| Summary: | 碩士 === 銘傳大學 === 國際企業學系碩士班 === 100 === This study explores the impact of corporate governance on corporate performance in China and Taiwan. Besides, we also discuss the moderating effect of internationalization on corporate performance. The sample includes the listed companies in all industries, except financial industry, which are in Shanghai, Shenzhen and Taiwan stock markets. There are 679 samples of Taiwanese firms and 1,010 samples of Chinese firm are collected between 2008-2010. These study collected three years panel data, which are 5,067 firm-year. Using Independent-Sample T Test and GLS regression model, this study examines the relation between internal and external corporate governance and firm performance.
The results show that, there are different on board size, outsider director, CEO ownership, CEO duality, stock concentration, hiring big four accounting firm and institutional investor ownership between Chinese and Taiwanese firm. Generally speaking, Taiwan company''s corporate governance is better than Chinese company. This study also finds that:
(1)Higher outsider director, CEO duality and hiring big-4 accounting firm are related to greater operating performance.
(2)An inverse U shape relation between the CEO ownership and corporate performance.
(3)The negative relation between institutional investor ownership and firm performance in China.
(4)Export ratio can weaken the relationship between corporate governance and firm value but it will strengthen the relationship between corporate governance and operation performance.
(5)Foreign Investors'' Holding Ratio can strengthen the relationship between corporate governance and corporate performance.
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