The Relationships between Corporate Governance, Financial Constraint, and Human Capital

• Main Authors: Sin-Ting Hsu, 徐欣廷
• Other Authors: 陳明園
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/4kv443

碩士 === 國立中央大學 === 人力資源管理研究所 === 107 === To response to the impact of financial crisis, many companies have adjusted their labor policy. The purpose of this study is to explore the willingness and capability of enterprises to implement labor policies. We employ corporate governance structure and the degree of financial constraint as our base of this research which reflect the concept of human resources in the turn of labor hoarding. We establish three proxy variables (ratio of outside director, CEO duality, and the deviation of cash flow) to measure the effect of corporate governance structure on the loss of human capital. We also use Kaplan- Zingales index as the measurement of financial constraint to investigate how enterprises mediate the relationship between corporate structure and the loss of human capital. We collect 1,179 Taiwanese listed and over-the-counter (OTC) companies during the reconstruction period after the financial crisis (from 2010 to 2016). The empirical result shows that the degree of financial constraint has a positive impact on the loss of human capital. It reflects that the higher the degree of financial constraint is, the faster the loss of human capital is. In addition, the ratio of outside director and the deviation of cash flow have a significant influence on the degree of financial constraint and the loss of human capital. At last, the analysis of mediation effect indicates that the corporate governance structure has a direct impact on the loss of human capital, and can also indirectly affect the loss of human capital by the allocation of funds.