高績效家族與非家族企業董事會實務構型之探索性研究：模糊集合分析之應用

An Exploratory Study on High Performance Configurations of Board Practices in Family and Non-family Firms: A Fuzzy Set Analysis

過去實證研究多以個別董事會特徵來檢視治理機制與公司績效之間的關係，導致實證結果並不一致的現象。然董事會實務並非獨立存在，多個不同治理實務集體形塑董事會實務的樣貌，進而影響治理的效能。因此，本研究運用模糊集合質性比較分析法（fs/QCA），以構型理論和互補替代觀點，探索2008～2013年臺灣563家上市櫃公司，在家族和非家族企業兩個體制下，產生高績效的董事會組合構型。研究結果發現，家族企業共有五個重複出現的高績效董事會實務組合構型，非家族企業則有四個高績效董事會實務組合構型，而且家族和非家族企業高績效的公司治理實務組合完全不同，這九個高績效的董事會實務構型多以混合組合方式呈現。

Despite voluminous empirical studies on the relationships among board characteristics and company performances, there are mixed and inconsistent findings. One explanation for the divergent findings is that those studies conceptualized each board characteristic as an independent factor, without considering its relationship with others. However, various board governance practices coexist within and outside firms, and they collectively constitute the context of governance environments. To better comprehend the relationships among board governance practices and firm performances, it is necessary to examine the interrelated board mechanisms as a governance bundle. Building on configurational and complementarity/substitution perspectives, we, using a sample of 563 public Taiwanese firms over a period of six years (2008-2013), conduct fuzzy set/qualitative comparative analysis (fs/QCA) to explore what the different configurations of board governance bundles are and how the combinations of board governance practices lead to high firm performance in Taiwanese public family and non-family firms. We uncover that there are five bundles of board practices occur more frequently across the years in family firms leading to high firm performance and four combinations in nonfamily firms achieving high profitability. High-performance configurations of board governance practice between family and non-family firms are totally different. In addition, almost all of nine configurations are presented in hybrid governance forms.