過去的文獻皆針對公司治理的特定部分討論外溢效果，而本研究希望以更宏觀的方式探討公司治理是否具有同儕效應。本文以美國公司為樣本，在2001至2018年期間共15494個觀察值，並透過最小平方法研究競爭公司的公司治理施行是否具有外溢效果。實證結果如下：(1)公司治理可以透過同儕效應外溢到其他同業，藉此提升整體公司治理環境。 (2)同行的女性董事占比提高會正向影響公司的女性董事比例。(3)機構持股比會透過同儕效應外溢至同行，顯示機構投資人具有監督效果。
除此之外，本研究也進行了幾項額外測試，並針對結果做出以下結論：(1)董事會及審計會的特徵皆具有外溢效果。(2)反併購條款與同行的公司治理具有互補關係，可以影響公司的公司治理。(3)公司會參考同行本期的公司治理決策調整下期的公司治理作法。(4)透過廣告費用、公司年齡、CEO持股數作為工具變數，分別解決公司治理、女性持股比、機構持股比三個原始OLS模型中存在內生性之問題。



 

While the prior research has discussed spillover effects for specific parts of corporate governance, this study hopes to develop whether corporate governance has spillover effects in a broader way. This paper takes U.S. firms as a sample, with a total of 15,494 observations from 2001 to 2018 and uses the ordinary least squares (OLS) method to research whether the implementation of corporate governance by competitors has spillover effects.
The empirical results are as follows: (1) Corporate governance can spill over to other peers through the peer effect, thereby enhancing the overall corporate governance environment. (2) The increase in the proportion of female directors of peers will positively affect focal firm’s female director ratio. (3) Institutional ownerships will spread to peers through spillover effects, indicating that institutional investors have a supervisory effect.
In addition, this study also conducts several additional tests and draws the following conclusions: (1) The characteristics of the board and the audit committee have spillover effects. (2) Anti-takeover clauses have a complementary relationship with the corporate governance of peers that can affect the corporate governance of the firm. (3) The firm will adjust the corporate governance practices of the next period with reference to the corporate governance decisions of the peers in the current period. (4) By using advertising expenses, firm age, and CEO shareholding as instrumental variables, the endogenous problems in the three original OLS models of corporate governance, female shareholding ratio, and institutional shareholding ratio are solved respectively.

論文審定書 i
摘 要 ii
Abstract iii
1. Introduction 1
2. Literature Review and Hypotheses Development 6
2.1. Peer Effect in Corporate Governance 6
2.2. Peer Effect in Female directors 8
2.3. Peer Effect in Institutional Ownerships 10
3. Research Design and Sample 11
3.1. Model Specification 11
3.2. Dependent Variable 13
3.3. Control Variables 14
3.4. Sample Selection 14
4. Empirical Results 15
4.1. Descriptive Statistics 15
4.2. Main Regression Result in Peer effect 20
4.3. Secondary regression about component analysis in G score 22
4.4. Cross-effect of Main Variables with UD Laws in peer effect 24
4.5. Time-lead effect in peer effect 27
4.6. Endogenous issues 32
5. Conclusions 35
Reference 37
Appendix 43

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