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R&D對內部董事與經營績效之關聯性影響 / R&D, Inside Directors, and Firm Performance游順合, Yu, Shun Ho Unknown Date (has links)
本研究同時考量代理理論及資源依賴理論之觀點,認為內部董事雖因任職於公司而造成其獨立性受損,監督誘因較低,但內部董事因具備有企業特定知識與內部有用資訊,故可有效評估策略並作成適當決策,尤以在高R&D投入之企業中,更需要具備企業特定知識之人,因此,本研究探討R&D支出與內部董事席次比率間之關係,並進一步分析R&D對內部董事與經營績效關聯性之影響。
實證結果顯示,高R&D投入與內部董事席次比率間呈顯著正相關,表示在R&D密度高的公司中,其公司的董事會中會有較高的內部董事席次。在高R&D密度的公司,內部董事席次比率與公司經營績效呈顯著正向關係。表示在高研發投入公司,公司特定專業知識之需求較高,內部董事資源提供之功能強於監督之需求,因而有較多內部董事席次之公司會有較佳之經營績效。 / This paper considered both agency theory and resource-dependence theory. Although hired by the firm, inside directors may have lower monitoring incentives, they have firm-specific knowledge and useful information and can evaluate strategies effectively and make better decisions. Especially in those high-R&D firms need firm-specific knowledge, therefore, this paper examines the relationship between R&D and the percentage of inside director, and also examines the relationship between inside director and firm performance in high-R&D firms.
The empirical results finds that R&D and inside director are significantly positive. It shows that high-R&D firms will have higher percentage of inside directors in their boards. And the empirical results also finds that in high-R&D firms, they will have more specific professional knowledge need, and inside directors’ resource-provision function is stronger than the monitoring function, therefore, firms with higher percentage of inside directors will have better firm performance.
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