CORPORATE GOVERNANCE, INFORMATION TRANSPARENCY, AND CORPORATE PERFORMANCE

• Main Authors: Lien-Cheng Hsu, 許聯誠
• Other Authors: Ruey-Shii Chen
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/79ab6b

碩士 === 大同大學 === 事業經營學系(所) === 107 === Corporate governance is a mechanism for guiding and managing enterprises, which enables the board of directors and management to achieve operational goals in a way that is in the best interests of the company and all shareholders, to fulfill the responsibilities of business operators, and to protect the legitimate rights and interests of shareholders and to take into account other stakeholders interests. Information asymmetry is one of the biggest reasons for investment risk, and the lack of information transparency and the lack of instant disclosure are the main reasons for the asymmetry of information. Therefore, corporate governance ratings and information transparency have gradually received the attention of international investors, investment companies and regulatory authorities. This study explores the impact of corporate governance indicators and information transparency assessments on the performance of companies listed in Taiwan. The operating performance data ROE, ROA and TOBIN are used as dependent variables, and the explanatory variables and their correlations are observed. During the period, the data of all companies' quarterly data and annual data showed that the ROE performance of most companies was better than the average. The difference between the maximum value and the minimum value of the performance was more than ten times. The quarterly data on corporate governance and business performance during the sample period is added to the information transparency variable. The empirical result data shows that after adding the information transparency (TRUST) variable, the empirical result data shows that the relevant corporate governance mechanism has a negative impact on the ROA and ROE of business performance. The number of variables decreases, and the number of positive impact variables increases and has a significant impact. The results of this study empirically show that corporate governance mechanisms do affect the performance of business performance. Enterprises with larger board sizes and more independent board seats will have a significant and significant impact on the company's operational performance under a sound corporate governance mechanism. The empirical results support the arguments of this study.