| Summary: | 碩士 === 清雲科技大學 === 財務金融所 === 100 === Corporate governance structure is essentially the agency problem. The principal constraint on the agents is monitoring and institutional arrangements. Ownership structure is the basis for corporate governance and corporate governance structure determines the company''s operating performance. Thus, the relationship among the ownership structure, corporate governance structure and operating performance is inseparable. Only the suitable allocation of ownership can develop a complete corporate governance structure. Because of different industries, there are various forms of corporate governance in regulatory authorities. This study explores whether ownership structure affects corporate performance on business groups.
This research uses the Multiple Regression Analysis and set the parameter on the business groups in Taiwan stock exchange, including 90 companies from 2001 to 2009. The empirical finding shows that: (1) Independent variables: the level of diversification, institutional shareholding ratio, blockholder ownership ratio, independent directors ratio are all positively associated with financial performance; (2) The managerial equity ownership shows conflicting results between the accounting and market proxy models; (3) The internationalization, board size and duality are all negatively associated with financial performance.
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