The Effects of Characteristics of Board and Top Management Team on R&D Intensity and Corporate Performance

• Main Author: 吳仲謙
• Other Authors: 陳育成
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/26350591998687809251

碩士 === 東海大學 === 會計學系 === 92 === The main purpose of this research is to study the effects of characteristics of board and top management team on R&D intensity and corporate performance of listed companies in Taiwan. Furthermore, this research is to verify the effects of R&D intensity on corporate performances. The surrogate variables of characteristics of board are the size of board, the shareholdings of board, the inside directors, the institutional investors, the standing director, the family directors and CEO duality. As for the characteristics of TMT, there are five surrogate variables that are the size of TMT, the shareholdings of TMT, the educational degree of TMT, the diversity of educational degree of TMT and the professional background of TMT. The empirical results of traditional industries are as follow. (1) The influences of the characteristics of board and TMT on R&D intensity: the inside directors and institutional investors would have significant negatively influences on R&D intensity. However, the standing director, the CEO duality, the size of TMT, the education degree of TMT, the diversity of education degree of TMT and the professional background of TMT would have significant positively influences on R&D intensity. (2) The influences of characteristics of board and TMT on R&D intensity: the CEO duality would have significant negatively influence on corporate performances. However, the shareholdings of board, the diversity of education degree of TMT and the professional background of TMT would have significant positively influences on the corporate performances. (3) R&D intensity wouldn’t have significant influence on the current period of corporate performance, but it would have significant positively influences on the lag first period to lag fourth period of corporate performances. The empirical findings of high technology industries are as follow. (1) The influences of characteristics of board and TMT on R&D intensity: the shareholdings of board would have significant negatively influence on R&D intensity. However, the education degree of TMT and the professional background of TMT would have significant positively influences on R&D intensity. (2) The influences of characteristics of board and TMT on corporate performances: just only the diversity of education degree of TMT would have significant negatively influence on corporate performances. However, the shareholding of board would have significant positively influence on corporate performances. (3) The R&D intensity would have significant negatively influences on the current and lag first period of corporate performances, but would not have significant influences on the lag second period to lag fifth period of corporate performances.