超額公司治理對績效之影響─以台灣公司為例

Abstract

本研究檢驗了超額公司治理指數與公司績效（以獲利率衡量）之間的關係。此超額公司治理指述的建立是以Jenter and Lewellen (2015)和Fich, Harford and Tran(2015)中二階段迴歸的方法，以台灣2006-2016年間的曾上市櫃公司為樣本所建立。這個指數衡量了公司在產業及公司特性等因子可以解釋以外的公司治理程度。 實證結果顯示超額公司治理指數與隔年的資產報酬率改變量有正向關係。另外，超額公司治理指數僅在高赫芬達指數(產業集中度較高)的子樣本裡對績效有顯著效果，顯示超額公司治理指數與競爭環境存在替代關係。另進一步細分發現，衡量超額經理人持股與家族企業程度之個別超額指數與未來資產報酬率有正向關係；而超額大股東持股指數則帶有負向關係。

This paper examines the relation between the abnormal governance index and firm performance, measured by a firm’s profitability. Following the methodology in Jenter and Lewellen (2015) and Fich, Harford and Tran (2015), the abnormal governance index is built using listed firm samples in Taiwan between 2006 and 2016. The index measures the abnormal corporate governance firms that take beyond those their industry and firm characteristics determinants could explain. The empirical results show that the abnormal governance index is positively related with changes in return-on-asset (ROA) in next year. Also, the effect of abnormal governance index is more significant in high HHI (i.e. more monopolistic) subgroup, implying a substitute relationship between abnormal corporate governance and market competitiveness. More specifically, the components including managerial ownership and the characteristic that a firm is owned by a family are positively related to changes in ROA. Besides, the results show that blockholder ownership is negatively related with changes in ROA.