公司治理及企業特性對財務績效、股利政策與公司價值的影響 - 以製造業為例

THE INFLUENCE OF CORPORATE GOVERNANCE AND FIRM CHARACTERISTICS ON FINANCIAL PERFORMANCE, DIVIDEND POLICY AND FIRM VALUE: EVIDENCE FROM THE MANUFACTURING INDUSTRY

何亞帝(Indra Hariadi)

指導教授 ： 許文西

國立屏東科技大學/管理學院/企業管理系所/碩士(2016年)

摘要

本研究針對公司治理及企業特性做探討，檢驗對財務績效、股利政策及公司價值的影響，本研究使用印尼證券市場（IDX)資料中所列的37家製造相關產業公司為研究樣本，研究期間為2012年至2014年。本研究利用偏最小乘迴歸（PLS)進行分析，實證結果發現，僅有財務績效對公司價值及股利政策對公司價值有影響，研究結果與Simwel(2015)所發現的股利發放與每股盈餘對股價有正向影響的研究結果類似。
關鍵字：公司治理、企業特質、財務表現、股利政策、公司價值

關鍵字

公司治理 ； 企業特質 ； 財務表現 ； 股利政策 ； 公司價值

並列摘要

This study aimed to examine the influence of corporate governance and firm characteristics, on financial performance, dividend policy and firm value. This research using sample manufacturing companies listed on Indonesian Stock Exchange (IDX) Data from 37 companies listed on IDX for the period of 2012-2014. Partial least square (PLS)
was utilized to conduct data analysis. The results indicated that only financial performance and dividend policy have significant influence on firm value.
The results were similar with Samwel (2015) study which indicated dividend payout, earning per share (EPS) have positive relationship to share price.
Keywords: Corporate Governance, Firm Characteristics, Financial Performance, Dividend Policy, Firm Value.

並列關鍵字

Corporate Governance ； Firm Characteristics ； Financial Performance ； Dividend Policy ； Firm Value

參考文獻

Millon, Cornett Marcia (2011): “The impact of institutional ownership on

Success of Small and Medium Enterprises (SMEs)” Journal of Business and Management, Vol 6 N0 3, March, 289.

Ayo Adekunle, Simon (2015): “Corporate Governance and Financial Performance

Ayu, RizqiaDwita (2013): “Effect of Managerial Ownership, Financial Leverage,

Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value” Journal of Finance and Accounting, Vol 4 N0 11, 120-130.