內部董事比例、獨立董事比例與資訊揭露品質之關聯──家族持股之影響

The Relationships a mong the Proportions of Inside Directors, Independent Directors, and the Quality of Information Disclosure The Role of Family Ownership

資訊揭露對於資本市場是一個重要的機制，更是近年來不斷被強調的議題。本研究探討內部董事比例及獨立董事比例對於資訊揭露品質之影響，並進一步分析家族持股之調節效果。本文以2011年至2014年台灣上市櫃公司為研究樣本，研究結果發現內部董事比例與資訊揭露品質呈負相關；然而，獨立董事比例與資訊揭露品質呈正相關。除此之外，本研究發現家族持股雖然可以部份減緩內部董事比例與資訊揭露品質的反向關係，但無法完全消除前述反向關係。再者，家族持股也能部份弱化獨立董事比例與資訊揭露品質的正向關係，但無法完全消除前述正向關係。本研究實證結果可以補充文獻之不足並作為實務界參考之用。

Information disclosure, an essential capital market mechanism, is an issue that has been emphasized in recent years. This study aims to examine whether the proportionsof inside directors and independent directors respectively has an impact oninformation disclosurequality, anditfurther explores the moderating effects of family ownership.UsingTaiwaneselistingcompanies from 2011 to 2014as a sample, this study finds that the inside directorsproportionnegatively influencesinformation disclosurequality,while the independent directorsproportionpositively affects information disclosurequality.In addition,we find that the family ownershipcould partiallyalleviated,but notcompletely eliminated,the negative relationship between inside directors andinformation disclosurequality, nonetheless, family ownership could partially weaken, but not completelyreduced,the positive relationshipbetween independent directors and information disclosure quality. The study contributes tosupplement the deficiencies of literature concerned and serve as a reference for practitioners.