣如(Hsin-Ju Lin)

《台灣管理學刊》 20卷2期 (2020/08) Pp. 25-44

https://doi.org/10.6295/TAMJ.202008_20(2).0002

摘要

The main purpose of this study is to explore the association between three characteristics of boards of directors (BOD)-namely board independence, board size, and chief executive officer (CEO) duality-and agency costs. In addition, whether the above association varies with the growth opportunities of different firms is examined. Data of the publicly-listed companies in Taiwan from 2009 to 2018 is used in this study. The empirical results reveal that CEO duality leads to higher agency costs, whereas board sizes are nonlinearly correlated to agency costs. Moreover, compared to low-growth firms, board independence and board sizes are nonlinearly correlated to agency costs in high-growth firms. These findings are expected to provide reference for the practice, the regulatory agency and the academics about the key to control agency costs and help to prevent the recurrence of financial scandals.

關鍵字

agency costs ； board characteristics ； growth opportunities

並列摘要

本研究之主要目的係在探討董事會特性與代理成本的關係，以及此一關係是否會隨著企業的成長機會而有變化。本研究以2009年至2018年我國上市上櫃公司為樣本的實證結果顯示：一、董事長兼任總經理會導致較高的代理成本；二、董事會規模與代理成本呈非線性關係；三、相對於低成長的企業，高成長企業的董事會規模及獨立性與其代理成本非線性相關。本研究的結論可以提供企業的管理當局、主管機關以及學術界，與代理成本的控制機制有關之實證證據，以期有助於降低企業舞弊的發生機會。

並列關鍵字

代理成本 ； 董事會特性 ； 成長機會

參考文獻

Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26, 301-325.

Firth, M., Fung, P. M. Y., & Rui, O. M. (2008). Ownership, governance mechanisms, and agency costs in China’s listed firms. Journal of Asset Management, 9, 90-101.

Florackis, C. (2008). Agency costs and corporate governance mechanisms: Evidence for UK firms. International Journal of Managerial Finance, 4, 37-59.

Fogel, E. M., & Geier, A. M. (2007). Strangers in the house: Rethinking Sarbanes-Oxley and the independent board of directors. Delaware Journal of Corporate Law, 32(1), 33-72.

Fu, L., Singhal, R., & Parkash, M. (2016). Tobin’s q ratio and firm performance. International Research Journal of Applied Finance, 7(4), 1-10.