期刊刊名：科技學刊－人文社會類 　 卷期：17卷2期

篇名出版日期：2008年8月1日

作者：陳俞如,郭佳如,傅鍾仁,Yu-Ju Chen, Chia-Ju Kuo, Chung-Jen Fu

語言：English

關鍵字：corporate governance,independent directors,stockholders' wealth,公司治理,獨立董事,股東財富

被點閱次數：1次

閱讀時間：1sec

摘要：
The main issue of this study is to explore the relationship between the proportion of independent directors and stockholders' wealth. The empirical results indicate that the positive effects of independent directors on stockholders' wealth are signifi-cantly smaller for firms appointing independent directors compulsorily by regula-tions than those for firms appointing independent directors voluntarily. Furthermore, owing to the different needs as related to the seats held by independent directors for each firm, the effects of independent directors for firms with less severe agency problems are limited. Thus, under the circumstances that firms have to appoint in-dependent directors compulsorily by regulations, the effects of independent directors on stockholders' wealth will be smaller for firms with less severe agency problems than those for firms with severe agency problems. Firms appointing independent di-rectors compulsorily by regulations result in less benefits than those of firms ap-pointing independent directors voluntarily. To force firms to maintain independent directors will cause much fewer benefits especially when firms are not in need of appointing independent directors.

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