董事會多樣性與董事長權力對公司風險與績效的影響

Abstract

本研究以臺灣上市公司2010年至2020年的資料為樣本，分析董事會多樣性與董事長權力對於公司風險及績效的影響。本研究試圖以董事會的功能解釋董事會多樣性的效果，並以代理理論的觀點解釋董事長權力的影響。根據本研究的實證結果，董事會多樣性與會計績效表現呈正相關，但此關聯有可能受到潛在的內生性問題影響，而董事會多樣性對於公司的風險與市場績效則無顯著的效果。至於不同類型的董事長權力則可能加深或減低管理者與股東之間的代理問題，並影響公司的市場績效。最後，根據本研究的實證結果，缺乏證據支持董事長權力可能會加強或減弱董事會多樣性對公司風險與績效表現所造成的效果。

Using the data of listed firms in Taiwan from 2010 to 2020, this thesis examines the impacts of board diversity and COB power on firm risk and performance. The objective of this thesis is to explain the effects of board diversity through its function and to match the outcomes of COB power with the prediction of the agency theory. According to the empirical results, board diversity is positively related to accounting performance, potentially due to reverse causality. However, board diversity is not significantly related to firm risk and market performance. Different types of COB power could either exacerbate or alleviate the agency problem between managers and shareholders, therefore influencing market performance. Finally, there is limited evidence showing that COB power strengthens or weakens the impacts of board diversity on firm risk and performance.