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題名 學術型獨立董監事與風險趨避：以台灣上市櫃公司為例
Do Academic Independent Directors Have Higher Risk Aversion ? Evidence from Publicly Traded Firms in Taiwan
作者 朱冠儒
Chu, Kuan-Ju
貢獻者 鄭士卿
Jeng, Shih-Ching
朱冠儒
Chu, Kuan-Ju
關鍵詞 學術型獨立董監事
風險趨避
財務風險
經營風險
公司治理風險
Academic Independent Directors And Supervisors
Risk Aversion
Financial Risk
Operating Risk
Corporate Governance Risk
日期 2021
上傳時間 4-Aug-2021 14:54:49 (UTC+8)
摘要 獨立董監事可透過知識與經驗對公司表現有顯著的輔助效果，而學術背景獨立董監事(以下簡稱學術董監)具專業固定領域知識，可以有效提升公司治理水平，為極有價值的獨立董事群體。國內外文獻多聚焦於學術董監與公司績效的關聯性，而未對學術董監群體特性進行探討，故本研究利用2008至2018年台灣上市櫃公司資料，分析此類學術董監是否因本職具工作與收入穩定性，注重社會聲譽，為保護其聲譽和未來收入，而厭惡風險並作出保守的公司決策。
本研究使用二元固定效果模型與羅吉斯迴歸探討學術董監對財務、經營、公司治理等八個公司風險變數之影響，研究發現學術董監變數與現金比率、研究發展費用率成係數正相關，與短期債務比率、董監質押比、重編報表次數成係數負相關，與負債比率、過去三年營收成長率、更換會計師年次數無顯著相關，穩健性檢驗結果在財務風險類似，表明學術董監相較一般董監事具風險趨避性，且更可幫助公司在研發上有所突破。另外，本研究後續以產業區分電子、金融保險、生技以及其他產業學術董監進行分析，結果顯示電子產業學術董監變數風險偏好與全體產業相似，生技產業學術董監對風險並無偏好。金融保險產業學術董監有減少現金比率，增加負債比率之情形，體現金融保險業之獨特性。
本研究探討學術董監風險趨避與其作用並證實其具有風險趨避性，應可對上市上櫃公司未來董監事人員聘請以及董事會發展具參考價值。
Academic independent directors and supervisors can effectively improve corporate governance with their professional knowledge, and this makes them become a valuable group within independent directors. This essay analyzes whether academic directors and supervisors have aversion to risks due to the intention to protect their stable occupations, future incomes and social reputations in a sample of listed Taiwanese firms from 2008 to 2018.
We investigate the impact of academic directors and supervisors on risk variables in the aspects of finance, operations, and corporate governance. We find that academic directors and supervisors variables are positively correlated with cash to asset ratio and R&D expenses and negatively impact on short-term loan ratio, the ratio of directors and supervisors pledge, and the numbers of restatement. This research also considers endogeneity problem and examines the analysis in electronics, finance and insurance and biotechnology industries specifically. Overall, our results show that academic directors and supervisors are more risk-averse than ordinary directors and supervisors.
參考文獻 中文文獻
丁秀儀，陳于欣，2010，公司獨立董事為何忙碌 ?，管理學報，27(3)，291-318。
方俊儒、李秀英、龍春伶，2008，獨立董監事對公司績效與盈餘品質之影響-控制股東之調節效果，會計與公司治理，5(1)，55-80。
沈藝峰、王夫樂、陳維，2016，“學院派” 的力量：來自具有學術背景獨立董事的經驗證據，經濟管理，5。
施柱竹，2015，台灣獨立董事制度對公司績效的影響，國立中興大學財務金融學系所學位論文，1-55。
梁玲菁，1988，我國資訊電子業研究與發展決定因素之研究，國立中興大學經濟研究所碩士論文。
陳安琳、高蘭芬、陳怡凱、陳烷鈺，2013，董監事股權質押與公司治理之研究，中山管理評論，21(2)，299-337。
陳宜伶、林宛瑩，2013，獨立董監之設置決策與績效，管理與系統，20(4)，697-725。
黃俊諺，2019，學術背景獨立董事對公司績效的影響，臺北大學企業管理學系學位論文，1-40。
廖家軒，2014，教授董監事之聘任決定因素與其對公司績效之影響，臺灣大學財務金融學研究所學位論文，1-37

英文文獻
Adams, R. B. and Ferreira, D., 2009, Women in the boardroom and their impact on governance and performance, Journal of financial economics, 94(2), 291-309.
Anderson, R. C., D. M. Reeb, A. Upadhyay and W. Zhao, 2011, The economics of director heterogeneity, Financial Management, 40(1), 5-38.
Audretsch, D. B. and P. E. Stephan, 1996, Company-scientist locational links: The case of biotechnology, The American economic review, 86(3), 641-52.
Bamber, L. S., J. Jiang and I. Y. Wang, 2010, What’s my style? The influence of top managers on voluntary corporate financial disclosure, The accounting review,85(4), 1131-62.
Bantel, K. A., 1993, Strategic clarity in banking: Role of top management-team demography, Psychological reports, 73(3_suppl), 1187-1201.
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 and Organization, 1(1), 101-24.
Bertrand, M. and A. Schoar, 2003, Managing with style: The effect of managers on firm policies, The Quarterly journal of economics, 118(4), 1169-1208.
Booth, J. R. and D. N. Deli, 1999, On executives of financial institutions as outside directors, Journal of corporate finance, 5(3), 227-50.
Boyd, B. K., 1995, CEO duality and firm performance: A contingency model, Strategic management journal, 16(4), 301-12.
Brickley, J. A., J. L. Coles and R. L. Terry, 1994, Outside directors and the adoption of poison pills, Journal of financial Economics, 35(3), 371-90.
Carpenter, M. A. and J. D. Westphal, 2001, The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making, Academy of Management journal, 44(4), 639-60.
Chen, D., Y. Gao, P. Mo and D. Tsang, 2018, How Creative are Professor Directors? The Impact of Academic Expertise on Corporate Innovation.
Cho, C. H., Jung, J. H., Kwak, B., Lee, J. and Yoo, C. Y., 2017, Professors on the board: Do they contribute to society outside the classroom?, Journal of business ethics, 141(2), 393-409.
Core, J. E., R. W. Holthausen and D. F. Larcker, 1999, Corporate governance, chief executive officer compensation, and firm performance, Journal of financial economics, 51(3), 371-406.
Davidson III, N. W., T. Pilger and A. Szakmary, 1998, Golden parachutes, board and committee composition, and shareholder wealth. Financial Review, 33(4), 17-32.
Di Mauro, C. and R. Musumeci, 2011, Linking risk aversion and type of employment, The Journal of Socio-Economics, 40(5), 490-95.
Diamond, D. W., 1989, Reputation acquisition in debt markets, Journal of political Economy, 97(4), 828-62.
Fama, E. F. and M. C. Jensen, 1983, Separation of ownership and control, The journal of law and Economics, 26(2), 301-25.
Fama, E. F., 1980, Agency problems and the theory of the firm, Journal of Political Economy, 88, 288-307.
Fich, E. M. and A. Shivdasani, 2007, Financial fraud, director reputation, and shareholder wealth, Journal of financial Economics, 86(2), 306-36.
Francis, B., I. Hasan and Q. Wu, 2015, Professors in the boardroom and their impact on corporate governance and firm performance, Financial management, 44(3), 547-81.
Gervais, S., J. B. Heaton and T. Odean, 2011, Overconfidence, compensation contracts, and capital budgeting, The Journal of Finance, 66(5), 1735-1777.
Gottesman, A. A. and M. R. Morey, 2010, CEO educational background and firm financial performance, Journal of Applied Finance (Formerly Financial Practice and Education), 20(2).
Graham, J. R., C. R. Harvey and M. Puri, 2013, Managerial attitudes and corporate actions, Journal of financial economics, 109(1), 103-21.
Güner, A. B., U. Malmendier and G. Tate, 2008, Financial expertise of directors, Journal of financial Economics, 88(2), 323-54.
Hackbarth, D., 2008, Managerial traits and capital structure decisions. Journal of financial and quantitative analysis, 843-81.
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Hermalin, B. E. and M. S. Weisbach, 1991, The effects of board composition and direct incentives on firm performance, Financial Management, 20,101-12
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Xiang, R. and Zhu, W., 2020, Academic independent directors and corporate fraud: evidence from China, Asia-Pacific Journal of Accounting and Economics, 1-19.
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描述 碩士
國立政治大學
風險管理與保險學系
108358006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108358006
資料類型 thesis
dc.contributor.advisor 鄭士卿zh_TW
dc.contributor.advisor Jeng, Shih-Chingen_US
dc.contributor.author (Authors) 朱冠儒zh_TW
dc.contributor.author (Authors) Chu, Kuan-Juen_US
dc.creator (作者) 朱冠儒zh_TW
dc.creator (作者) Chu, Kuan-Juen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:54:49 (UTC+8)-
dc.date.available 4-Aug-2021 14:54:49 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:54:49 (UTC+8)-
dc.identifier (Other Identifiers) G0108358006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136376-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險學系zh_TW
dc.description (描述) 108358006zh_TW
dc.description.abstract (摘要) 獨立董監事可透過知識與經驗對公司表現有顯著的輔助效果，而學術背景獨立董監事(以下簡稱學術董監)具專業固定領域知識，可以有效提升公司治理水平，為極有價值的獨立董事群體。國內外文獻多聚焦於學術董監與公司績效的關聯性，而未對學術董監群體特性進行探討，故本研究利用2008至2018年台灣上市櫃公司資料，分析此類學術董監是否因本職具工作與收入穩定性，注重社會聲譽，為保護其聲譽和未來收入，而厭惡風險並作出保守的公司決策。
本研究使用二元固定效果模型與羅吉斯迴歸探討學術董監對財務、經營、公司治理等八個公司風險變數之影響，研究發現學術董監變數與現金比率、研究發展費用率成係數正相關，與短期債務比率、董監質押比、重編報表次數成係數負相關，與負債比率、過去三年營收成長率、更換會計師年次數無顯著相關，穩健性檢驗結果在財務風險類似，表明學術董監相較一般董監事具風險趨避性，且更可幫助公司在研發上有所突破。另外，本研究後續以產業區分電子、金融保險、生技以及其他產業學術董監進行分析，結果顯示電子產業學術董監變數風險偏好與全體產業相似，生技產業學術董監對風險並無偏好。金融保險產業學術董監有減少現金比率，增加負債比率之情形，體現金融保險業之獨特性。
本研究探討學術董監風險趨避與其作用並證實其具有風險趨避性，應可對上市上櫃公司未來董監事人員聘請以及董事會發展具參考價值。		zh_TW
dc.description.abstract (摘要) Academic independent directors and supervisors can effectively improve corporate governance with their professional knowledge, and this makes them become a valuable group within independent directors. This essay analyzes whether academic directors and supervisors have aversion to risks due to the intention to protect their stable occupations, future incomes and social reputations in a sample of listed Taiwanese firms from 2008 to 2018.
We investigate the impact of academic directors and supervisors on risk variables in the aspects of finance, operations, and corporate governance. We find that academic directors and supervisors variables are positively correlated with cash to asset ratio and R&D expenses and negatively impact on short-term loan ratio, the ratio of directors and supervisors pledge, and the numbers of restatement. This research also considers endogeneity problem and examines the analysis in electronics, finance and insurance and biotechnology industries specifically. Overall, our results show that academic directors and supervisors are more risk-averse than ordinary directors and supervisors.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻回顧與研究假說 6
第一節 高階主管與績效之關聯性 6
第二節 學術型獨立董監事與績效之關聯性 7
第三節 高階主管與風險趨避之關聯性 8
第四節 學術型獨立董監事與風險趨避之關係性 9
第三章 研究方法 11
第一節 研究對象 11
第二節 研究模型 11
第四章 研究實證模型與變數說明 15
第一節 實證模型設定 15
第二節 模型變數說明 16
第五章 實證結果與分析 24
第一節 敘述性統計分析 24
第二節 迴歸實證結果 27
第六章 產業迴歸實證結果 42
第一節 電子產業迴歸實證結果 42
第二節 金融保險產業與生技產業迴歸實證結果 45
第七章 結論 49
第八章 參考文獻 52
附 錄 58		zh_TW
dc.format.extent 2275352 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108358006en_US
dc.subject (關鍵詞) 學術型獨立董監事zh_TW
dc.subject (關鍵詞) 風險趨避zh_TW
dc.subject (關鍵詞) 財務風險zh_TW
dc.subject (關鍵詞) 經營風險zh_TW
dc.subject (關鍵詞) 公司治理風險zh_TW
dc.subject (關鍵詞) Academic Independent Directors And Supervisorsen_US
dc.subject (關鍵詞) Risk Aversionen_US
dc.subject (關鍵詞) Financial Risken_US
dc.subject (關鍵詞) Operating Risken_US
dc.subject (關鍵詞) Corporate Governance Risken_US
dc.title (題名) 學術型獨立董監事與風險趨避：以台灣上市櫃公司為例zh_TW
dc.title (題名) Do Academic Independent Directors Have Higher Risk Aversion ? Evidence from Publicly Traded Firms in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻
丁秀儀，陳于欣，2010，公司獨立董事為何忙碌 ?，管理學報，27(3)，291-318。
方俊儒、李秀英、龍春伶，2008，獨立董監事對公司績效與盈餘品質之影響-控制股東之調節效果，會計與公司治理，5(1)，55-80。
沈藝峰、王夫樂、陳維，2016，“學院派” 的力量：來自具有學術背景獨立董事的經驗證據，經濟管理，5。
施柱竹，2015，台灣獨立董事制度對公司績效的影響，國立中興大學財務金融學系所學位論文，1-55。
梁玲菁，1988，我國資訊電子業研究與發展決定因素之研究，國立中興大學經濟研究所碩士論文。
陳安琳、高蘭芬、陳怡凱、陳烷鈺，2013，董監事股權質押與公司治理之研究，中山管理評論，21(2)，299-337。
陳宜伶、林宛瑩，2013，獨立董監之設置決策與績效，管理與系統，20(4)，697-725。
黃俊諺，2019，學術背景獨立董事對公司績效的影響，臺北大學企業管理學系學位論文，1-40。
廖家軒，2014，教授董監事之聘任決定因素與其對公司績效之影響，臺灣大學財務金融學研究所學位論文，1-37

英文文獻
Adams, R. B. and Ferreira, D., 2009, Women in the boardroom and their impact on governance and performance, Journal of financial economics, 94(2), 291-309.
Anderson, R. C., D. M. Reeb, A. Upadhyay and W. Zhao, 2011, The economics of director heterogeneity, Financial Management, 40(1), 5-38.
Audretsch, D. B. and P. E. Stephan, 1996, Company-scientist locational links: The case of biotechnology, The American economic review, 86(3), 641-52.
Bamber, L. S., J. Jiang and I. Y. Wang, 2010, What’s my style? The influence of top managers on voluntary corporate financial disclosure, The accounting review,85(4), 1131-62.
Bantel, K. A., 1993, Strategic clarity in banking: Role of top management-team demography, Psychological reports, 73(3_suppl), 1187-1201.
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 and Organization, 1(1), 101-24.
Bertrand, M. and A. Schoar, 2003, Managing with style: The effect of managers on firm policies, The Quarterly journal of economics, 118(4), 1169-1208.
Booth, J. R. and D. N. Deli, 1999, On executives of financial institutions as outside directors, Journal of corporate finance, 5(3), 227-50.
Boyd, B. K., 1995, CEO duality and firm performance: A contingency model, Strategic management journal, 16(4), 301-12.
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dc.identifier.doi (DOI) 10.6814/NCCU202100985en_US