董事會特徵與企業合資投資之財富效果

Board Characteristics and the Valuation Effects of Corporate Joint Venture Investments

本文旨在探討董事會特徵對企業合資投資財富效果之影響。儘管實務上董事普遍涉及合資決策，但現存文獻對於董事會如何影響企業合資成效依舊缺乏。因經理人可能基於自利動機追求合資，故董事在公司合資時扮演重要監控角色；而董事之資訊與資源提供可減輕合資遭遇之困難，故董事亦扮演諮詢的角色。本研究依據代理成本理論及資源依賴理論探討董事會相關變數對企業合資績效的影響。研究結果顯示董事的合資經驗對合資具有正面財富效果，此外，董事會召開次數及董事所持有股權對董事經驗與績效關係強度有正向的影響。然而，董事會大小及外部董事的比率並未具有顯著之解釋能力。因董事在合資產業所獲得之產業經驗並未能普遍提升合資績效，本研究進一步針對投資在異業的合資樣本作分析，發現在此子群中，董事之合資產業經驗對合資績效有正向顯著影響。本研究結果指出研究董事會特徵與企業投資績效之關聯性時，採取整合性觀點之重要性，此一觀點長期以來為相關董事文獻所忽視。故藉由探討董事會對合資決策之影響，本研究發現為現存文獻存在著董事不一致影響之結論有所貢獻。

This study investigates the valuation effect of board characteristics in corporate Joint Venture (JV) investments. Despite the prevalence of a board's involvement in JV decisions in practice, extant literature is mute concerning how the board adds value to JV outcomes. Investigation into board contribution in JVs is insightful due to executives' self-serving behaviors that may underlie their JV pursuits and boards' resource provision that may mitigate critical JV challenges. The former (latter) sheds light on the board's monitoring (advisory) role in a firm's JV engagement. Drawing on agency theory and resource dependence theory, this study investigates the value of representative board characteristics underscored by these two theoretical perspectives. Our results show that the two conventional board measures, board size and outside director ratio, do not have a significant explanatory power. In contrast, director experience associated with JV decisions and gained from within relevant industries are found to positively impact JV outcomes. Moreover, both board meeting frequency and director ownership have favorable moderating effects on the strength of the experience-value relationship. However, these two variables per se do not independently determine a JV's value. Our research results indicate the importance of taking an integrative view to the investigation of board effectiveness, a perspective which has long been neglected in board research. The findings of the present study contribute to the mixed findings of extant studies on board influence from an uninvestigated domain, JV.