| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 95 === This study looks at typical corporate characteristics of companies that have voluntary changes in independent directors and supervisors. How Company performance changes before and after movement of independent directors and supervisors. Further, is there any distinctive difference in corporate characteristics and performance between companies that can find replacement for independent directors and supervisors and companies that cannot find replacement? This study aims to identify factors that influence changes in independent directors and supervisors and how Companies may be affected by their ability to find replacements to fill up vacant positions.
Based on statistical analysis and empirical investigation, the following conclusion can be drawn:
1. Companies that recorded changes in their independent directors and supervisors often have poor corporate performance and financial structure comparing to other Companies.
2. Company performance is generally better before occurrence of any changes in independent directors and supervisors.
3. For Companies that can fill up vacancies for their independent directors and supervisors, they generally display better performance comparing to companies that cannot do so.
Keywords: Corporate Governance, Independent Director, Independent Supervisor, Operating Performance.
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