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| Title: | 董事候選人提名制與公司績效及盈餘管理之關聯性
Director Candidates Nomination System, Firm Performance and Earnings Management |
| Authors: | 陳昭如
Chen, Chao-Ru |
| Contributors: | 陳宇紳
陳昭如
Chen, Chao-Ru |
| Keywords: | 董事候選人提名制
公司績效
盈餘管理
Director candidates nomination system
Firm performance
Earnings management |
| Date: | 2020 |
| Issue Date: | 2021-01-04 10:46:44 (UTC+8) |
| Abstract: | 本研究探討實施董事候選人提名制的公司，其股東所選出的董事是否較能為公司創造價值並有效監督公司。
公司可能利用資訊不對稱的優勢提名對自身有益的董事候選人，而董事候選人提名制的實施可提升股東權利及資訊透明度，幫助股東選出更適任的董事。
本研究以Tobin’s Q、股票報酬率及資產報酬率(Return on Assets，ROA)衡量公司績效，以裁決性應計數衡量董事的監督功能。研究結果指出公司實施董事候選人提名制與Tobin’s Q及股票報酬率呈顯著正相關，與裁決性應計數呈顯著負相關。實證結果支持本研究假說，說明實施董事候選人提名制的公司較未實施董事候選人提名制的公司有更佳之公司績效以及抑制盈餘管理之效果。本研究假設採用董事候選人提名制能讓股東選出更為適任的董事，因此進一步測試公司採用董事候選人提名制與其董事會特性之關聯性。研究結果指出採用董事候選人提名制的公司，其董事會具較高的外部董事比例，且董事兼任上市櫃公司家數較高，說明實施董事候選人提名制的公司，其董事獨立性較高且能力較佳。
綜合上述，實證結果顯示公司實施董事候選人提名制能幫助其股東選出較能提供公司專業資源並有效監督公司營運之董事，以提升公司績效。
This study aims to investigate whether the implementation of candidates nomination system helps shareholders select board candidates who can enhance the firm value and better perform their monitoring role.
There is information asymmetry arising between managers and investors, and firms may take advantage of it to self serve their own interests. Specifically, firms may not disclose nominees of directors until the shareholders’ meeting in an attempt to garner enough votes to support their nominees. Candidates nomination system helps increase information transparency, helping shareholders select more competent directors. The competent directors can lower agency costs and enhance firm performance through their advisory and monitoring roles. Along this logic, I hypothesize that firms adopting candidates nomination system tend to have higher firm performance and lower earnings management.
To conduct my test, I use Tobin’s Q, stock returns and ROA to measure the firm performance, and discretionary accruals to proxy for earnings management. My analyses indicate that the implementation of candidates nomination system is positively associated with Tobin’s Q and stock returns, and negatively associated with discretionary accruals. In addition, I examine the relationship between board characteristics and the adoption of candidates nomination system. The empirical evidence shows that, on average, firms adopting candidates nomination system tend to have a board with more outside directors and busy directors.
Altogether, my findings suggest that firms with candidates nomination system help shareholders select more competent directors who increase firm value and lower agency costs through their advisory and monitoring roles, thus increase firm performance. |
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| Description: | 碩士
國立政治大學
會計學系
107353003 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353003 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202001835 |
| Appears in Collections: | [會計學系] 學位論文
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