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題名 上市櫃公司自願設置提名委員會之決定因素
The determinants of voluntary nomination committee formationin Taiwan listed companies作者 蕭佑玲
Hsiao, You-Ling貢獻者 戚務君
Chi, Wu-Chun
蕭佑玲
Hsiao, You-Ling關鍵詞 提名委員會
公司治理
Nomination committee
Corporate governance日期 2018 上傳時間 3-Jul-2018 17:23:12 (UTC+8) 摘要 我國目前並未強制設置提名委員會，因此本研究欲探討哪些決定因素可能促使公司自願設置提名委員會。本研究以國內上市(櫃)公司為觀察對象，並以全部樣本及配對樣本進行Probit迴歸分析。實證結果顯示，董事會規模愈大、董事會獨立性愈高及有採用候選人提名制的公司愈可能自願設置提名委員會。關
Taiwan has not imposed company to found the nomination committee in their board of directors. This study is to investigate which determinants may encourage company to voluntarily have the nomination committee. This study collected the sample from Taiwan listed company. In addition to using full sample, this study also using matched sample to explore the determinants of voluntary nomination committee formation, and this study took Probit regression as research method. The results implicate that voluntary formation of nomination committee is associated with greater size of the board, higher independence of the board of directors and adopt the nomination system for candidates.參考文獻 李建然、廖秀梅與蔡佳育，2006，上市櫃公司自願設置審計委員會及審計委員會品質之決定因素，當代會計，第17卷第1期(1-34)。邱垂昌與莊峻銘，2004，獨立董監事、公司資訊透明度與公司價值之關聯性，二零零四會計理論與實務研討會論文集，國立政治大學會計系。吳孟紋與孫鈴雅，2014，中國銀行業女性董事與銀行財務績效之關係，兩岸金融季刊，第2卷第2期(1-27)。社團法人中華公司治理協會，2016年公司治理年度調查-台灣董事會職能發揮與組成多元性實況調查及交叉分析，台北，社團法人中華公司治理協會。林慧真，2008，自願設置審計委員會決定因素之研究，國立成功大學出版碩士論文。徐俊明，2000，財務管理理論與實務，台北：新路書局。郭運廣，2013，我國公司設置「提名委員會」相關法律問題之研究，東吳大學法律學系未出版碩士論文。張晉源與林有志，2011，企業選擇設置審計委員會之經濟性決定因素，高苑學報，第17卷第2期(55-69)。許崇源與朱全斌，2006，獨立董事及外部董事功能之研究，二零零六會計理論與實務研討會論文集，東吳大學會計系。曾宛如與黃銘傑，2015，董事會提名委員會制度之建置暨股東提案權機制之現狀改善之研析，臺灣集中保管結算所委託研究。臺灣證券交易所網站資料；(http://cgc.twse.com.tw/)。蔡佳育，2012，公司自願設置審計委員會及審計委員會品質之決定因素，國立台北大學未出版碩士論文。劉坤億與蔡淑美，2004，公司治理。（http://www.ntpu.edu.tw/pa/news/93news/attachment/931105-5.pdf）Agrawal, A., and G. Mandelker. 1990.Large shareholders and the monitoring of managers, the case of antitakeover charter amendment. Journal of Financial and Quantitative analysis 25:143-167.Black, B.S., H. Jang, W. Kim, and M. John. 2002. Does Corporate Governance Affect Firm Value? Evidence from Korea. Working Paper. Stanford Law School.Baysinger, B.D., and H.N. Butler. 1985. Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition. Journal of Law, Economics, & Organization 1:101-124.Bradbury, M.E.1990. The incentive of voluntary audit committee formation. Journal of Accounting and Public Policy 9: 19-36.Brick, I. E., & N. K. Chidambaran. 2010. Board meetings, committee structure, and firm value. Journal of Corporate Finance 16: 533-553.Biddle, G. C., G. Hilary, & R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48: 112-131.Campbell, K., and A. Minguez-Vera. 2008. Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics 83: 435-451.Carson, E. 2002. Factors associated with the development of board sub–committees. Corporate Governance 101: 4-18.Collier, P. 1993. Factors effecting formation of audit committee in major UK listed companies. Accounting and Business Research 23: 421-430Claessens, S. and S. Djankov. 1999. Ownership concentration and corporate performance in the Czech Republic. Journal of Comparative Economics 27: 498-513.Christensen, J., P. Kent. & J. Stewart. 2010. Corporate governance and company performance in Australia. Australian Accounting Review 20: 372-386.DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17 (January): 145-176.Daily, C. M., and, D.R. Dalton. 2003.Women in the boardroom: a business imperative. Journal of Business Strategy 24.Firstenberg,P. B., and B.G. Mailiel. 1994. The Twenty-First Century Boardroom: Who will be in Charge? Sloan Management Review 26: 27-35Finkelstein, S., and D.C. Hambrick. 1996. Strategic Leadership: Top Executives and their Effects on Organizations. West Publishing Company, Minneapolis/St Paul.Glosten, L. R., and P. R. Milgrom. 1985. Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics.14: 71-100.Heidrick and Struggles. 2017. Towards Dynamic Governance. European Corporate Governance Report.Hermalin, B.E., and M.S. Weisbach. 1991. The Effects of Board Composition and Direct Incentives on Firm Performance. FM: The Journal of the Financial Management Association 20: 101-112.Hambrick, D. C., and P. A. Mason. 1984. Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review 9 (April): 193-206.Jensen, M. C., and M. H. Meckling. 1976. Theory of the firm: Managerial behavior-agency cost and ownership structure. Journal of Financial Economics 3: 305-360.Jensen. M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance 48: 831-880.Kosnik, R. D. 1987. Greenmail: A Study of Board Performance in Corporate Governance. Administrative Science Quarterly 32: 129-150.Kramer, V. W., A. M. Konrad, S. Erkut., and M. J. Hooper. 2007. Critical mass on corporate boards: Why three or more women enhance governance. Directors Monthly 31: 19-22.Lorsch, J. W., and E. MacIver. 1989. Pawns or Potentates: The Reality of America`s Corporate Boards. Boston, MA: Harvard Business School Press.Miller, T., and M. Triana. 2009. Demographic Diversity in the Boardroom: Mediators of the Board Diversity - Firm Performance Relationship. Journal of Management Studies 46: 755-786Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics 64: 215-241.McKnight, P. J., and C. Weir. 2009. Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis.The Quarterly Review of Economics and Finance 49: 139-158.Menon, K., and, J.D. Williams. 1994. The Use of Audit Committees for Monitoring. Journal of Accounting and Public Policy 13: 121-139.Nielsen, S., and M. Huse. 2010.Women directors` contribution to board decision‐making and strategic involvement: The role of equality perception. European Management Review 7: 16-29.Oviatt, C.G. 1988. Late Pleistocene and Holocene lake fluctuations in the Sevier Lake basin, Utah, USA. Journal of Paleolimnology 1: 9-21.O`Neal, D., and H. Thomas. 1995.Director Networks/Director Selection:The Board`s Strategic Role. European Management Journal 13: 79-90.Pincus, K., M. Rusbarsky, and J. Wong. 1989.Voluntary Formation of Corporate Audit Committees among NASDAQ Firms. Journal of Accounting and Public Policy 8: 239-265.Gompers, P., J. Ishii & A. Metrick. 2003. Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156.Ruigrok, W., S. Peck, S. Tacheva., P. Tacheva. & Y. Hu. 2006. The determinants and effects of board nomination committees. Journal of Management & Governance, 10(2), 119-148.Rosenstein, S., &, J. G. Wyatt. 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of financial Economics 44: 229-250.Shivdasani,A., and D. Yermack. 1999.CEO Involvement in the Selection of New Board Members: An Empirical Analysis. Journal of Finance 54: 1829-1853.Shleifer, A., and R.W. Vishny.1997. A Survey of Corporate Governance. Journal of Finance 52: 737-783.Sharma, V., V. Naiker, and B. Lee. 2009. Determinants of audit committee meeting frequency: Evidence from a voluntary governance system. Accounting Horizons 23: 245-263.Shivdasani, A. 1993. Board Composition, Ownership Structure, and Hostile Takeovers. Journal of Accounting and Economics16: 167-98.Vafeas, N. 1999.Board meeting frequency and firm performance. Journal of Financial Economics 53: 113-142.Westphal, J. D., and E. J. Zajac. 1995. Who Shall Govern? CEO/Board Power, Demographic Similarity, and New Director Selection. Administrative Science Quarterly 40: 60-83.Westphal,J.D., and E.J. Zajac. 1998. The Symbolic Management of Stockholders: Corporate Governance Reforms and Shareholder Reactions. Administrative Science Quarterly 43: 127-153.Willekens, M., H. V. Bauwhede, and A. Gaeremynck. 2004. Voluntary audit committee formation and practices among Belgian listed companies. International Journal of Auditing 8: 207-222.Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of financial Economics20: 431-460.Zahra, S., and J. Pearce. 1989. Boards of Directors and Corporate Financial Performance: a review and integrative model. Journal of Management 15: 291-334. 描述 碩士
國立政治大學
會計學系
105353024資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353024 資料類型 thesis dc.contributor.advisor 戚務君 zh_TW dc.contributor.advisor Chi, Wu-Chun en_US dc.contributor.author (Authors) 蕭佑玲 zh_TW dc.contributor.author (Authors) Hsiao, You-Ling en_US dc.creator (作者) 蕭佑玲 zh_TW dc.creator (作者) Hsiao, You-Ling en_US dc.date (日期) 2018 en_US dc.date.accessioned 3-Jul-2018 17:23:12 (UTC+8) - dc.date.available 3-Jul-2018 17:23:12 (UTC+8) - dc.date.issued (上傳時間) 3-Jul-2018 17:23:12 (UTC+8) - dc.identifier (Other Identifiers) G0105353024 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118214 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 105353024 zh_TW dc.description.abstract (摘要) 我國目前並未強制設置提名委員會，因此本研究欲探討哪些決定因素可能促使公司自願設置提名委員會。本研究以國內上市(櫃)公司為觀察對象，並以全部樣本及配對樣本進行Probit迴歸分析。實證結果顯示，董事會規模愈大、董事會獨立性愈高及有採用候選人提名制的公司愈可能自願設置提名委員會。關 zh_TW dc.description.abstract (摘要) Taiwan has not imposed company to found the nomination committee in their board of directors. This study is to investigate which determinants may encourage company to voluntarily have the nomination committee. This study collected the sample from Taiwan listed company. In addition to using full sample, this study also using matched sample to explore the determinants of voluntary nomination committee formation, and this study took Probit regression as research method. The results implicate that voluntary formation of nomination committee is associated with greater size of the board, higher independence of the board of directors and adopt the nomination system for candidates. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景 1第二節 研究動機與目的 4第三節 研究架構 6第二章 文獻探討 8第一節 英國、美國及日本提名委員會制度之起源、規範及功能 8第二節 我國董事候選人提名制與提名委員會之差異 15第三節 自願設置提名委員會相關文獻 18第三章 研究方法 21第一節 研究假說之建立 21第二節 研究設計與變數衡量 25第三節 樣本選取與資料來源 30第四章 實證結果 33第一節 敘述性統計分析 33第二節 公司自願設置提名委員會決定因素之實證結果與分析 40第三節 公司自願設置提名委員會其他分析 47第四節 公司自願設置提名委員會後續影響分析 54第五章 結論 58第一節 研究結論 58第二節 研究限制與建議 61第六章 參考文獻 62 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353024 en_US dc.subject (關鍵詞) 提名委員會 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) Nomination committee en_US dc.subject (關鍵詞) Corporate governance en_US dc.title (題名) 上市櫃公司自願設置提名委員會之決定因素 zh_TW dc.title (題名) The determinants of voluntary nomination committee formationin Taiwan listed companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 李建然、廖秀梅與蔡佳育，2006，上市櫃公司自願設置審計委員會及審計委員會品質之決定因素，當代會計，第17卷第1期(1-34)。邱垂昌與莊峻銘，2004，獨立董監事、公司資訊透明度與公司價值之關聯性，二零零四會計理論與實務研討會論文集，國立政治大學會計系。吳孟紋與孫鈴雅，2014，中國銀行業女性董事與銀行財務績效之關係，兩岸金融季刊，第2卷第2期(1-27)。社團法人中華公司治理協會，2016年公司治理年度調查-台灣董事會職能發揮與組成多元性實況調查及交叉分析，台北，社團法人中華公司治理協會。林慧真，2008，自願設置審計委員會決定因素之研究，國立成功大學出版碩士論文。徐俊明，2000，財務管理理論與實務，台北：新路書局。郭運廣，2013，我國公司設置「提名委員會」相關法律問題之研究，東吳大學法律學系未出版碩士論文。張晉源與林有志，2011，企業選擇設置審計委員會之經濟性決定因素，高苑學報，第17卷第2期(55-69)。許崇源與朱全斌，2006，獨立董事及外部董事功能之研究，二零零六會計理論與實務研討會論文集，東吳大學會計系。曾宛如與黃銘傑，2015，董事會提名委員會制度之建置暨股東提案權機制之現狀改善之研析，臺灣集中保管結算所委託研究。臺灣證券交易所網站資料；(http://cgc.twse.com.tw/)。蔡佳育，2012，公司自願設置審計委員會及審計委員會品質之決定因素，國立台北大學未出版碩士論文。劉坤億與蔡淑美，2004，公司治理。（http://www.ntpu.edu.tw/pa/news/93news/attachment/931105-5.pdf）Agrawal, A., and G. Mandelker. 1990.Large shareholders and the monitoring of managers, the case of antitakeover charter amendment. Journal of Financial and Quantitative analysis 25:143-167.Black, B.S., H. Jang, W. Kim, and M. John. 2002. Does Corporate Governance Affect Firm Value? Evidence from Korea. Working Paper. Stanford Law School.Baysinger, B.D., and H.N. Butler. 1985. Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition. Journal of Law, Economics, & Organization 1:101-124.Bradbury, M.E.1990. The incentive of voluntary audit committee formation. Journal of Accounting and Public Policy 9: 19-36.Brick, I. E., & N. K. Chidambaran. 2010. Board meetings, committee structure, and firm value. Journal of Corporate Finance 16: 533-553.Biddle, G. C., G. Hilary, & R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48: 112-131.Campbell, K., and A. Minguez-Vera. 2008. Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics 83: 435-451.Carson, E. 2002. Factors associated with the development of board sub–committees. Corporate Governance 101: 4-18.Collier, P. 1993. Factors effecting formation of audit committee in major UK listed companies. Accounting and Business Research 23: 421-430Claessens, S. and S. Djankov. 1999. Ownership concentration and corporate performance in the Czech Republic. Journal of Comparative Economics 27: 498-513.Christensen, J., P. Kent. & J. Stewart. 2010. Corporate governance and company performance in Australia. Australian Accounting Review 20: 372-386.DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17 (January): 145-176.Daily, C. M., and, D.R. Dalton. 2003.Women in the boardroom: a business imperative. Journal of Business Strategy 24.Firstenberg,P. B., and B.G. Mailiel. 1994. The Twenty-First Century Boardroom: Who will be in Charge? Sloan Management Review 26: 27-35Finkelstein, S., and D.C. Hambrick. 1996. Strategic Leadership: Top Executives and their Effects on Organizations. West Publishing Company, Minneapolis/St Paul.Glosten, L. R., and P. R. Milgrom. 1985. Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics.14: 71-100.Heidrick and Struggles. 2017. Towards Dynamic Governance. European Corporate Governance Report.Hermalin, B.E., and M.S. Weisbach. 1991. The Effects of Board Composition and Direct Incentives on Firm Performance. FM: The Journal of the Financial Management Association 20: 101-112.Hambrick, D. C., and P. A. Mason. 1984. Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review 9 (April): 193-206.Jensen, M. C., and M. H. Meckling. 1976. Theory of the firm: Managerial behavior-agency cost and ownership structure. Journal of Financial Economics 3: 305-360.Jensen. M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance 48: 831-880.Kosnik, R. D. 1987. Greenmail: A Study of Board Performance in Corporate Governance. Administrative Science Quarterly 32: 129-150.Kramer, V. W., A. M. Konrad, S. Erkut., and M. J. Hooper. 2007. Critical mass on corporate boards: Why three or more women enhance governance. Directors Monthly 31: 19-22.Lorsch, J. W., and E. MacIver. 1989. Pawns or Potentates: The Reality of America`s Corporate Boards. Boston, MA: Harvard Business School Press.Miller, T., and M. Triana. 2009. Demographic Diversity in the Boardroom: Mediators of the Board Diversity - Firm Performance Relationship. Journal of Management Studies 46: 755-786Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics 64: 215-241.McKnight, P. J., and C. Weir. 2009. Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis.The Quarterly Review of Economics and Finance 49: 139-158.Menon, K., and, J.D. Williams. 1994. The Use of Audit Committees for Monitoring. Journal of Accounting and Public Policy 13: 121-139.Nielsen, S., and M. Huse. 2010.Women directors` contribution to board decision‐making and strategic involvement: The role of equality perception. European Management Review 7: 16-29.Oviatt, C.G. 1988. Late Pleistocene and Holocene lake fluctuations in the Sevier Lake basin, Utah, USA. Journal of Paleolimnology 1: 9-21.O`Neal, D., and H. Thomas. 1995.Director Networks/Director Selection:The Board`s Strategic Role. European Management Journal 13: 79-90.Pincus, K., M. Rusbarsky, and J. Wong. 1989.Voluntary Formation of Corporate Audit Committees among NASDAQ Firms. Journal of Accounting and Public Policy 8: 239-265.Gompers, P., J. Ishii & A. Metrick. 2003. Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156.Ruigrok, W., S. Peck, S. Tacheva., P. Tacheva. & Y. Hu. 2006. The determinants and effects of board nomination committees. Journal of Management & Governance, 10(2), 119-148.Rosenstein, S., &, J. G. Wyatt. 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of financial Economics 44: 229-250.Shivdasani,A., and D. Yermack. 1999.CEO Involvement in the Selection of New Board Members: An Empirical Analysis. Journal of Finance 54: 1829-1853.Shleifer, A., and R.W. Vishny.1997. A Survey of Corporate Governance. Journal of Finance 52: 737-783.Sharma, V., V. Naiker, and B. Lee. 2009. Determinants of audit committee meeting frequency: Evidence from a voluntary governance system. Accounting Horizons 23: 245-263.Shivdasani, A. 1993. Board Composition, Ownership Structure, and Hostile Takeovers. Journal of Accounting and Economics16: 167-98.Vafeas, N. 1999.Board meeting frequency and firm performance. Journal of Financial Economics 53: 113-142.Westphal, J. D., and E. J. Zajac. 1995. Who Shall Govern? CEO/Board Power, Demographic Similarity, and New Director Selection. Administrative Science Quarterly 40: 60-83.Westphal,J.D., and E.J. Zajac. 1998. The Symbolic Management of Stockholders: Corporate Governance Reforms and Shareholder Reactions. Administrative Science Quarterly 43: 127-153.Willekens, M., H. V. Bauwhede, and A. Gaeremynck. 2004. Voluntary audit committee formation and practices among Belgian listed companies. International Journal of Auditing 8: 207-222.Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of financial Economics20: 431-460.Zahra, S., and J. Pearce. 1989. Boards of Directors and Corporate Financial Performance: a review and integrative model. Journal of Management 15: 291-334. zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.ACCT.004.2018.F07 -
