| Summary: | 碩士 === 國立臺北大學 === 經濟學系 === 107 === This study investigates the determinants and influences of political connections on corporate boards. We use the listed company data of Taiwan stock exchange from 2005 to 2017 and the R.O.C. official appointment data from 1986 to 2018. We find that the industry is an important factor that affect firm's political connections, and the firms which have poor operating performance, higher debt ratio, and higher R&D expense ratio will have higher political connections. We also find that politically connected firms have poor operating performance, lower debt ratio, and lower R&D expense ratio. Our empirical results indicate that the negative impact from political connections will be high when firms have higher gross profit margin, and negative impact from political connections will be low when firms have higher R&D expense ratio.
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