請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92886完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 雷立芬 | zh_TW |
| dc.contributor.advisor | Li-Fun Lei | en |
| dc.contributor.author | 陳俊豪 | zh_TW |
| dc.contributor.author | Jun-Hao Chen | en |
| dc.date.accessioned | 2024-07-03T16:07:09Z | - |
| dc.date.available | 2024-07-04 | - |
| dc.date.copyright | 2024-07-03 | - |
| dc.date.issued | 2024 | - |
| dc.date.submitted | 2024-07-01 | - |
| dc.identifier.citation | 林俊傑, 劉梧柏, & 黃華瑋. (2018). 公司治理評鑑與財務績效及公司價值之關聯性探討: 以臺灣上市櫃企業公司治理評鑑為例. 商略學報, 10(1), 23-46.https://doi.org/10.3966/207321472018031001002
Abor, J. (2007). Corporate governance and financing decisions of Ghanaian listed firms. The international journal of business in society, 7(1), 83-92.https://doi.org/10.1108/14720700710727131 Agyei, J., Sun, S., & Abrokwah, E. (2020). Trade-off theory versus pecking order theory: Ghanaian evidence. Sage Open,10(3),2158244020940987.https://doi.org/10.1177/2158244020940987 Alves, P., Couto, E. B., & Francisco, P. M. (2015). Board of directors’ composition and capital structure. Research in International Business and Finance, 35, 1-32.https://doi.org/10.1016/j.ribaf.2015.03.005 Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of economic studies, 58(2), 277-297.https://doi.org/10.2307/2297968 Aslam, E., & Haron, R. (2021). Corporate governance and risk-taking of Islamic banks: evidence from OIC countries. The International Journal of Business in Society, 21(7), 1460-1474.https://doi.org/10.1108/CG-08-2020-0311 Baum, C. F., Schaffer, M. E., & Stillman, S. (2003). Instrumental variables and GMM: Estimation and testing. The Stata Journal, 3(1), 1-31.https://doi.org/10.1177/1536867X0300300101 Bazhair, A. H. (2023). Board governance mechanisms and capital structure of Saudi non-financial listed firms: A dynamic panel analysis. SAGE Open, 13(2), 21582440231172959.https://doi.org/10.1177/2158244023117295 Bazhair, A. H., & Alshareef, M. N. (2022). Dynamic relationship between ownership structure and financial performance: A Saudi experience. Cogent Business & Management,9(1),2098636.https://doi.org/10.1080/23311975.2022.2098636 Berger, P. G., Ofek, E., & Yermack, D. L. (1997).Managerial entrenchment and capital structure decisions. The Journal of Finance, 52(4), 1411-1438.https://doi.org/10.1111/j.1540-6261.1997.tb01115.x Bhagat, S., & Black, B. (2001). The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27, 231.http://ssrn.com/abstract=313026 Bhatt, R. R., & Bhattacharya, S. (2015). Do board characteristics impact firm performance? An agency and resource dependency theory perspective. Asia-Pacific Journal of Management Research and Innovation, 11(4), 274-287.https://doi.org/10.1177/2319510X156029 Bodaghi, A., & Ahmadpour, A. (2010, June). The effect of corporate governance and ownership structure on capital structure of Iranian listed companies. Proceedings of the 7th International Conference on Enterprise Systems, Accounting and Logistics (Vol. 28, pp. 89-96). Bolarinwa, S. T., & Adegboye, A. A. (2020). Re-examining the determinants of capital structure in Nigeria. Journal of Economic and Administrative Sciences, 37(1), 26-60. https://doi.org/10.1108/JEAS-06-2019-0057 Brennan, M. J., & Schwartz, E. S. (1978). Corporate income taxes, valuation, and the problem of optimal capital structure. Journal of Business, 103-114.https://www.jstor.org/stable/2352621 Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership structure: Separating the CEO and chairman of the board. Journal of Corporate Finance, 3(3), 189-220.https://doi.org/10.1016/S0929-1199(96)00013-2 Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409-434.https://doi.org/10.1016/j.jaccpubpol.2006.05.005 Buvanendra, S., Sridharan, P., & Thiyagarajan, S. (2017). Firm characteristics, corporate governance and capital structure adjustments: A comparative study of listed firms in Sri Lanka and India. IIMB Management Review, 29(4), 245-258.https://doi.org/10.1016/j.iimb.2017.10.002 Cadbury, A. (1992). Report of the committee on the financial aspects of corporate governance (Vol. 1). Gee. https://doi.org/10.1111/j.1467-8683.1993.tb00025.x Claessens, S., & Fan, J. P. (2002). Corporate governance in Asia: A survey. International Review of Finance, 3(2), 71-103. https://doi.org/10.1111/1468-2443.00034 DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29.https://doi.org/10.1016/0304-405X(80)90019-7 Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57-74. https://doi.org/10.5465/amr.1989.4279003 Ezeani, E., Salem, R., Kwabi, F., Boutaine, K., Bilal, & Komal, B. (2022). Board monitoring and capital structure dynamics: evidence from bank-based economies. Review of Quantitative Finance and Accounting, 58(2), 473-498.https://doi.org/10.1007/s11156-021-01000-4 Ezeani, E., Kwabi, F., Salem, R., Usman, M., Alqatamin, R. M. H., & Kostov, P. (2023). Corporate board and dynamics of capital structure: Evidence from UK, France and Germany. International Journal of Finance & Economics, 28(3), 3281-3298.https://doi.org/10.1002/ijfe.2593 Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325. https://www.jstor.org/stable/725104 Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40. https://doi.org/10.1111/j.1540-6261.1989.tb02402.x Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248.https://doi.org/10.1016/S0304-405X(02)00252-0 Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important?. Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x Gill, A., Mand, H. S., Amiraslany, A., & Mathur, N. (2020). Efficient working capital management and the cost of debt. International Journal of Business and Economics, 19(2), 151-169. https://EconPapers.repec.org/RePEc:ijb:journl:v:19:y:2020:i:2:p:131-149 Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2-3), 187-243.https://doi.org/10.1016/S0304-405X(01)00044-7 Hall, A. R. (2003). Generalized method of moments. A companion to theoretical econometrics, 230-255. https://doi.org/10.1002/9780470996249.ch12 Hossain, M. S. (2021). A revisit of capital structure puzzle: Global evidence and analysis. International Review of Economics & Finance, 75, 657-678.https://doi.org/10.1016/j.iref.2021.05.001 Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. https://www.jstor.org/stable/1818789 Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.https://doi.org/10.1016/0304-405X(76)90026-X Kane, A., Marcus, A. J., & McDonald, R. L. (1984). How big is the tax advantage to debt?. The Journal of Finance, 39(3), 841-853. https://doi.org/10.1111/j.1540-6261.1984.tb03678.x Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400.https://doi.org/10.1016/S0165-4101(02)00059-9 Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922. https://doi.org/10.2307/2978343 Kyriazopoulos, G. (2017). Corporate governance and capital structure in the periods of financial distress. Evidence from Greece. Investment Management and Financial Innovations, 14(1.1), 254-262. http://dx.doi.org/10.21511/imfi.14(1-1).2017.12 Lambrinoudakis, C., Skiadopoulos, G., & Gkionis, K. (2019). Capital structure and financial flexibility: Expectations of future shocks. Journal of Banking & Finance, 104, 1-18. https://doi.org/10.1016/j.jbankfin.2019.03.016 McDonald, L., & Robinson, P. (2009). A colossal failure of common sense: The incredible inside story of the collapse of Lehman Brothers. Ebury Press.https://www.amazon.com/Colossal-Failure-Common-Sense-Incredible/dp/0091936152 Millstein, I. M., & Katsh, S. M. (2003). The limits of corporate power: Existing constraints on the exercise of corporate discretion. Beard Books.https://www.amazon.com/-/zh_TW/Ira-M-Millstein/dp/1587982021 Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.https://www.jstor.org/stable/1809766 Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443.https://www.jstor.org/stable/1809167 Moradi, A., & Paulet, E. (2019). The firm-specific determinants of capital structure–An empirical analysis of firms before and during the Euro Crisis. Research in International Business and Finance, 47, 150-161. https://doi.org/10.1016/j.ribaf.2018.07.007 Myers, S. C. (1984). Finance theory and financial strategy. Interfaces, 14(1), 126-137. https://doi.org/10.1287/inte.14.1.126 Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: evidence from UK company panel data. Journal of Business Finance & Accounting, 28(1‐2), 175-198. https://doi.org/10.1111/1468-5957.00370 PeiZhi, W., & Ramzan, M. (2020). Do corporate governance structure and capital structure matter for the performance of the firms? An empirical testing with the contemplation of outliers. Plos one, 15(2), e0229157.https://doi.org/10.1371/journal.pone.0229157 Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113-1155.https://www.jstor.org/stable/10.1086/250042 Ramjee, A., & Gwatidzo, T. (2012). Dynamics in capital structure determinants in South Africa. Meditari Accountancy Research, 20(1), 52-67.https://doi.org/10.1108/10222521211234228 Sani, A., & Alifiah, M. N. (2020). Determinants of the capital structure of Nigerian listed firms: A dynamic panel model. International Journal of Psychosocial Rehabilitation, 24(5), 991-999. https://www.psychosocial.com/article/PR201772/16547 Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783.https://doi.org/10.1111/j.1540-6261.1997.tb04820.x Shivdasani, A., & Zenner, M. (2004). Best practices in corporate governance: what two decades of research reveals. Journal of Applied Corporate Finance, 16(2‐3), 29-41. https://doi.org/10.1111/j.1745-6622.2004.tb00536.x Tarus, D. K., & Ayabei, E. (2016). Board composition and capital structure: Evidence from Kenya. Management Research Review, 39(9), 1056-1079.https://doi.org/10.1108/MRR-01-2015-0019 Tirole, J. (2010). The theory of corporate finance. Princeton University Press.https://assets.press.princeton.edu/tirole/front.pdf Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.https://doi.org/10.1111/j.1540-6261.1988.tb02585.x Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142. https://doi.org/10.1016/S0304-405X(99)00018-5 Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334. https://doi.org/10.1177/014920638901500208 Zaid, M. A. A., Wang, M., Sara, T. F., Issa, A., Saleh, M. W. A., & Ali, F. (2020). Corporate governance practices and capital structure decisions: the moderating effect of gender diversity. The International Journal of Business in Society, 20(5), 939-964. https://doi.org/10.1108/CG-11-2019-0343 Asian Corporate Governance Association. (2010). Asian corporate governance report. Retrieved from https://www.acga-asia.org/ 中國證監會. (2001). 關於在上市公司設立獨立董事制度的指導意見. Retrieved from http://www.csrc.gov.cn/ | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92886 | - |
| dc.description.abstract | 本研究採用系統性廣義動差法（System Generalized Method of Moments, System-GMM）探討臺灣非金融上市櫃公司之資本結構調節速度。實證過程中，以負債比率（Debt to Asset Ratio, D/A ratio）作為資本結構變數進行分析，同時將靜態估計法下可能影響資本結構的董事會特徵變數納入。實證結果發現，臺灣的非金融上市櫃公司資本結構調整速度約為每年18.54%，符合動態權衡理論中的部分調整模型假設，同時發現平均需要5.4年時間才能將資本結構調整回到最適區間。此外在動態面板估計下，董事會規模、董事會獨立性以及董事會議次數對資本結構存在顯著正向解釋力；獨立董事人數則存在顯著反向解釋力；CEO雙重性則並未發現顯著解釋力。根據結果建亦當企業欲提升財務槓桿時，可考慮擴大董事會規模、提升董事會獨立性以及增加董事會議次數；欲降低槓桿使用改善資本結構時，可考慮增加獨立董事人數。 | zh_TW |
| dc.description.abstract | This study employs the System Generalized Method of Moments (System-GMM) to investigate the capital structure adjustment speed of non-financial listed companies in Taiwan. The empirical analysis uses the Debt-to-Asset ratio (D/A ratio) as the capital structure variable, incorporating board characteristics that may influence capital structure under static estimation. The results show that the capital structure adjustment speed of non-financial listed companies in Taiwan is approximately 18.54% per year, consistent with the partial adjustment model assumption in the dynamic trade-off theory. It is also found that it takes an average of 5.4 years to adjust the capital structure back to the optimal range. Additionally, the dynamic panel estimation reveals that board size, board independence, and the number of board meetings have significant positive explanatory power on capital structure, while the number of independent directors has a significant negative explanatory power. CEO duality does not show significant explanatory power on the D/A ratio. The findings suggest that to increase financial leverage, companies may consider expanding board size, enhancing board independence, and increasing the number of board meetings. To reduce leverage and improve capital structure, increasing the number of independent directors can be considered. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-07-03T16:07:09Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-07-03T16:07:09Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 碩士口試審定書 i
謝辭 ii 摘要 iii Abstract iv 目次 v 表次 vi 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第貳章 文獻回顧 6 第一節 臺灣公司治理發展 6 第二節 代理理論 8 第三節 權衡理論 13 第參章 研究方法 16 第肆章 實證結果與分析 23 第一節 敘述性統計 23 第二節 Pearson相關係數矩陣 25 第三節 靜態估計方法實證結果 27 第四節 System-GMM實證結果 29 第伍章 結論 35 參考文獻 38 附錄一 動態面板分析與GMM 45 附錄二 產業分類 48 附錄三 STATA 程式碼 49 | - |
| dc.language.iso | zh_TW | - |
| dc.title | 董事會特徵對資本結構影響之動態面板分析 | zh_TW |
| dc.title | The Impact of Board Characteristics on Capital Structure Using Dynamic Panel Analysis | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 112-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 歐陽利姝;許耀文 | zh_TW |
| dc.contributor.oralexamcommittee | Li-Shu Ouyang;Yao-Wen Hsu | en |
| dc.subject.keyword | 資本結構,負債比率,董事會特徵,公司治理,系統性廣義動差法, | zh_TW |
| dc.subject.keyword | Capital Structure,Debt-to-Asset ratio,Board Characteristics,Corporate Governance,System Generalized Method of Moments, | en |
| dc.relation.page | 49 | - |
| dc.identifier.doi | 10.6342/NTU202401437 | - |
| dc.rights.note | 同意授權(全球公開) | - |
| dc.date.accepted | 2024-07-02 | - |
| dc.contributor.author-college | 生物資源暨農學院 | - |
| dc.contributor.author-dept | 農業經濟學系 | - |
| 顯示於系所單位： | 農業經濟學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-112-2.pdf | 1.14 MB | Adobe PDF | 檢視/開啟 |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。