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系統識別號 U0002-1606201420274500
中文論文名稱 董事會組成與組織績效:以台灣上市櫃公司為例
英文論文名稱 Board Composition and Organization Performance:TAIWAN Listing Companies
校院名稱 淡江大學
系所名稱(中) 會計學系碩士在職專班
系所名稱(英) Department of Accounting
學年度 102
學期 2
出版年 103
研究生中文姓名 劉栯瑄
研究生英文姓名 Yu-Xuan Liou
學號 701600115
學位類別 碩士
語文別 中文
口試日期 2014-06-04
論文頁數 88頁
口試委員 指導教授-徐志順
委員-鄭佳綾
委員-林芳綺
中文關鍵字 董事會組成  財務績效  企業社會責任績效 
英文關鍵字 Board Composition  Financial Performance  Corporate Social Responsibility Performance 
學科別分類
中文摘要 本研究旨在探討台灣上市櫃公司董事會組成(獨立董事、性別、教育程度、是否為家族控制企業) 、企業社會責任績效、與財務績效三者間之關聯,並進一步探討董事會組成是否調節企業社會責任績效與財務績效之間的關係。
以獲選《天下雜誌》(CSR) 之「天下企業公民TOP 50」企業並排除外商公司每年選出40家台灣上市櫃公司作為研究樣本,總共篩選出85家上市櫃公司,並配對150家非CSR企業,共573筆資料進行實證分析,研究期間為2007至2012年。本研究資料係採混合資料型態,並採用多元迴歸分析及邏輯斯迴歸分析法進行假說檢定。
就全體樣本而言,實證結果發現:(1)企業之社會責任績效做的愈好,財務績效就愈佳。(2)獨立董事的設立,的確能提升公司財務績效。(3)獨立董事的設立、董事平均教育程度愈高,對企業社會責任績效有顯著正面的影響。此外,若以家族董事成員一半以上為家族企業,而將樣本分群後,分別檢定董事會組成、社會責任績效與財務績效之關聯性,結果顯示:(1)相較於非家族企業,家族企業之企業社會責任績效顯著較佳;(2)家族企業若設立獨立董事及提高女性董事比例,則其公司財務績效比非家族企業好。
本研究同時考量台灣上市櫃企業之董事會組成與企業社會責任績效兩者對其財務績效之影響,此實證結果可補充台灣關於董事會組成之管理文獻,另外當企業設計董事會機制時,本研究結果可提供台灣實務界參考。
英文摘要 This study aims to explore the relationships among Board Composition (independent directors, gender, education, family members), Corporate Social Responsibility (CSR) performance, and financial performance of Taiwan listed companies. The Study also investigates the moderating effect of Board Composition on the relationship between CSR performance and financial performance.
The study uses 573 observations for empirical analysis, consisting of 85 CSR corporations of Top 50 Corporate Citizenship by Commonwealth Magazine from 2007 to 2012, and of 150 non-CSR corporations paired from Taiwan listed companies. The pooling data are analyzed with the multiple regression and the logics regression.
The study results, based on the entire sample, show that: (1) the better CSR performance is the more increase of financial performance for the company; (2) the existing of independent directors can indeed enhance the company's financial performance; (3) CSR performance is positively affected by independent directors, female directors, and the average level of education of directors of the company. In addition, after partitioning the sample with family business, the results show that (1) compared with non-family companies, family companies significantly have better CSR performance, so do the same for financial performance in case of the independent directors and increase of female directors exist within family companies.
The contributions of the study are to complement the management literature on CSR issue by considering board composition and financial performance, and to provide the practical reference for companies in designing the board monitoring mechanism.
論文目次 目錄
第壹章、緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 5
第貳章、文獻探討 7
第一節 董事會的組成與功能 7
第二節 台灣企業社會責任 12
第三節 台灣企業社會責任績效 15
第四節 提高女性董事成員的趨勢 17
第五節 董事會組成與組織績效 19
第參章、研究方法 28
第一節 觀念性架構與研究假說 28
第二節 研究變數之衡量 33
第三節 實證模型 37
第四節 樣本與資料來源 38
第五節 資料分析方法 39
第肆章、實證結果及分析 40
第一節 敘述性統計分析 40
第二節 相關分析 48
第三節 單變量分析 52
第四節 迴歸分析結果 53
第五節 額外分析 67
第伍章、結論與建議 72
第一節 研究結論 72
第二節 管理意涵 73
第三節 研究限制與未來研究建議 74
參考文獻 75
中文文獻 75
英文文獻 76


表目錄
表1-1 董事會功能構面之理論意義................................. 101
表4-1 研究樣本描述(公司/年)的篩選過程......................... 41
表4-2 變數敘述性統計(全體樣本=573)............................ 43
表4-3 變數敘述性統計(CSR企業=205)............................ 44
表 4-4 變數敘述性統計(CSR企業的CSR分數)..................... 46
表4-5 變數敘述性統計(非CSR企業=368)......................... 47
表4-6 Pearson相關係數矩陣..................................... 49
表4-7 VIF共線性分析(全體樣本).................................51
表4-8 CSR企業及非CSR企業各變數單變量分析(t檢定)............. 52
表4-9 CSR與財務績效之迴歸結果(全體樣本)...................... 55
表4-10 CSR與財務績效之迴歸結果(CSR企業)...................... 56
表4-11 董事會組成與財務績效之迴歸結果(全體樣本)................. 59
表4-12 董事會組成與財務績效之迴歸結果(CSR企業)................ 60
表4-13 董事會組成與財務績效之迴歸結果(非CSR企業).............. 61
表4-14董事會組成與企業社會責任績效之邏輯斯迴歸結果(全體樣本)... 63
表4-15 整體樣本迴歸模型調節結果彙總表(應變數ROA).............. 65
表4-16 整體樣本迴歸模型調節結果彙總表(應變數TQ) ............... 66
表4-17 整體樣本迴歸模型調節結果彙總表(應變數ROA、TQ)...........68
表4-18 整體樣本迴歸模型調節結果彙總表(應變數ROA、TQ)...........69
表4-19 研究結果彙總表(全體樣本)................................ 70


圖目錄
圖1-1研究流程圖 . . .............................................. 6
圖3-1研究構念與研究假說間的關係圖 . .............................28
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