| Summary: | 碩士 === 國立成功大學 === 會計學系 === 106 === This study examines the relationship between business strategy and corporate governance, and we assume that different types of business strategies will have different corporate governance designs. Also, different strategies have their own top performing corporate governance profile, and we called that the ideal profile. If a company’s corporate governance design deviated from the ideal profile, then the company’s performance has a negative effect. Data was collected from 2011 to 2015 listed companies from the stock exchange market and the over-the-counter market in Taiwan. This study uses Miles and Snow’s (1978) the prospector and defender strategies. Our results shows that: (1) Prospectors are significantly higher than defenders in outside directors, director-managers, large shareholder holdings, managerial holdings, and foreign institutional stockholdings. Defenders are significantly higher than prospectors in director and supervisor stockholdings, deviation ratios in surplus stocks, earning distribution, intersect holdings, and pyramid structures. (2) In designing the optimal corporate governance structure, the ideal profile of corporate governance design for prospectors contains five major variables: large board size, higher percentage of director-manager, low institutional shareholdings, low deviation from surplus shares, and no pyramid structure. When a prospector’s corporate governance design deviates from the optimal corporate governance design, it is significantly negatively related to corporate performance.
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