Female Independent Directors、Corporate Governance and Firm Performances

• Main Authors: YANG, CHING-YI, 楊靜怡
• Other Authors: HORNG, YUH-SHENG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/yz7x58

碩士 === 靜宜大學 === 財務金融學系 === 105 === This study examines the impact of female independent directors with professional background and some characteristic of independent directors on firm performances. There are 540 companies which are listed in Taiwan Stock Exchange from 2010 to 2015 in the sample of this study. If a company without sufficient data, it will be excluded in this study. The empirical results show that there are significant negative relationships between the ratio of independent directors to board members and a firm’s performances. Because the selection of independent directors may not efficient enough in Taiwan, independent directors do not execute their duties to monitor manager’s decision and investment behaviors well. The results also show that independent directors serve on the boards of several companies is positively related to a firm’s performances. Independent directors serve on the boards of several companies represent they have a high reputation and better professional background in the industry or academic. In order to maintain their personal reputation, they can enhance the supervision of the company's operational decisions. Female independent directors with professional background are positively related to firm performances. It represents that female independent directors with professional background can promote board function more efficient and increase a firm’s performances. Finally, female independent directors with professional background and independent directors serve on the boards of several companies can reduce the negative effect of the ratio of independent directors to board members, and increase a firm’s performances consequently.