AN EXAMINATION OF BOARD AND FIRM PERFORMANCE: EVIDENCE FROM TAIWAN

Chang-Jui Lin

The International Journal of Business and Finance Research, 2011, vol. 5, issue 4, 17-34

Abstract: This article discusses the impact of duality and board structure in corporate governance on corporate performance. The results showed that, regarding Tobin's Q, outside independent directors have a positive impact while other variables have no impact on corporate performance. Similar results were achieved using ROA and ROE for analysis. Duality, board size, and family-controlled directors had a negative impact on ROA and ROE. Supervisory directors, outside independent directors and inside directors had a positive impact on ROA and ROE. The analysis of large companies showed duality, board size, and family-controlled directors yielded a negative impact on ROA and ROE. Both supervisory directors and inside directors had positive impacts on ROA and ROE. Outside independent directors had positive impacts on ROE but no impact on ROA. No variable had an impact on Tobins' Q. The results from small and medium-sized companies indicate that supervisory directors, outside independent and inside directors had positive impacts on ROA and ROE. Other variables did not yield impacts on ROA and ROE. Finally, most of the variables had no impact on Tobins' Q.

Keywords: corporate governance; board structure; duality; corporate performance (search for similar items in EconPapers)
JEL-codes: G34 L25 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (8)

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