董事會裙帶關係、獨立董事特質與企業價值之關聯

本研究係探討董事會裙帶關係與企業價值之關聯性，就產業型態將樣本區分成電子業與非電子業來做進一步的探究。此外，本文亦加入女性獨立董事比例、獨立董事忙碌程度二個獨立董事特質，藉此了解其對於董事會裙帶關係與企業價值二者關聯性的影響。本文以2015年至2020年台灣上市櫃公司進行分析，研究結果發現，與電子業公司相較，非電子業公司其董事會裙帶關係對於企業價值的負向影響更為明顯。再者，就非電子業公司而言，獨立董事忙碌程度越高，越會加深董事會裙帶關係與企業價值的負向關聯。

關鍵字

董事會裙帶關係；企業價值；獨立董事特質

並列摘要

This research has explored the relation between cronyism on the board of directors and firm value, as well as the industry, by dividing the sample into electronics and non-electronics industries. Additionally, this research included the proportion of female independent directors and the busyness as two characteristics of independent directors in order to better understand their impact on the relationship between board cronyism and firm value. This study has examined Taiwan's listed enterprises from 2015 to 2020. The findings have indicated that, in comparison to electronics firms, board cronyism has a more significant negative impact on company value in non-electronics companies. Additionally, the busier independent directors are for non-electronics firms, the stronger the unfavorable link between board cronyism and firm value would be.