Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18845
標題: 在不同生命週期下董事會組成特性對資訊透明度之影響
The Relationship between Characteristics of Board of Directors and Information Transparency: A Test of the Life Cycle Hypothesis
作者: 金凱雯
Chin, Kai-Wen
關鍵字: Life cycle
生命週期
Characteristics of board directors
Information Transparency
董事會組成特性
資訊透明度
出版社: 會計學研究所
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摘要: 本研究探討在不同的生命週期下,董事會組成特性度資訊透明度是否有不同程度上的影響,以2003年到2009年間台灣上市櫃公司資料進行實證觀察。本文參考Anthony and Ramesh(1992)的方法。將股利支付率、銷貨成長率、資本支出率、公司成立年度以及綜合指標作為生命週期的判斷因子。 實證結果顯示,企業處於成熟期階段,董事長兼任總經理對資訊透明度有較負面的影響,其次為衰退期和成長期。董事會規模較大時對於資訊透明度的正向影響程度依序為成熟期、衰退期和成長期。獨立董事席次比率在各生命週期階段對資訊透明度皆為正向的影響,由其在衰退期更為明顯,其次為成熟期和成長期。董事內部化與資訊透明度有負向關聯,對處於成長期階段有較負向的影響,其次為成熟期和衰退期。
This study is to investigate the relationship between characteristics of board of directors and a firm's information transparency for a differential stage in a firm's life cycle. The observations are collected from Taiwan Stock Exchange and OTC during 2003-2009. According to the firm's life cycle of Anthony and Ramesh (1992), we use dividend payout ratio, sales growth rate, capital expenditures rate, establishment years, and composite score as life cycle descriptors. The empirical results show that the most negative impact to the information transparency when the chairman of the board is the CEO in the stage of mature, followed by decline and growth. The influence of the size of the Board for information transparency is positive impact in order of maturity, decline and growth stage. Independent director ratio is positively associated with the firm's information transparency in all stages and is most significant in the stage of decline, next for maturity and growth. Finally, the relationship between chairman internalization and firm's information transparency is negatively. Stage of growth has more negative influence, next for the stage of mature and decline.
URI: http://hdl.handle.net/11455/18845
其他識別: U0005-2405201115514600
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-2405201115514600
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