The Study for the Relationship among the Board Composition、Top Executive Turnover and Corporate Value

• Main Authors: Yu-Wei Liu, 劉育韋
• Other Authors: De-Shun Huang
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/04142678040457584760

碩士 === 國立中正大學 === 企業管理所 === 96 === 1997 Asian finance storm, has caused heavy losses to the Asian various countries financial finance, American occurs many accountant the transaction scandal, lets the various countries realize the importance which the corporate governance. The Taiwan Stock Exchange and GreTai Securities Market in 2002 formulated "The Solid Service Rules of Corporate Governance ", introduced the system of independent outside directors and strengthened corporate governance. In addition, the process of company’s operation, top executive turnover is the necessary course .When top executive turnover is occur, the CEO will hope to create higher value for company. The sample data is collected between 2002 to 2005, and confirmed. Referring to our research topic. The relationship among the board composition factors and top executive turnover and the firm’s value, our research conclusions are below: 1. The firm’s value has significant difference every year before and after the top executive turnover. 2. The proportion of independent outside directors is significantly positively related to the EVA and MVA. 3. The top executive turnover is significantly positively related to the EVA and is not significantly positively related to the MVA. 4. Company’s EVA in the first second years is positively related to the proportion of independent outside directors and Company’s MVA in the first second years is not positively related to the proportion of independent outside directors. 5. Company’s EVA and MVA in the first second years are not positively related to the top executive turnover.