A Study of the Relationship between the Independent Director System and the Operating Performance of the Business in Taiwan

• Main Author: 張雅琳
• Other Authors: 包冬意
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/19085439357874184096

碩士 === 大葉大學 === 會計資訊學系碩士班 === 92 === Corporate governance has become an important issue recently. In order to assist listed companies to build good corporate governance systems, Securities and Futures Commission has requested that all public offering companies should set up the independent director systems in order to become listed companies. The purpose of this study is to explore the relationship between the independent director system and the operating performance of the business in Taiwan. 176 samples were selected from the listed companies in the Taiwan Stock Exchange Corporation in 91-92. Main findings include the following: (1) The scale of the board has a negative relationship with the firm’s performance; (2) The ratio of the stock held by the board and supervisors has a positive relationship with the firm’s performance; (3) The ratio of the Pledged Shares held by the board and supervisors has a positive relationship with the firm’s performance; (4) The ratio of the stock held by the institutional shareholders has a positive relationship with the firm’s performance; (5) The ratio of the independent director number has a positive relationship with the firm’s performance; (6) The ratio of the independent supervisor number has a positive relationship with the firm’s performance; (7) The whole independent director system has a positive relationship with the firm’s performance. This empirical study has confirmed that the independent director system can have a positive impact on the operational performance, and provided suggestions about the implementation of these systems. Keywords: Corporate Governance, Independent Director, Independent Supervisor, Operating Performance.