產業環境對董事會特質與政治關係之影響

The Impact of Industry Competition on Board Characteristics and Political Connection

本研究以2013年至2017年之台灣上市上櫃公司為樣本，分析企業的產業競爭程度，是否會影響企業的董事會成員特性，再進一步探討企業聘任政治關係的董事成員，是否也會受到產業競爭程度所影響。本研究針對不同董事會屬性的指標做分析，再將各項特性綜合成為一個單一指標，據此衡量董事會職能；另外，本研究以獨立董事成員的產、官、學界代表作為專業能力之代理變數，以檢視產業競爭程度對獨立董事之需求程度。本研究實證結果發現，公司的產業競爭程度愈高時，公司愈有誘因聘用較佳職能的董事成員，以達到董事會的監督機制；再者，當公司的產業競爭程度愈強烈，公司雖然不會聘任具有政治關係的董事成員，但是卻傾向聘任具有政治關係的獨立董事；最後，本研究發現愈競爭的產業，愈偏向聘請大專院校之專兼任教授擔任獨立董事，以期發揮監督與諮詢之功效。

This study uses the sample comprised of listed firms in Taiwan from year from 2006 to 2010 to investigate whether the degree of industry competition affect board member characteristics and their political connection. The empirical results suggest that in order to achieve the board's oversight mechanisms, a firm tends to employ higher quality of directors when it suffers from more industry competitive environment. However, if a firm faces higher level of industry competition, it is less likely to appoint the directors who have political connection, but more likely to appoint the independent directors with political connection. Interestingly, we also find firms tend to employ professors as independent directors when they face higher competitive environment.