The Effect of Business Life Cycle and Corporate Governance on Investment Efficiency

• Main Authors: WEN,MING -YEN, 溫明燕
• Other Authors: HUANG, MEI-JUH
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/56402974114206068702

碩士 === 輔仁大學 === 會計學系碩士班 === 104 === The samples of this study are the listed companies in Taiwan from year 2010 to year 2014. The study discussed the relations of the enterprise life cycle, corporate governance and investment efficiency. The empirical results are summarized as follows: 1.Relevance of corporate governance and investment efficiency: All the overinvestment and underinvestment are deemed as investment inefficiency samples, indicating that the better corporate governance will result in lower investment insufficiency. It provided explanation for the situation that corporate governance system can effectively reduce the investment inefficiency. The investment inefficiency is divided into overinvestment and underinvestment. From the samples of overinvestment and underinvestment, the better corporate governance can effectively inhibit the inefficiency of overinvestment. 2.Relevance of enterprise life cycle and investment efficiency: All the overinvestment and underinvestment are deemed as investment inefficiency samples, indicating that comparing to the maturity stage, the growth stage and recession stage have higher percentage of investment inefficiency. The growth stage will have more overinvestment inefficiency than the maturity stage; the recession stage will have more underinvestment inefficiency than the maturity stage. 3.Relevance of enterprise life cycle, corporate governance and investment efficiency: The results showed that the cross multiply item of the dummy variables of enterprise life cycle and the corporate governance variables is not statistically significant and lacks explanatory power.