Board composition and corporate governance performance: investigating the effects of diversity
本研究通过实证分析，以台湾证券交易所公司治理100指数衡量公司治理绩效，发现董事会独立性和董事资历对治理绩效有正向影响，为投资者和企业优化董事会构成提供参考。
This study investigated the diversity of the BOD and explored its impact on corporate governance through quantitative empirical analysis. This study uniquely adopted Taiwan Stock Exchange Corporate Governance 100 Index (TWSE CG 100 Index) as the measurement of corporate governance performance. Five highly related indicators, i.e. gender, independence, education, legal, finance or accounting profession, and seniority to measure board diversity, which could be efficient variables on predicting the firms’ likelihood being listed in the TWSE CG 100 Index, were used as independent variables. The results showed that board independence and the seniority of directors have a positive impact on corporate governance. This study made several important contributions. First, this study shed light on the conflicting evidence on the relationship between board diversity and firm corporate governance performance for the Taiwan economy. Second, this paper uniquely adopted TWSE CG 100 Index, and the findings can contribute to giving investors predictions about the quality of corporate governance and can serve as an incentive for corporates to enhance superior corporate governance. Furthermore, this study can contribute to practice by providing optimization suggestions for BOD composition and nomination. At last, this paper demonstrated policy justifications and implications for Taiwan government.