系統識別號 | U0002-1607201514215400 |
---|---|
DOI | 10.6846/TKU.2015.00453 |
論文名稱(中文) | 股權結構與企業永續性之關聯性:並論核心代理問題、國際化與產業之干擾效果。 |
論文名稱(英文) | The Relationship between Ownership Structure and Corporate Sustainability: The Moderating Effect of Core Agency Problem, Internationalization, and Industry. |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 會計學系碩士班 |
系所名稱(英文) | Department of Accounting |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 103 |
學期 | 2 |
出版年 | 104 |
研究生(中文) | 華浤安 |
研究生(英文) | Hung-An Hua |
學號 | 602600461 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | |
口試日期 | 2014-06-08 |
論文頁數 | 70頁 |
口試委員 |
指導教授
-
黃振豊
委員 - 林孟彥 委員 - 蔡瑤昇 |
關鍵字(中) |
股權結構 企業永續性 核心代理問題 國際化 產業 |
關鍵字(英) |
Ownership Structure Corporate Sustainability Core Agency Problem Internationalization Industry |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
本研究旨在探討股權結構與企業永續性之關聯性,並進一步探討核心代理問題、國際化與產業之干擾效果。利用2014年道瓊永續指數受邀提名之台灣上市櫃企業為永續性企業樣本,並進行樣本配對,共蒐集754筆資料。本研究採用Logit迴歸分析方法檢定研究假說。本研究之結果指出,信託基金股權、外資股權與企業永續性呈現正向關聯性;政府股權、散戶股權、董事股權與經理人股權對於企業永續性具有負向關聯性。就干擾效果的部分,本研究發現核心代理問題、國際化與產業對於部分股權結構具有干擾效果。本研究除了補充相關文獻外,亦對台灣實務界與政府主管機關在制定其投資決策時,提供參考價值。 |
英文摘要 |
This study aims to examine the relationship between ownership structure and corporate sustainability, and the moderating effect that core agency problem, internationalization, and industry has on such relationship. Our sample, totaling 745 observations from 2009 and 2013, consisted of Taiwan listed sustainable companies that were DJSI nominated for year 2014, paired with non-sustainable listed companies in Taiwan. Using Logit regression model to test our research hypotheses, we found that the foreign ownership and the trust funds are positive associated with corporate sustainability, while the ownerships held by the government, individuals, directors and managers are negatively correlated to corporate sustainability. Furthermore, we found that core agency problem, internationalization, and industry have a moderating effect on the relationships between certain types of ownerships and corporate sustainability. Besides supplementing current literature on Taiwan corporate sustainability, this study can serve as useful reference for Taiwan practitioners and government authorities in formulating their investment decisions. |
第三語言摘要 | |
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 5 第三節 論文結構 5 第四節 研究流程 7 第貳章 文獻探討與假說發展 8 第一節 股權結構與永續性 8 第二節 核心代理問題、國際化及產業之干擾效果 14 一、 核心代理問題 15 二、 國際化 16 三、 產業 17 第參章 研究方法 18 第一節 研究架構 18 第二節 資料來源與樣本選取 20 第三節 變數定義與研究模型 22 一、 應變數 22 二、 自變數 22 三、 控制變數 23 四、 實證模型 25 第肆章 實證結果 29 第一節 敘述性統計 29 第二節 迴歸結果 34 一、 控制變數與企業永續性之關聯性 34 二、 主要研究變數與企業永續性之關聯性 34 三、 核心代理問題之干擾效果 35 四、 國際化之干擾效果 44 五、 產業之干擾效果 48 第伍章 結論 54 第一節 研究結論 54 第二節 研究貢獻 55 第三節 研究限制與後續研究建議 56 參考文獻 58 附錄一 67 附錄二 69 表目錄 表 3 1 研究假說彙整表 19 表 3 2 樣本選取表 21 表 3 3 樣本產業分布表 21 表 4 1 股權投資家數表 29 表 4 2 敘述性統計與成對T檢定 32 表 4 3 Pearson相關係數表 33 表 4 4 Logit迴歸模型-直接效果(n=754) 36 表 4 5 Logit迴歸模型-核心代理問題干擾效果(n=754) 37 表 4 6 Logit迴歸模型-國際化干擾效果(n=754) 45 表 4 7 Logit迴歸模型-產業干擾效果(n=754) 49 圖目錄 圖 1 1 研究流程圖 7 圖 3 1 研究架構圖 18 圖 4 1 DJSI提名企業之股權比例分配圖(平均數) 30 圖 4 2 非DJSI提名企業之股權比例分配圖(平均數) 30 圖 4 3 股權偏離度對於政府股權與企業永續性之干擾效果 39 圖 4 4 席次偏離度對於政府股權與企業永續性之干擾效果 39 圖 4 5 股權偏離度對於金融機構股權與企業永續性之干擾效果 40 圖 4 6 席次偏離度對於金融機構股權與企業永續性之干擾效果 40 圖 4 7 席次偏離度對於經理人股權與企業永續性之干擾效果 41 圖 4 8 股權偏離度對於經理人股權與企業永續性之干擾效果 41 圖 4 9 股權偏離度對於公司法人股權與企業永續性之干擾效果 42 圖 4 10 股權偏離度對於外資股權與企業永續性之干擾效果 43 圖 4 11 席次偏離度對於外資股權與企業永續性之干擾效果 43 圖 4 12 國際化對於金融機構股權與企業永續性之干擾效果(CORE為SED) 46 圖 4 13 國際化對於金融機構股權與企業永續性之干擾效果(CORE為BED) 46 圖 4 14 國際化對於外資股權與企業永續性之干擾效果(CORE為SED) 47 圖 4 15 國際化對於外資股權與企業永續性之干擾效果(CORE為BED) 47 圖 4 16 產業對於外資股權與企業永續性之干擾效果(CORE為SED) 50 圖 4 17 產業對於外資股權與企業永續性之干擾效果(CORE為BED) 50 圖 4 18 產業對於金融機構股權與企業永續性之干擾效果(CORE為SED) 51 圖 4 19 產業對於金融機構股權與企業永續性之干擾效果(CORE為BED) 51 圖 4 20 產業對於董事股權與企業永續性之干擾效果(CORE為SED) 52 圖 4 21 產業對於董事股權與企業永續性之干擾效果(CORE為BED) 52 圖 4 22 產業對於經理人股權與企業永續性之干擾效果(CORE為SED) 53 圖 4 23 產業對於經理人股權與企業永續性之干擾效果(CORE為BED) 53 |
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