| Summary: | 碩士 === 銘傳大學 === 會計學系碩士班 === 98 === Business groups play an important role on economy in Taiwan, their operating and finance information could make a great impact on economy. When performance of business groups is enhanced, it could further development of our country’s economy. Therefore, it is important to understand the structural characteristics that affect business groups’ performance. The main purpose of our study is to explore the relationship among the business groups’ degree of vertical integration, corporate governance and performance of their member firms. We use the sample comprised of listed and OTC firms in Taiwan during 2000 to 2008.
The empirical results show that groups’ degree of vertical integration has a positive and significant impact on performance. When the less deviation between final controlling holder’s controlling right and cash flow right, the more ratio of independent director and supervisor numbers, the more foreign investors’ holding rate and the more financial institutions’ holding rate, performance of business groups are better.
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