高階經理團隊多元性與企業績效之關聯─以公司治理模式為調節變項

The Relationship between Top Management Team Diversity and Corporate Performance: The Moderating Role of Corporate Governance Model

王玉慧(Yu-huei Wang)

指導教授 ： 陳明園

國立中央大學/管理學院/人力資源管理研究所/碩士(2012年)

摘要

本研究以2010年底資產總額達兩百億台幣的台灣上市公司之高階經理團隊為研究對象，試圖探討「高階經理團隊成員組成多元性」、「企業績效」與「公司治理模式」之間的關係。資料來源取自公開資訊觀測站上各公司之年報與台灣經濟新報，以因素分析、多元迴歸分析等統計方法進行假設的檢定。
本研究將高階經理團隊多元性分為性別、任期、持股比率、學歷地區、教育程度、經驗與背景及在外兼職數多元性。研究結果顯示，七個多元變項多元程度與企業績效之間皆未存在一顯著的正向線性關係。反而在性別比率、總持股比率、學歷地區、學歷程度與在外兼職數五個變項上發現一雙面刃效果，即在適當的多元程度範圍內可為企業帶來較高的經營績效，然而過高的高階經理團隊多元程度將可能造成團隊成員間決策意見上的衝突，企業績效下滑。
公司治理模式上以CEO雙元性與家族控制程度作為代理理論下治理模式的代理變項。研究結果顯示，CEO雙元性對高階經理團隊多元性與企業績效有一負向的調節效果，顯示在CEO兼任董事長權力集中的情況下，將對高階經理團隊成員間信任感的建立造成負面影響。在缺乏信任感與互動的情況下，將不利於組織成員間資訊交換的行為；家族控制程度則無顯著影響。最後則針對本研究結果提出人力資源管理活動安排及公司治理模式採用上之建議。

關鍵字

公司治理模式 ； 企業績效 ； 高階經理團隊多元性

並列摘要

The purpose of this study is to examine the relationship between top management team (TMT) diversity and firm performance. We also discuss the moderating role of CEO duality and family control, which are proxy for the firm’s adoption of corporate governance system, on the relationship between TMT diversity and firm performance. We analyze data from 103 companies whose assets are up to NT$ 200 billion on 2010.
In this study, we definite seven TMT diversity variables from corporate annual report: gender, tenure, total shareholding, educational area, educational level, educational background, and the number of current post held concurrently in other companies. Our results reveal an inverted U-shape curvilinear relationship between five diversity variables (gender, total shareholding, educational area, educational level, and the number of current post held concurrently in other companies) and firm performance, and suggest the existence of optimal TMT diversity.
We find that CEO duality has a negative moderating effect on the relationship between TMT diversity and firm performance. When CEO and board chairperson are held simultaneously by one person, he or she is powerful. CEO duality has a negative effect on building trust within TMT members and then they are unwilling to exchange information. Family control, however, has no significant effect on the relationship between TMT diversity and firm performance. Finally, we give some suggestions on human resource management practices and the use of the model of corporate governance.

並列關鍵字

model of corporate governance ； corporate performance ； TMT diversity

參考文獻

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