在過去學術研究裡,CEO雙元性一直都是討論熱烈的一個議題,由於台灣半導體產業為群集效應,具有獨特的專業垂直分工與完善的產業結構鍊,而以往衡量績效時都以傳統財務經營績效(ROA、Tobin’s q)為衡量績效值,但ROA與Tobin’s q這兩種傳統績效指標所得到的效果並不一致,故本研究另以資料包絡分析法(Data Envelopment Analysis,DEA)中的Super SBM作為公司經營績效指標。此外,本研究將另以分量迴歸來分析,探討當公司經營績效不同時,CEO雙元性對傳統財務績效與公司經營績效有何影響,並與傳統迴歸模型之結果進行比較。 本研究結果顯示,當經營績效表現較好的公司,CEO雙元性對財務績效為顯著負相關,但對經營績效是無影響;而在表現中等的公司下,兩種指標皆為顯著正相關關係;若對整體表現較為不佳的公司而言,則CEO雙元性對財務績效是沒有影響力,但對經營績效則是呈現顯著負向關係。
Most research investigating the impact of board leadership structure as a corporate governance mechanism, this paper sheds light on the extent to which corporate leadership structure affects corporate performance by providing empirical evidence from a sample of Taiwanese Semiconductor Industry. We employ non-parametric data envelopment analysis (DEA) and super-SBM on various input/output combinations, focusing on sales and pre-tax income as output measures in the construction of the frontier technologies. A performance evaluation was completed for 348 semiconductor companies in Taiwan, including 270 in design, 14 in fabrication, 28 in packaging and 36 in testing. Our initial econometric results indicate that CEO duality has impact on corporate performance. However, when an interaction term between industry type and CEO duality is included in the model, the impact of CEO duality on corporate performance is found to vary across firms in Taiwanese Semiconductor Industry. The results of this study also showed that when higher efficient scores of the company, CEO duality of financial performance is significantly negatively correlated, but the operating performance is not affected; and in the middle of the performance of the company, two metrics are all significantly positive correlation relationship; if the overall performance is relatively poor in terms of the company, the CEO duality of financial performance is no influence in the operating performance is showing significant negative relationship.