| Summary: | 碩士 === 實踐大學 === 財務金融學系碩士班 === 102 === With the total asset growth ratio and Berry ratio being mediators, the study analyzes the cross-relationship among the corporate performances and corporate governance of various industries in Taiwan. To compare the variance of stock behaviors before and after financial crisis, we use, 3 period time from 2005 to 2007 and from 2008 to 2009 and from 2010 to 2012, to analyze the relevance between corporate governance characteristics and corporate performances to enterprise under the concept of profit maximization. The researching variables are as below: ownership structure of specific industries (institutional investors’ share holding rate, insider shareholding rate), company performance index (Tobin’s Q, earnings per share, return on assets, return on equity), corporate governance variables and board functions (board scale, rate of outside directors, pledged share ratio of shareholders, the director earnings deviation). In addition, this study also uses panel data analysis to investigate those cross relationships.
The results show that each industry has different outcomes due to industrial characteristics and government policies. Most of presumptions in the period of before financial crisis could be verified, but after financial crisis, the variables and performances of each industry show that the correlation is not significantly strong and even induces reverse behaviors.
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