教授董監事之聘任決定因素與其對公司績效之影響

Abstract

2006 年至 2011 年台灣上市公司中,聘任專任教授為董監事的公司比率逐年上 升,由 2006 年 24.48%上升至 2011 年 32.91%,專任教授董監事席次占比之平均亦 由 3.48%上升至 5.20%。顯示愈來愈多上市公司偏好聘任教授擔任董監事,儼然形 成一種現象。本研究探討偏好聘任教授擔任董監事的公司,是否存在某些與其他 公司不同的財務或公司治理特性。其次,探討教授成為董事會成員對公司未來的 績效表現有著何種影響。 實證結果發現,聘任專任教授擔任董監事的公司,相對其他公司而言,在財 務變數方面,有較高的稅前息前資產報酬率、Tobin’s q、Z-score、總資產、股票報 酬率之標準差及研究發展費用率;公司治理變數方面,有較高的董事席次、外部 董事席次比率及外國法人持股,較低的公司年齡,再者董事長兼任總經理,且為 非家族企業。結果顯示聘任教授為董監事的公司,的確與其他公司存在財務與公 司治理方面的差異。 此外,實證結果發現,在線性迴歸模型下,控制產業與不同年度間的差異, 得出教授擔任董監事對公司未來績效有顯著的正向影響,但以Fixed Effect、工具 變數及 Difference 等方式控制內生性問題後,則對未來績效無顯著影響。

Appointing professors as board members has become more popular among listed firms in Taiwan. In the period from 2006 to 2011, the percentage of listed firms with at least one professor in the board increases from 24.48% to 32.91%, and the average percentage of professor directorships increases from 3.48% to 5.20%. This thesis studies the firm characteristics that affect the appointments of professors as board members. It also investigates whether appointing professors as board members can improve the firms’ financial performance. This thesis finds that the firms with and without professors in the board are different in various aspects. The firms with at least one professor in the board have higher ROA, Tobin’s q, Z-score, total assets, stock return volatility, R&D expense ratio, larger board size, higher foreign institutional ownership, and more outside directors. In addition, they are younger, less likely to be family firms, and more likely to have CEO duality. This thesis also shows that having professors as board members does not improve or reduce firm performance after the endogeneity issues are controlled.