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題名 Covid-19影響下，公司治理與公司績效之關聯
The relationship between corporate governance and corporate performance under the impact of Covid-19作者 張宇鈞
Chang, Yu-Chun貢獻者 徐愛恩
Tsui, Stephanie
張宇鈞
Chang, Yu-Chun關鍵詞 Covid-19
公司治理
公司績效日期 2023 上傳時間 6-Jul-2023 16:51:15 (UTC+8) 摘要 COVID-19疫情對全球經濟產生廣泛的影響，而在公司治理意識逐漸抬頭的今日，許多文獻都有探討公司治理與公司績效的關聯，但是這些文獻對於一些重大經濟危機所帶來的影響與改變並沒有重點著墨，因此本研究考量了COVID-19疫情這個因素，分析出在COVID-19疫情影響下，公司治理與公司績效關聯的變化和影響。本研究的實證結果發現COVID-19疫情會大幅改變原本公司治理機制與公司績效的關聯。在考量COVID-19疫情後，大股東持股、董事持股以及董事會規模會與公司績效的關聯會和不考量COVID-19疫情的情況下相反。在不考量COVID-19疫情的情況下，大股東持股以及董事持股與公司績效呈現正相關，董事會規模會和公司績效呈現負相關；而考量COVID-19疫情的影響後，大股東持股以及董事持股與公司績效呈現負相關，董事會規模會和公司績效呈現正相關。而董事長是否兼任總經理與公司績效的關聯，在本研究中顯示並不穩健。
The COVID-19 pandemic has had a wide impact on the global economy. In current era of increasing corporate governance awareness, many studies have examined the relationship between corporate governance and corporate performance. However, these studies often ignore the effects of major economic crises. This study addresses this gap by analyzing the changes and impacts on the relationship between corporate governance and corporate performance under the influence of the COVID-19 pandemic.The empirical findings reveal significant alterations in the relationship between corporate governance mechanisms and corporate performance due to the pandemic. Factors such as large shareholder ownership, director ownership, and board size show contrasting relationships with corporate performance when the COVID-19 pandemic is considered. Without considering the pandemic, there is a positive correlation between large shareholder ownership and director ownership with corporate performance, while board size shows a negative correlation. However, after considering the impact of the pandemic, there is a negative correlation between large shareholder ownership and director ownership with corporate performance, and board size shows a positive correlation. The relationship between CEO duality and corporate performance is found to be unreliable in this study.參考文獻 呂素蓮、李國榮與蔡柏彥，2013，公司治理對經營績效之影響：以台灣與大陸市場為例，中原企管評論，第11卷第2期：79-103林俊傑、劉梧柏與黃華瑋，2017，公司治理評鑑與財務績效及公司價值之關聯性探討：以台灣上市櫃企業公司治理評鑑為例，商略學報，第10期：23-46洪榮耀與陳正佑，2012，上市上櫃公司治理實務守則與公司績效關連性之探究，商業現代化學刊，第 6卷第4期：43-61俞海琴與周本鄂，1994，臺灣地區上市公司董監事, 關係人持股比率和公司托賓 Q 關係之研究，管理評論，第13卷第1期：79-98陳美華與洪世炳，2005，公司治理，股權結構與公司績效關係之實證研究，企業管理學報，第65期：129-153黃小玉，2004，公司治理與公司績效關係之研究-以台灣上市電子工業為例，興國學報，第三期：153-167英文文獻：Adams, R. B., & Mehran, H. (2005). Corporate performance, board structure and its determinants in the banking industry. EFA 2005 Moscow meetings.Aggarwal, P. (2013). Impact of corporate governance on corporate financial performance. IOSR Journal of Business and Management, 13(3), 1-5.Agrawal, A., & Knoeber, C. R. (1996). Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. The Journal of Financial and Quantitative Analysis, 31(3), 377-397.Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and economics, 37(3), 315-342.Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. the Journal of Finance, 58(3), 1301-1328.Atayah, O. F., Dhiaf, M. M., Najaf, K., & Frederico, G. F. (2021). Impact of COVID-19 on financial performance of logistics firms: evidence from G-20 countries. Journal of Global Operations and Strategic Sourcing, 15(2), 172-196.Bauer, R., Frijns, B., Otten, R., & Tourani-Rad, A. (2008). The impact of corporate governance on corporate performance: Evidence from Japan. Pacific-Basin Finance Journal, 16(3), 236-251.Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? The Review of financial studies, 22(2), 783-827.Beiner, S., Drobetz, W., Schmid, M. M., & Zimmermann, H. (2006). An integrated framework of corporate governance and firm valuation. European financial management, 12(2), 249-283.Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate finance, 14(3), 257-273.Bhatt, P. R., & Bhatt, R. R. (2017). Corporate governance and firm performance in Malaysia. Corporate Governance: The International Journal of Business in Society.Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301-312.Brown, L. D., & Caylor, M. 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國立政治大學
會計學系
110353113資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353113 資料類型 thesis dc.contributor.advisor 徐愛恩 zh_TW dc.contributor.advisor Tsui, Stephanie en_US dc.contributor.author (Authors) 張宇鈞 zh_TW dc.contributor.author (Authors) Chang, Yu-Chun en_US dc.creator (作者) 張宇鈞 zh_TW dc.creator (作者) Chang, Yu-Chun en_US dc.date (日期) 2023 en_US dc.date.accessioned 6-Jul-2023 16:51:15 (UTC+8) - dc.date.available 6-Jul-2023 16:51:15 (UTC+8) - dc.date.issued (上傳時間) 6-Jul-2023 16:51:15 (UTC+8) - dc.identifier (Other Identifiers) G0110353113 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145882 - 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) 110353113 zh_TW dc.description.abstract (摘要) COVID-19疫情對全球經濟產生廣泛的影響，而在公司治理意識逐漸抬頭的今日，許多文獻都有探討公司治理與公司績效的關聯，但是這些文獻對於一些重大經濟危機所帶來的影響與改變並沒有重點著墨，因此本研究考量了COVID-19疫情這個因素，分析出在COVID-19疫情影響下，公司治理與公司績效關聯的變化和影響。本研究的實證結果發現COVID-19疫情會大幅改變原本公司治理機制與公司績效的關聯。在考量COVID-19疫情後，大股東持股、董事持股以及董事會規模會與公司績效的關聯會和不考量COVID-19疫情的情況下相反。在不考量COVID-19疫情的情況下，大股東持股以及董事持股與公司績效呈現正相關，董事會規模會和公司績效呈現負相關；而考量COVID-19疫情的影響後，大股東持股以及董事持股與公司績效呈現負相關，董事會規模會和公司績效呈現正相關。而董事長是否兼任總經理與公司績效的關聯，在本研究中顯示並不穩健。 zh_TW dc.description.abstract (摘要) The COVID-19 pandemic has had a wide impact on the global economy. In current era of increasing corporate governance awareness, many studies have examined the relationship between corporate governance and corporate performance. However, these studies often ignore the effects of major economic crises. This study addresses this gap by analyzing the changes and impacts on the relationship between corporate governance and corporate performance under the influence of the COVID-19 pandemic.The empirical findings reveal significant alterations in the relationship between corporate governance mechanisms and corporate performance due to the pandemic. Factors such as large shareholder ownership, director ownership, and board size show contrasting relationships with corporate performance when the COVID-19 pandemic is considered. Without considering the pandemic, there is a positive correlation between large shareholder ownership and director ownership with corporate performance, while board size shows a negative correlation. However, after considering the impact of the pandemic, there is a negative correlation between large shareholder ownership and director ownership with corporate performance, and board size shows a positive correlation. The relationship between CEO duality and corporate performance is found to be unreliable in this study. en_US dc.description.tableofcontents 摘要 IABSTRACT II目錄 III表目錄 IV第壹章 緒論 1第一節 研究動機與目的 1第二節 研究問題 6第貳章 文獻回顧與研究假說 7第一節 公司治理理論 7第二節 COVID-19疫情影響文獻回顧 10第三節 研究假說建立 12第參章 研究方法 17第一節 研究架構 17第二節 變數選擇 18第三節 變數定義 21第四節 研究模型 25第五節 樣本與資料來源 26第肆章 研究結果 28第一節 敘述性統計 28第二節 迴歸結果分析 32第三節 相關性分析 39第四節 額外測試 45第伍章 結論與建議 49第一節 研究結論 49第二節 研究建議 51第三節 研究限制 52參考文獻 53 zh_TW dc.format.extent 1800569 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353113 en_US dc.subject (關鍵詞) Covid-19 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) 公司績效 zh_TW dc.title (題名) Covid-19影響下，公司治理與公司績效之關聯 zh_TW dc.title (題名) The relationship between corporate governance and corporate performance under the impact of Covid-19 en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 呂素蓮、李國榮與蔡柏彥，2013，公司治理對經營績效之影響：以台灣與大陸市場為例，中原企管評論，第11卷第2期：79-103林俊傑、劉梧柏與黃華瑋，2017，公司治理評鑑與財務績效及公司價值之關聯性探討：以台灣上市櫃企業公司治理評鑑為例，商略學報，第10期：23-46洪榮耀與陳正佑，2012，上市上櫃公司治理實務守則與公司績效關連性之探究，商業現代化學刊，第 6卷第4期：43-61俞海琴與周本鄂，1994，臺灣地區上市公司董監事, 關係人持股比率和公司托賓 Q 關係之研究，管理評論，第13卷第1期：79-98陳美華與洪世炳，2005，公司治理，股權結構與公司績效關係之實證研究，企業管理學報，第65期：129-153黃小玉，2004，公司治理與公司績效關係之研究-以台灣上市電子工業為例，興國學報，第三期：153-167英文文獻：Adams, R. B., & Mehran, H. (2005). Corporate performance, board structure and its determinants in the banking industry. EFA 2005 Moscow meetings.Aggarwal, P. (2013). Impact of corporate governance on corporate financial performance. IOSR Journal of Business and Management, 13(3), 1-5.Agrawal, A., & Knoeber, C. R. (1996). Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. The Journal of Financial and Quantitative Analysis, 31(3), 377-397.Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and economics, 37(3), 315-342.Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. the Journal of Finance, 58(3), 1301-1328.Atayah, O. F., Dhiaf, M. M., Najaf, K., & Frederico, G. F. (2021). Impact of COVID-19 on financial performance of logistics firms: evidence from G-20 countries. Journal of Global Operations and Strategic Sourcing, 15(2), 172-196.Bauer, R., Frijns, B., Otten, R., & Tourani-Rad, A. (2008). The impact of corporate governance on corporate performance: Evidence from Japan. Pacific-Basin Finance Journal, 16(3), 236-251.Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? The Review of financial studies, 22(2), 783-827.Beiner, S., Drobetz, W., Schmid, M. M., & Zimmermann, H. (2006). An integrated framework of corporate governance and firm valuation. European financial management, 12(2), 249-283.Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate finance, 14(3), 257-273.Bhatt, P. R., & Bhatt, R. R. (2017). Corporate governance and firm performance in Malaysia. Corporate Governance: The International Journal of Business in Society.Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301-312.Brown, L. D., & Caylor, M. 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