以企業生命週期探討家族企業與董事會結構對公司治理評鑑結果之影響

The Impact of Family Business and Board Structure on Corporate Governance Evaluation in the Corporate Life Cycle

研究目的：不同企業生命週期，家族企業、董事長兼任總經理及獨立董事比例如何影響公司治理評鑑排名結果。
研究設計／方法：企業生命週期分成長期、成熟期及衰退期；公司治理評鑑排名結果二級分類。
研究結果：成熟期家族企業及成長期董事長兼任總經理對公司治理評鑑排名有負面影響；成長期獨立董事比例愈高，對公司治理評鑑排名有正面助益。
研究限制／啟發：董事會結構未來研究方向可考慮背景、學經歷、性別及年齡等。
理論／實務／社會意涵：成熟期的家族企業可藉由健全公司治理對公司治理評鑑排名結果產生正面助益。
創見／價值：提供企業配合發展階段，調整其經營模式，投資人選擇股票投資、主管機關推動公司治理政策與法律制定之重要依據。

Purpose–To investigate whether a chairman concurrently serving as a general manager and the proportion of independent directors, affect the corporate governance and the ranking results of the corporate governance evaluation in different corporate life cycles of family business.
Design/methodology/approach–Corporate life cycle is divided into the growth, mature and declining stages; the ranking results of corporate governance evaluation are classified into two tiers, the top 20% and 80% consisting of others.
Findings–Both the family business in its mature stage and the chairman concurrently serving as the general manager in growth stage, have a negative impact in evaluation and ranking of corporate governance. Additionally, the higher proportion of independent directors in the growth stage, the more positive the ranking of corporate governance evaluation.
Research limitations/implications–In future research with the board structure may take the background, experience, gender, age, along with other factors into account.
Practical implications/Social implications–In the mature stage of a family business, sound corporate governance can contribute to the results of corporate governance evaluation rankings positively.
Originality/value–The aim here is to provide an important reference for family business, to adjust the business model with the corporate life cycle stage, to choose the investment targets, and assist the government authorities with the policies.