台灣中小企業成長與董事會結構之關係：成長節奏之調節效果

The Growth of SMEs in Taiwan and the Structure of the Boards of Directors: Growth Rhythm as a Moderator

台灣經濟發展過程中小企業扮演著重要角色，許多中小企業積極採行多角化及國際化等成長策略追求永續經營，營運複雜程度與資訊處理需求會隨著執行成長策略伴隨而來，此時中小企業必須適時調整結構。本研究以資訊處理觀點為基礎，台灣235家上市櫃中小企業2005年至2011年資料為樣本，探討台灣中小企業成長對董事會結構的影響，此外亦探討成長過程的調節效果。研究結果發現企業成長程度越高，則董事會異質性越大、董事長兼任CEO的可能性越高，且CEO持股率越高。最後，成長步調強化企業成長與董事長兼任CEO間的關係，以及企業成長與CEO持股率的關係。

Small and medium-enterprises (SMEs) have played an important role in Taiwan’s economic development. Many SMEs actively adopt diversification and internationalization strategies to pursue sustainable growth and operational complexity as well as to respond to informationprocessing demands. Based on information-processing theory and using longitudinal data from 235 small and medium-sized publicly listed companies in Taiwan over a period of seven years from 2005 and 2011, we develop several hypotheses regarding the relationship between growth and the structure of the board of directors. The results indicate that firms in which the structure of the board of directors exhibits a high degree of growth are more likely to reveal (1) great heterogeneity, (2) CEO duality, and (3) high CEO shareholding. Moreover, we find that an irregular growth pattern will strengthen the positive relationship between business growth and CEO duality as well as the positive relationship between business growth and CEO shareholding.