Determinants of corporate board structure in Taiwan

被引：15

作者：

Chen, Ming-Yuan ^{[1
]}

机构：

[1] Natl Cent Univ, Grad Inst Human Resource Management, Jhongli 32001, Taoyuan County, Taiwan

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2014年 / 32卷

关键词：

Board structure; Corporate governance; Static and dynamic panel data models; FINANCIAL PERFORMANCE; FIRM PERFORMANCE; CEO SUCCESSION; AGENCY COSTS; PANEL-DATA; DIRECTORS; OWNERSHIP; SIZE; GOVERNANCE; INDIVIDUALISM;

D O I：

10.1016/j.iref.2014.01.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the determinants of board structure for Taiwanese firms by reviewing their board elections, held between 1991 and 2009. The paper emphasizes three factors: the distinction between insider-affiliated and non-insider-affiliated outside directors based on family relationships, governmental agency theory-based regulations, and the firm's choice between agency and stewardship governance philosophy. Evidence has shown that the proportion of non-insider-affiliated outsiders on the board is sensitive to changes in firm and CEO characteristics, and to changes in government regulations. Government regulations significantly shape corporate boards, encouraging a smaller size, more outside directors, and fewer insider-affiliated outside directors. For firms adopting agency and stewardship theories as governance arrangement, the determinants of board structure are diverse. The board structure of principal-steward firms is less susceptible to changes in firm characteristics but more susceptible to CEO influence, and more responsive to government regulations. (C) 2014 Elsevier Inc. All rights reserved.

引用

页码：62 / 78

页数：17

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