英文摘要 |
Setting independent directors in a board in Taiwan has been an important issue of corporate governance since 2002. During the period of 2008 to 2010, the global financial storm started and later the world economy steadily recovered. Had the diversity of independent directors helped corporations to improve performance during this period? This research examines the relationship between the diversity of independent directors (education, academic majors, and experiences) and the performance of Taiwan’s firms after the global financial storm. First, the research finds that the diversity of independent directors’ education has no effects on firm performance. Second, the diversity of independent directors’ experience has positive effects on firm valuation and reduces systematic risks in 2008. Third, the diversity of independent directors’ academic majors has consistently positive effects on firm valuation. These results imply that when company considers independent directors, it can improve firm performance by increasing the diversity of independent boards. |