| Summary: | 碩士 === 東吳大學 === 國際經營與貿易學系 === 97 === Due to the occurrence of several scandals in the recent years, the “Corporate Governance” issue became aggressively important. In the long history, those corporations with a complete “Corporate Governance” mechanism are steady in their finances, and the mechanism makes the corporate compatible in the long tern. Therefore, “Corporate Governance” is the key to success. The present dissertation is conducted with the structural equation model. The purposes of the present dissertation are to investigate the relationship between corporate governance and corporate value by observing the following four variables in corporate governance: the share ratio of manager holdings, the share ratio of the board directors as collateral, and whether managers act simultaneously as board membership, as well as the financial certification audited by the big 4 CPA firms. On the other hand, we investigate corporate value with 3 variables including EPS, ROE, and Tobin’s Q. This study’s sample is all publicly held firms in Taiwan from 2003 to 2007, summing up 578 firms.
In the present dissertation, the share ratio of the board directors as collateral reflects a negative effect on the corporate governance. However, the other three variables reflect positive effects on the corporate governance. In other words, the results indicate a generalization that when a firm has good corporate governance, the ratio of manager holdings, the probability of managers acting simultaneously as board membership, the probability of the financial certification audited by the big 4 CPA firms will increase. For corporate value observed variables, EPS, ROE, and Tobin’s Q all have a positive effect on the corporate value. Finally, by path-relationship we find that it is significant in the effects between corporate governance and corporate value. Our results also indicate when a firm has good corporate governance, the corporate value also increases.
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