台灣高科技產業高階經營團隊及董事會權力與組織績效關係之研究

Abstract

本研究運用台灣236家上市電子資訊業公司於2002年的高階經營團隊與董監事資料，探討高階經營團隊(TMT)的組成，以及實證高階團隊組成與董事會權力關係對公司經營績效的影響。研究發現TMT成員的教育程度異質性越高，對公司績效有負面影響；當TMT持股比例越高，對公司績效有正面的作用，顯示此內部公司治理機制的設計的確存在效果。除此，TMT的組成特徵（包括規模、教育程度、教育程度異質性、年資、年資異質性、持股率）皆與董事會權力（包括董事會持股和獨立董監事比）的增大交互作用，正向影響經營績效。

Using a data set on 236 Taiwan listed electronic firms, this research examines their top management teams (TMTs), and whether board power will interact with TMT characteristics to affect firm performances. The study finds that education heterogeneity of TMT is negatively related to corporate performance, and firms with higher TMT shareholdings perform better. In addition, the associations between the interaction effects of TMT characteristics (including size education, education heterogeneity, tenure, tenure heterogeneity and shareholdings) with board powers (including board shareholdings and the ratio of independent board members) and firm performances, are all significantly positive.