過去的實證研究,多專注於西方國家其董事會組成與公司績效之相關性。本篇研究欲以日本公司為例,探討董事會結構對於公司績效表現之影響。樣本期間為2001至2007年,樣本公司包含188家在日經225指數中的上市公司。研究結果發現,董事會的獨立性與公司績效之間存在顯著的關聯性;此外,當公司的大股東所有權愈高,愈有助於公司績效之表現。然而,本篇研究顯示,對於日本公司而言,董事會規模對於公司績效並沒有顯著的影響。
Previous empirical researches have demonstrated a relationship between the composition of the board of directors and firm performance for Western country. This study aims at investigating the impact of board structure on performance of Japanese firms. Drawing on the data obtained from a sample of 188 listed firms in the Nikkei 225 index between 2001 and 2007. Results indicate that there is a significantly relationship between the independence of the board of directors and firm performance. Furthermore, this study finds that the firm performance can be improved with more percentage of shares owned by block-holders. However, there is no significant effect of board size on firm performance for Japanese firms.