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| Title: | 獨立董事辭職與市場反應之研究
Does the Market React to the Resignation of Independent Directors? |
| Authors: | 高上洋
Kao, Shang-Yang |
| Contributors: | 陳宇紳
高上洋
Kao, Shang-Yang |
| Keywords: | 獨立董事辭職
專業背景
市場反應
事件研究法
Independent director turnover
Professional background
Market reaction
Event study |
| Date: | 2019 |
| Issue Date: | 2019-03-04 18:41:02 (UTC+8) |
| Abstract: | 自從獨立董事制度引進我國以來，獨立董事是否能夠監督公司管理階層及保障股東權益，一直都是眾所矚目的焦點，近年來多個上市櫃公司發生弊案，引發投資人對於獨立董事監督功能的懷疑，由於獨立董事具有資訊不對稱之優勢，較投資人了解公司之營運情況，因此獨立董事的辭職，可能是向投資人傳達公司內部有舞弊情事的警訊。樂陞案後，在輿論關注下，獨立董事被大眾以高標準檢視，再加以主管機關要求增加獨立董事的法律責任的情況下，有些獨立董事選擇辭職，進而掀起一波獨立董事的辭職潮，因此獨立董事辭職所造成的負面訊息效果可能更強。
本研究從市場投資人的角度出發，以2007年至2017年台灣上市櫃公司獨立董事辭職宣告為樣本，探討市場對獨立董事辭職的反應，並進一步探討獨立董事專業背景是否會影響獨立董事辭職與市場反應的關聯性。實證結果發現：(1)獨立董事辭職，市場投資人的反應雖為負面但並不顯著。(2)具有財務或法律背景之獨立董事辭職時，市場為負向反應並顯著。從實證結果來看，財務或法律背景獨立董事之辭職可能暗示公司在財務或法律層面出現問題，市場投資人因而給予負面反應。
Since the introduction of the independent director system, whether independent directors have fulfilled their fiduciary duty by overseeing company management and protecting shareholders’ interests has caught shareholders’ and general public’s attentions. In recent years, several corporate fraud cases have raised investor suspicions about the role played by independent directors in monitoring company management. Independent directors hold more information about firms they serve than investors. The resignation of independent directors may serve as a red flag of corporate misconduct that can convey useful information to investors. After the XPEC saga, under heightened investor scrutiny and greater litigation risk imposed by regulatory authorities, some independent directors decided to tender, which subsequently led to a wave of resignations of independent directors. The signaling effect of independent director resignation, therefore, may be amplified after the saga.
Using a sample of Taiwanese listed firms in 2007-2017, this study examines whether the market reacts to the resignation of independent director and whether the professional background of independent directors is associated with market reactions to such independent director turnover. The empirical results show that: (1) the market`s response to the resignation of independent directors is negative but insignificant; (2) the market reactions tend to be negative when independent directors with finance or legal background resign. The finding suggests that investors perceive the resignation of an independent director with finance or legal background as a red flag of corporate governance issue for the firm in which he or she served as a director. |
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| Description: | 碩士
國立政治大學
會計學系
1053530213 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1053530213 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.ACCT.003.2019.F07 |
| Appears in Collections: | [會計學系] 學位論文
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