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題名 公司治理評鑑對資本與員工投資效率之影響: 以台灣上市櫃公司為例
The Impact of Corporate Governance on Capital and Labor Investment Efficiency: Taiwan’s listed Companies for Example作者 羅耘志
Lo, Yun-Chih貢獻者 俞京和
羅耘志
Lo, Yun-Chih關鍵詞 公司治理評鑑
資本投資效率
員工投資效率
Corporate governance evaluation
Capital investment efficiency
Labor investment efficiency日期 2022 上傳時間 1-Jul-2022 16:04:42 (UTC+8) 摘要 本研究採用2016至2020之公司治理評鑑。根據評鑑結果，可以發現他們與公司的資本投資效率有顯著地正向影響，支持假設1。此外，本研究也檢查其與員工投資的關係。員工對於生產力是一個很重要的因素，但在以往的文獻長期被忽略，員工也是近年來越來越受到關注的智慧資本之一。因此，本研究也探討了公司治理評鑑結果與員工投資效率之關係。實證結果與資本投資相同，支持假設2。整體而言，如果公司在公司治理評鑑取得較佳的成績，他們的資本與員工投資就會更加有效率。
This study is based on the corporate governance evaluation results from 2016 to 2020. According to these evaluation results, they have significant positive relationship with corporate capital investment efficiency, supporting the hypothesis 1. Moreover, this study extends this line of research by examining investments in labor, an important factor of production that has been largely overlooked by previous literature. Labor is one of the intellectual capital that has received more and more attention recently. Hence, I also do the empirical test to examine the relationship between the corporate governance evaluation results and labor investment efficiency. The empirical results are the same as the capital investment, consistent with the hypothesis 2. In conclusion, if companies get higher grades on evaluation, their capital and labor investments are more efficient.參考文獻 Abdallah, H., and Valentine, B. 2009. Fundamentals and Ethics Theories of Corporate Governance. Middle Eastern Finance and Economics 4: 88-96.Aggarwal, P. 2013. Impact of Corporate Governance on Corporate Financial Performance. IOSR Journal of Business and Management 13(3): 1-5.Amba, S. M. 2014. Corporate Governance and Firms’ Financial Performance. Journal of Academic and Business Ethics 8: 1-10.Assad, N. F., and Alshurideh, M. T. 2020. Financial Reporting Quality, Audit Quality, and Investment Efficiency: Evidence from GCC Economies. WAFFEN-UND KOSTUMKUNDE JOURNAL 11(3): 194–208.Baatwah, S. R., Salleh, Z., and Stewart, J. 2019. Audit committee chair accounting expertise and audit report timeliness: The moderating effect of chair characteristics. Asian Review of Accounting 27(2): 273–306.Ben‐Nasr, H., and Alshwer, A. A. 2016. Does stock price informativeness affect labor investment efficiency? Journal of Corporate Finance 38: 249–271.Biddle, G., and Hilary, G. 2006. Accounting quality and firm-level capital investment. The Accounting Review 81: 963–982.Biddle, G., Hilary, G., and Verdi, R. 2009. How does financial reporting quality relative to investment efficiency? Journal of Accounting and Economics 48: 112– 131.Chang, Y.L, 2021. The Association between Corporate Governance Ranking Mechanisms and Earnings Management. Unpublished Master Dissertation, National Cheng Kung University.Chen, Yu-Hsu. 2019. The research of corporate governance evaluation results, board characteristics and the relationship with company performance. Unpublished Master Dissertation, National Chengchi University.Chiang, P.T., Chiou, Y.Y., Shiue, M.J., and Yeh, S.L. 2018. Corporate Governance Evaluation and Stock Returns. Taiwan Accounting Review 14(2): 261-289.Chiu, S.T., Chiou, Y.Y., and Shiue, M.J. 2017. Corporate Governance Ranking Mechanisms and Earnings Quality. Review of Accounting and Auditing Studies 7(2): 57-83.Clinch, G., Stokes, D., and Zhu, T. 2012. Audit quality and information asymmetry between traders. Accounting & Finance: 52(3): 743–765.Denis, D. J., Denis, D. K., and Sarin, A. 1999. Agency theory and the influence of equity ownership structure on corporate diversification strategies. Strategic Management Journal 20(11): 1071-1076.Dushnitsky, G., and Lenox, M. J. 2006. When does corporate venture capital investment create firm value? Journal of Business Venturing 21: 753-772.Hasan, Y.M, Naser, K., and Hijazi, R.F. 2016. The influence of corporate governance on corporate performance: Evidence from Palestine. Afro-Asian Journal of Accounting and Finance 6(3): 269-287.Ibadin, P. O., and Dabor, E. L. 2015. Corporate governance and accounting quality: empirical investigations from Nigeria. Journal of Policy and Development Studies 9(2): 64–82.Jensen, M. C., and Mechling, W. 1976. Theory of the firm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics 3: 305-360.Jung, B., Lee, W.J., and Weber, D. P. 2014. Financial reporting quality and labor investment efficiency. Contemporary Accounting Research 31(4): 1047–1076.Klai, N., and Omri, A. 2011. Corporate Governance and Financial reporting quality: The case of Tunisian Firms. International Business Research 4(1).Klai, N., and Omri, A. 2011. The governance role of the financial information: Empirical evidence in the Tunisian context. Afro-Asian Journal of Accounting and Finance 2(4): 283–298.Ko, C.N., Lee, C.S., and Yeh, Y.H. 2002. Corporate governance and rating system. Business Weekly Publications, Inc.Leal, P., and Carvalhal da Silva, A. 2005. Corporate Governance and Value in Brazil (and in Chile). Inter-American Development Bank Working Paper No. 514.Lin, Y.C., Liu, F.Y., and Wu, T.H. 2018. Corporate Governance and Earnings Quality: The Influence of Corporate Governance Ranking Mechanisms. Taiwan Academy of Management Journal 18(2): 29-47.Nelson, J. 2005. Corporate governance practices, CEO characteristics and firm performance. Journal of Corporate Finance 11(1-2): 197-228.Okafor, C. A., and Ibadin, P. O. 2011. Corporate governance and corporate performance in selected companies in Nigeria. Afro-Asian Journal of Accounting and Finance 2(4): 332–348.Okereke, O. 2009. Corporate governance and global competitiveness in financial market institutions. Journal of Securities and Finance 7(2): 7-16.Pinnuck, M., and Lillis, A. 2007. Profits versus losses: Does reporting an accounting loss act as a heuristic trigger to exercise the abandonment option and divest employees? The Accounting Review 82(4): 1031-1053.Richardson, S. A. 2006. Over-Investement of Free Cash Flow. Review of Accounting Stidies 12:159-189.Sanda, A. U., Mukaila, A. S., and Garba, T. 2005. Corporate Governance Mechanisms and Firm Financial Performance in Nigeria. AERC Research Paper No. 149.Shih, T.C. 1994. An empirical study of the relationship between family-related attributes in the board of directors and business performance-Institutional director`s influence also examined. Unpublished Master Dissertation, National Taiwan University.Sriram, M. 2018. Board characteristics and firm performance-a study of S&P BSE SENSEX in India. Afro-Asian Journal of Accounting and Finance 8(3): 336–349.Sun, Xu, and Tianming Zhang. 2011. Board gender diversity and corporate labor investment efficiency. Review of Financial Economics 39(3): 290-313.Thomsen, S. 2004. Corporate values and corporate governance. Corporate Governance 4(4): 29-46.Vij, M., and Kaur, M. 2018. Corporate governance index and firm performance: Empirical evidence from Indian banking. Afro-Asian Journal of Accounting and Finance 8(2): 190–207.Yeh, Y.H. 1999. Family Groupings, Core Business and Return Interaction: Taiwan and Hong Kong Stock Markets. Management Review 18(2): 57-90. 描述 碩士
國立政治大學
會計學系
109353027資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353027 資料類型 thesis dc.contributor.advisor 俞京和 zh_TW dc.contributor.author (Authors) 羅耘志 zh_TW dc.contributor.author (Authors) Lo, Yun-Chih en_US dc.creator (作者) 羅耘志 zh_TW dc.creator (作者) Lo, Yun-Chih en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:04:42 (UTC+8) - dc.date.available 1-Jul-2022 16:04:42 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:04:42 (UTC+8) - dc.identifier (Other Identifiers) G0109353027 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140576 - 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) 109353027 zh_TW dc.description.abstract (摘要) 本研究採用2016至2020之公司治理評鑑。根據評鑑結果，可以發現他們與公司的資本投資效率有顯著地正向影響，支持假設1。此外，本研究也檢查其與員工投資的關係。員工對於生產力是一個很重要的因素，但在以往的文獻長期被忽略，員工也是近年來越來越受到關注的智慧資本之一。因此，本研究也探討了公司治理評鑑結果與員工投資效率之關係。實證結果與資本投資相同，支持假設2。整體而言，如果公司在公司治理評鑑取得較佳的成績，他們的資本與員工投資就會更加有效率。 zh_TW dc.description.abstract (摘要) This study is based on the corporate governance evaluation results from 2016 to 2020. According to these evaluation results, they have significant positive relationship with corporate capital investment efficiency, supporting the hypothesis 1. Moreover, this study extends this line of research by examining investments in labor, an important factor of production that has been largely overlooked by previous literature. Labor is one of the intellectual capital that has received more and more attention recently. Hence, I also do the empirical test to examine the relationship between the corporate governance evaluation results and labor investment efficiency. The empirical results are the same as the capital investment, consistent with the hypothesis 2. In conclusion, if companies get higher grades on evaluation, their capital and labor investments are more efficient. en_US dc.description.tableofcontents 1. Introduction 12. Literature Review 42.1. Corporate Governance 42.2. Corporate Governance Evaluation 52.3. Investment Efficiency 62.4. Corporate Governance and Investment Efficiency 73. Research Design 93.1. Data 93.2. Measurement of Capital Investment 93.3. Measurement of Labor Investment 104. Research Results 124.1. Corporate Governance evaluation Results and Capital Investment 124.1.1. Descriptive Statistics 124.1.2. Correlation Coefficient 124.1.3. Regression Results 124.2. Corporate Governance evaluation Results and Labor Investment 134.2.1. Descriptive Statistics 134.2.2. Correlation Coefficient 144.2.3. Regression Results 144.3. Endogeneity Issue 154.4. Sensitivity Test 165. Conclusions and Limitations 18References 20Appendix A: Variable Definition 24Appendix B: Corporate Governance Evaluation Indicators 26 zh_TW dc.format.extent 1620641 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353027 en_US dc.subject (關鍵詞) 公司治理評鑑 zh_TW dc.subject (關鍵詞) 資本投資效率 zh_TW dc.subject (關鍵詞) 員工投資效率 zh_TW dc.subject (關鍵詞) Corporate governance evaluation en_US dc.subject (關鍵詞) Capital investment efficiency en_US dc.subject (關鍵詞) Labor investment efficiency en_US dc.title (題名) 公司治理評鑑對資本與員工投資效率之影響: 以台灣上市櫃公司為例 zh_TW dc.title (題名) The Impact of Corporate Governance on Capital and Labor Investment Efficiency: Taiwan’s listed Companies for Example en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abdallah, H., and Valentine, B. 2009. Fundamentals and Ethics Theories of Corporate Governance. Middle Eastern Finance and Economics 4: 88-96.Aggarwal, P. 2013. Impact of Corporate Governance on Corporate Financial Performance. IOSR Journal of Business and Management 13(3): 1-5.Amba, S. M. 2014. Corporate Governance and Firms’ Financial Performance. Journal of Academic and Business Ethics 8: 1-10.Assad, N. F., and Alshurideh, M. T. 2020. Financial Reporting Quality, Audit Quality, and Investment Efficiency: Evidence from GCC Economies. WAFFEN-UND KOSTUMKUNDE JOURNAL 11(3): 194–208.Baatwah, S. R., Salleh, Z., and Stewart, J. 2019. Audit committee chair accounting expertise and audit report timeliness: The moderating effect of chair characteristics. Asian Review of Accounting 27(2): 273–306.Ben‐Nasr, H., and Alshwer, A. A. 2016. Does stock price informativeness affect labor investment efficiency? Journal of Corporate Finance 38: 249–271.Biddle, G., and Hilary, G. 2006. Accounting quality and firm-level capital investment. The Accounting Review 81: 963–982.Biddle, G., Hilary, G., and Verdi, R. 2009. How does financial reporting quality relative to investment efficiency? Journal of Accounting and Economics 48: 112– 131.Chang, Y.L, 2021. The Association between Corporate Governance Ranking Mechanisms and Earnings Management. Unpublished Master Dissertation, National Cheng Kung University.Chen, Yu-Hsu. 2019. The research of corporate governance evaluation results, board characteristics and the relationship with company performance. Unpublished Master Dissertation, National Chengchi University.Chiang, P.T., Chiou, Y.Y., Shiue, M.J., and Yeh, S.L. 2018. Corporate Governance Evaluation and Stock Returns. Taiwan Accounting Review 14(2): 261-289.Chiu, S.T., Chiou, Y.Y., and Shiue, M.J. 2017. Corporate Governance Ranking Mechanisms and Earnings Quality. Review of Accounting and Auditing Studies 7(2): 57-83.Clinch, G., Stokes, D., and Zhu, T. 2012. Audit quality and information asymmetry between traders. Accounting & Finance: 52(3): 743–765.Denis, D. J., Denis, D. K., and Sarin, A. 1999. Agency theory and the influence of equity ownership structure on corporate diversification strategies. Strategic Management Journal 20(11): 1071-1076.Dushnitsky, G., and Lenox, M. J. 2006. When does corporate venture capital investment create firm value? Journal of Business Venturing 21: 753-772.Hasan, Y.M, Naser, K., and Hijazi, R.F. 2016. The influence of corporate governance on corporate performance: Evidence from Palestine. Afro-Asian Journal of Accounting and Finance 6(3): 269-287.Ibadin, P. O., and Dabor, E. L. 2015. Corporate governance and accounting quality: empirical investigations from Nigeria. Journal of Policy and Development Studies 9(2): 64–82.Jensen, M. C., and Mechling, W. 1976. Theory of the firm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics 3: 305-360.Jung, B., Lee, W.J., and Weber, D. P. 2014. Financial reporting quality and labor investment efficiency. Contemporary Accounting Research 31(4): 1047–1076.Klai, N., and Omri, A. 2011. Corporate Governance and Financial reporting quality: The case of Tunisian Firms. International Business Research 4(1).Klai, N., and Omri, A. 2011. The governance role of the financial information: Empirical evidence in the Tunisian context. Afro-Asian Journal of Accounting and Finance 2(4): 283–298.Ko, C.N., Lee, C.S., and Yeh, Y.H. 2002. Corporate governance and rating system. Business Weekly Publications, Inc.Leal, P., and Carvalhal da Silva, A. 2005. Corporate Governance and Value in Brazil (and in Chile). Inter-American Development Bank Working Paper No. 514.Lin, Y.C., Liu, F.Y., and Wu, T.H. 2018. Corporate Governance and Earnings Quality: The Influence of Corporate Governance Ranking Mechanisms. Taiwan Academy of Management Journal 18(2): 29-47.Nelson, J. 2005. Corporate governance practices, CEO characteristics and firm performance. Journal of Corporate Finance 11(1-2): 197-228.Okafor, C. A., and Ibadin, P. O. 2011. Corporate governance and corporate performance in selected companies in Nigeria. Afro-Asian Journal of Accounting and Finance 2(4): 332–348.Okereke, O. 2009. Corporate governance and global competitiveness in financial market institutions. Journal of Securities and Finance 7(2): 7-16.Pinnuck, M., and Lillis, A. 2007. Profits versus losses: Does reporting an accounting loss act as a heuristic trigger to exercise the abandonment option and divest employees? The Accounting Review 82(4): 1031-1053.Richardson, S. A. 2006. Over-Investement of Free Cash Flow. Review of Accounting Stidies 12:159-189.Sanda, A. U., Mukaila, A. S., and Garba, T. 2005. Corporate Governance Mechanisms and Firm Financial Performance in Nigeria. AERC Research Paper No. 149.Shih, T.C. 1994. An empirical study of the relationship between family-related attributes in the board of directors and business performance-Institutional director`s influence also examined. Unpublished Master Dissertation, National Taiwan University.Sriram, M. 2018. Board characteristics and firm performance-a study of S&P BSE SENSEX in India. Afro-Asian Journal of Accounting and Finance 8(3): 336–349.Sun, Xu, and Tianming Zhang. 2011. Board gender diversity and corporate labor investment efficiency. Review of Financial Economics 39(3): 290-313.Thomsen, S. 2004. Corporate values and corporate governance. Corporate Governance 4(4): 29-46.Vij, M., and Kaur, M. 2018. Corporate governance index and firm performance: Empirical evidence from Indian banking. Afro-Asian Journal of Accounting and Finance 8(2): 190–207.Yeh, Y.H. 1999. Family Groupings, Core Business and Return Interaction: Taiwan and Hong Kong Stock Markets. Management Review 18(2): 57-90. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200615 en_US
