成群結隊的董事們.

Presentation on theme: "成群結隊的董事們."— Presentation transcript:

1 成群結隊的董事們

2 董事成群結隊 董事成群結隊: 兩位董事同時擔任相同兩家或更多公司的董事或者是多位董事同時擔 任相同兩家或更多公司的董事。
傳統上又稱此現象為多重連結(multiple interlock) 董事多重連結，普遍存在於各國的公司中

3 Why? 1. Resource Dependency: overcome environmental uncertainty
Ex: multiple interlocks among competing companies, inviting firm banks into the board 2. Class Hegemony: control the economies and benefit the directors who involved in the interlocks

4 Questions Q1: 董事多重連結是巧合，還是有意識的行為? Q2: 若董事多重連結是有意識行為，參與多重連結的董事會和董事有何特徵?

5 3 graph structure to describe director multiple-interlock
Affliation Network Board Network Director Network

6 Affliation Network Board Director

7 Director Network director Sharing board

8 Board Network Common director Company

9 Herding Measures percentage of multiple links in “board network” and “director network” average multiplicity of multiple links in board network Bipartite Clustering Coefficient Social Inertia Redundancy

10 Percentage of multiple links in “board network” and “director network”

11 Average Multiplicity of Multiple Links in a board network
Multiplicity of a node: how many edges connects a node Multiplicity of Multiple Links of a node: how many multiple links connects a node

12 Bipartite Clustering Coefficients
BCC = #C4 / (#L3 * 0.25)

13 Social Inertia Social Inertia of node i = sum(w_ik) / #k, where k is every neighbor of I

14 Redundancy One director can be a communication channel of two board, other directors are redundant.

15 Q1: Coincidence or Intended?
Method: 1. Building a random network similar to the real-world network 2. Calculating the herding measure 3. Compare with real-world network Result: Intended

16 Q2: pattern ? 1. 控制國內大量公司資產的董事 2. 擁有一家公司多數股份的公司 3. 內部董事

17 Q3:對公司績效正面或負面? ROA = 淨利 / 資產 Regression Result: Negatively Related

18 Multiple-interlock examples in Taiwan

19 Multiple-interlock examples in Taiwan

20 References 劉顯仲. 成群結隊的董事們