The main purpose of this study is to explore the association between three characteristics of boards of directors (BOD)-namely board independence, board size, and chief executive officer (CEO) duality-and agency costs. In addition, whether the above association varies with the growth opportunities of different firms is examined. Data of the publicly-listed companies in Taiwan from 2009 to 2018 is used in this study. The empirical results reveal that CEO duality leads to higher agency costs, whereas board sizes are nonlinearly correlated to agency costs. Moreover, compared to low-growth firms, board independence and board sizes are nonlinearly correlated to agency costs in high-growth firms. These findings are expected to provide reference for the practice, the regulatory agency and the academics about the key to control agency costs and help to prevent the recurrence of financial scandals.
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