本研究主要探討股權結構、董事會規模與公司績效之聯立方程組,以1994年至2003年間台灣上市公司資料進行實證觀察。因本研究所採用的資料為橫斷面與混合時間數列的資料,故使用追蹤型資料之二階段最小平方法來分析,經由F-test、LM test與Hausman test之驗證顯示各模型均適用於固定效果模型為實證分析的依據。實證結果顯示內部人持股比例、董事會規模、機構法人持股比例與公司經營績效四者彼此間互相影響,具有內生效果。再者,內部人持股比例與公司績效之非線性相關檢定並不顯著。
The main purpose of this study is to examine the determinants and interrelationships among ownership structure, board size and firm performance using a sample of Taiwan's listed firms. This study re-builds the simultaneous equations that impact the inter-action effects among ownership structure, board size and firm performance. This model is applied to the data of the Taiwan stock market for 1994-2003 to investigate the effects for all samples and for dominated industries explained by endogenous variables, and to find the possible reasons. This study collects a panel data set. We will apply two-stage least squares regression (2SLS) for panel data model. Furthermore, applies F-test, LM-test and Hausman test to determine the best statistic method (ordinary least squares method, fix-effects model or random-effects model). Under our system of equations, insider ownership, board size, institutional ownership, and corporate performance are dependent on each other, and also on other exogenous variables, such as dividend payout ratio. According to the result of this study, it should be useful information to the industry and academy.
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