The Relationship between the Oversea Educational Backgrounds of Directors and Supervisors and Firm Performance

• Main Authors: Chi-Ling Lo, 駱紀伶
• Other Authors: Yehning Chen
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/nf8d5t

碩士 === 國立臺灣大學 === 財務金融學研究所 === 106 === Statistics have shown that studying overseas has become a rapidly growing trend among students in Taiwan in recent years. The purpose of this thesis is to examine the influence of the overseas educational qualifications of board members on the performance (ROA and Tobin’s Q) of Taiwan’s non-financial listed firms during the period between 2009 and 2015. The thesis also examines whether important features of overseas educational qualifications of board members, such as the country from which the degree is issued, the major of the degree, and whether the degree is undergraduate or post-graduate, can affect firm performance. To alleviate the concern for reverse causality between the overseas educational qualifications of board members and firm performance, the thesis conducts both the ordinary least square (OLS) and two-stage least square (2SLS) regressions. This thesis finds the following empirical results. First, the percentage of board members who receive overseas degrees is positively related to firm performance. Second, the firms with more directors/supervisors who receive degrees from the U.S. and Canada have better performance. Third, for the firms in the biotechnology industry, firm performance is better if more of their directors/supervisors have overseas biotech/medical degrees. Finally, overseas Ph.D. and master degrees of board members can also improve firm performance. The thesis undertakes several robustness tests, and the main results are unchanged.