獨立董事辭職與公司未來財務績效及股價之關聯

The Relation among the Independent Director’s Resignation, Future Financial Performance and Stock Price

本研究以2016年至2018年的上市櫃公司為研究樣本。本研究探討：獨立董事辭職與公司未來財務績效及股價之間的關聯性，並進一步研究公司前期財務績效及前期公司治理表現對於前述關聯性的調節效果。
本文實證結果發現：（1）不論係將財務績效指標定義為ROE或ROA，獨立董事辭職與公司未來財務績效表現都呈現負相關。（2）不論係將股價表現定義為當季季末那一日的異常報酬，還是當季季末那一日至季末後兩日的累積異常報酬，獨立董事辭職與公司未來股價表現都不具關聯性。（3）若公司前期財務績效表現或是前期公司治理表現較差，則會強化獨立董事辭職與公司未來財務績效表現間的負相關；然而，不論是公司前期財務績效表現或是前期公司治理表現較差都不會讓獨立董事辭職與公司未來股價表現呈現負相關。本文實證結果可以補充文獻之不足並作為實務界參考之用。

This study uses the firms listed on the Taiwan Stock Exchange and Taipei Exchange from 2016 to 2018 to investigate the relation among the independent director’s resignation, future financial performance and stock price. I further explore the moderating effects of company's previous financial performance and previous corporate governance performance on the above-mentioned relation.
The empirical results of this study find that: (1) Whether the financial performance indicator is defined as ROE or ROA, the resignation of independent directors is negatively correlated with the company's future financial performance. (2) Regardless of whether the stock price performance is defined as abnormal returns on the day at the end of the season or the cumulative abnormal returns from the day at the end of the season to two days after the end of the season, the resignation of independent directors is irrelevant to the company's future stock price. (3) If the company's previous financial performance or previous corporate governance performance is poor, it will strengthen the negative correlation between the resignation of independent directors and the company's future financial performance; however, neither the company's previous financial performance nor the previous poor corporate governance performance will drive the relation between the resignation of independent directors and the company's future stock price tend to be negatively correlated. The empirical results of this article can supplement the deficiencies of the literature and serve as a reference for the practitioners.