總經理更迭與董事會特性對公司風險之影響

本研究採用2006年~2012年台灣上市櫃公司為樣本(7,956筆)，以總經理更迭、董事長更迭與董事會特性為主軸，探討其對公司風險的影響。本研究採用各公司後續五年總資產報酬率標準差衡量公司風險的波動情形，並分別依據(1)是否為家族企業、(2)是否為電子業、及(3)金融海嘯前後等區分樣本。本研究實證結果發現，電子業相較於非電子業，有較高的總資產報酬率標準差、較高的總經理更迭率，及較低的董事長更迭率。總經理更迭及董事長更迭與公司風險呈現正向顯著的影響，表示總經理及董事長異動愈頻繁，公司風險愈高；董事會規模與公司風險呈現負向顯著的影響，表示董事愈多，愈能強化監督效果，進而降低公司風險。家族企業樣本中總經理更迭與公司風險呈現正向顯著關係，其顯著水準達1%，於非家族企業樣本中則不顯著。相較於電子業，非電子業總經理更迭對公司風險的影響更顯著；相較於金融海嘯前，金融海嘯後總經理更迭對公司風險的影響更為顯著。

關鍵字

總經理更迭；董事會特性；公司風險；公司治理

並列摘要

The study examines the influence of CEO turnover, board turnover and board characteristics on corporate risk using the sample of 7,956 firm-year observations in Taiwan stock exchange and Taipei stock exchange from 2006 to 2012. This study adopts the next five years standard deviation of the ROA of each company to measure the variability of corporate risk, and distinguishes the sample according to family business, electronic industry and financial crisis, separately. The results of empirical study show that the standard deviation of ROA and CEO turnover are higher and board turnover is lower in electronic industry than in non-electronic industry. CEO turnover and board turnover have a positive and significant relationship with corporate risk which means when CEO turnover and board turnover are more frequently, corporate risk is higher. Board size has a negative and significant relationship with corporate risk, indicating that more board members enhance monitor effect and then decrease corporate risk. In family business sample, CEO turnover has a positively significant relationship with corporate risk at 1% significance level; however, the relationship is not significant in non-family business. The effect of CEO turnover on corporate risk in non-electronic industry is more significant than those in electronic industry. The effect of CEO turnover on corporate risk after a financial crisis is more significant than those before a financial crisis.