Herding of Corporate Directors in Taiwan
Herding of Corporate Directors in Taiwan
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DOI：
10.2753/ree1540-496x440409
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发表时间：
2008-07
影响因子：
4
通讯作者：
John S. Liu;Chyan Yang
中科院分区：
文献类型：
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作者：
John S. Liu;Chyan Yang
当公司董事不仅坐在一个公司的董事会上，而且还坐在多个公司的董事会上时，可以说他们是从众的。这种羊群效应在文献中通常被称为“多重联锁”。本研究使用二元逻辑回归模型分析了董事羊群效应所涉及的因素。统计分析表明，在企业界控制大量有效资产、持有公司较高股权或担任内部管理职务的董事更有可能参与多个公司的连锁关系。换言之，控股股东及其关联人是参与这种连锁反应的主要个体。最后，公司的财务业绩与多重连锁呈负相关。
Corporate directors can be said to herd when they sit together on not only one, but several company boards. Such herding is commonly called "multiple interlock" in the literature. This study analyzes the factors involved in director herding using a binary logistics regression model. Statistical analysis indicates that directors who control a large amount of effective assets in the corporate world, own a high percentage of equity in a company, or hold an inside management position are more likely to be involved in multiple firm interlocks. In other words, controlling shareholders and their associates are the main individuals involved in such interlocks. Finally, company financial performance is negatively related to multiple interlocks.