企業風險管理: 董事會監督與公司績效關係之研究

Abstract

This thesis investigates the effect of board monitoring on firm performance among firms that implement Enterprise Risk Management (ERM). I propose three dimensions in board monitoring: monitoring motivations, monitoring capabilities, and monitoring efforts. Both accounting-based and market-based measures are considered for firm performance. Using a sample of 68 firms implementing ERM, I find that board monitoring affects firm performance at a significant level among ERM firms. The evidence also shows that the proposed three monitoring dimensions individually may or may not explain firm performance a significant level, but these three monitoring dimensions all together will have an impact on firm performance. Besides, through an additional test I find that corporate governance is industry specific, since the empirical results are sensitive to different industries. This suggests that corporate governance rules should include industry-specific considerations when requiring board of directors’ monitoring on a firm’s risk management.