AN EXAMINATION OF BOARD AND FIRM PERFORMANCE: EVIDENCE FROM TAIWAN

Chang-Jui Lin

28 citations0/0 files storedRePEc: Research Papers in Economics

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Corporate Finance and Governance Gender Diversity and Inequality Corporate Governance and Financial Management

Abstract

This article discusses the impact of duality and board structure in corporate governance on corporate performance. The results showed that, regarding Tobin's Q, outside independent directors have a positive impact while other variables have no impact on corporate performance. Similar results were achieved using ROA and ROE for analysis. Duality, board size, and family-controlled directors had a negative impact on ROA and ROE. Supervisory directors, outside independent directors and inside directors had a positive impact on ROA and ROE. The analysis of large companies showed duality, board size, and family-controlled directors yielded a negative impact on ROA and ROE. Both supervisory directors and inside directors had positive impacts on ROA and ROE. Outside independent directors had positive impacts on ROE but no impact on ROA. No variable had an impact on Tobins' Q. The results from small and medium-sized companies indicate that supervisory directors, outside independent and inside directors had positive impacts on ROA and ROE. Other variables did not yield impacts on ROA and ROE. Finally, most of the variables had no impact on Tobins' Q.

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References

1980Agency Problems and the Theory of the Firm 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1994A Simple Approximation of Tobin's q 1994CEO DUALITY AS A DOUBLE-EDGED SWORD: HOW BOARDS OF DIRECTORS BALANCE ENTRENCHMENT AVOIDANCE AND UNITY OF COMMAND.1996Boards of Directors: A Review and Research Agenda 1999Cognition and Corporate Governance: Understanding Boards of Directors as Strategic Decision-Making Groups 1995CEO duality and firm performance: A contingency model 2003Board Composition and Corporate Performance: how the Australian experience informs contrasting theories of corporate governance

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