The Effect of Board Characteristics and Working Capital Management on Firm Performance – A Study of Semiconductor Industry in Taiwan

• Main Authors: LIU,HSING-HUI, 劉幸惠
• Other Authors: LEE,CHIUNG-YING
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/9zveg2

碩士 === 長榮大學 === 經營管理研究所 === 105 === Beginning with the board structure in corporate governance and combining with the concept of operation capital management, the author hopes to discuss influences of corporate influences. Based on Taiwan Securities Exchange, the author still regards existing listed companies in the end of 2015 as research objects, discusses the correlation between board structure and corporate performance by narrating statistical analysis and regression analysis of variable data, and also discusses its influences on corporate influences from working capital. The author analyzes samples as a whole, distinguishes them according to semiconductor industry and family business, respectively, and finally judges them as family business according to samples of semiconductor industry. The empirical study shows that (1) board structure has the significantly negative influences on family business performance; (2) Board size has the significantly negative influences on corporate performance;(3)Board independence has the significantly positive influences on family enterprise performance, but it has no influence on non-family enterprises; (4) Whether a chairman holds a concurrent post of general manager in semiconductor industry and in the family business, it has the significantly positive influences. However, in the family business, it is totally opposite. In other words, chairman holding a concurrent post of general manager is not good for corporate performance; (5) Cash conversion cycle has the negative influences on family or non-family business in semiconductor industry, showing that the longer cash conversion cycle is unfavorable.