| Summary: | 碩士 === 國立中央大學 === 企業管理學系在職專班 === 102 === This study investigates the moderating effect of corporate governance development on the relation between working capital management and firm performance. The sample consists of 598 listed companies in Taiwan from 2002 to 2012 with 6,388 observations. ROA, ROE, EPS and Tobin’s Q are utilized to proxy for firm performance and Ordinary Least Squares analysis is used to evaluate the relationship among firm performance, corporate governance and working capital management. The empirical results show that corporate governance practices have significant correlation with firm performance. However, on the whole, firm performance is not influenced by corporate governance development. Furthermore, the results also reveal that there is no moderating effect of corporate governance development on the relation between working capital management and firm performance.
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