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PurposeUsing a data set of Taiwanese listed firms from 2002 to 2015, this paper aims to examine the determinants to voluntarily appoint independent directors.Design/methodology/approachThis study uses panel estimation to exploit both the cross-section and time-series nature of the data. Further, this paper uses Tobit regression, generalized linear model (GLM) in the additional analysis and the two-stage least squares to mitigate for a possible endogeneity issue.FindingsThe main findings show that Taiwanese firms with large board sizes tend to voluntarily appoint independent directors and firms that already have independent supervisors more willingly to accept additional independent directors onto the board. Furthermore, ownership concentration and institutional ownership are positively associated with the voluntary appointment of independent directors. On the contrary, firms controlled by family members are generally reluctant to voluntarily appoint independent directors.Research limitations/implicationsThe findings are important for managers, shareholders, creditors and policymakers. In particular, when considering the determinants of the voluntary appointment of independent directors, the results indicate that independent supervisors, outside shareholders and institutional investors are significant factors in influencing effective internal and external corporate governance mechanisms. This research work focuses on the voluntary appointment of independent directors. It would be interesting to compare the effectiveness of voluntary appointments with a mandatory appointment within Taiwan and with other jurisdictions.Originality/valueThis study incrementally contributes to the corporate governance literature in several ways. First, this study extends the earlier research by using a more comprehensive data set of non-financial Taiwanese firms and using alternative methodologies to investigate the determinants of voluntary appointment of independent directors. Second, prior studies tend to neglect the possible issue of using a censored and fractional dependent variable, the proportion of independent directors, which might yield biased and inconsistent parameter estimates when using ordinary least squares regression estimation. Finally, this study addresses the relevant econometric issues by using the Tobit, GLM and the two-stage least squares for a possible endogeneity concern.

PurposeUsing a data set of listed firms domiciled in Taiwan, this paper aims to empirically assess the effects of ownership structure and board of directors on firm value.Design/methodology/approachUsing a sample of Taiwanese listed firms from 1997 to 2015, this study uses a panel estimation to exploit both the cross-section and time–series nature of the data. Furthermore, two stage least squares (2SLS) regression model is used as robustness test to mitigate the endogeneity issue.FindingsThe main results show that the higher the proportion of independent directors, the smaller the board size, together with a two-tier board system and no chief executive officer duality, the stronger the firm's performance. With respect to ownership structure, block-holders' ownership, institutional ownership, foreign ownership and family ownership are all positively related to firm value.Research limitations/implicationsAlthough the Taiwanese corporate governance reform concerning the independent director system which is mandatory only for newly-listed companies is successful, the regulatory authority should require all listed companies to appoint independent directors to further enhance the Taiwanese corporate governance.Originality/valueFirst, unlike most of the previous literature on Western developed countries, this study examines the effects of corporate governance mechanisms on firm performance in a newly industrialised country, Taiwan. Second, while a number of studies used a single indicator of firm performance, this study examines both accounting-based and market-based firm performance. Third, this study addresses the endogeneity issue between corporate governance factors and firm performance by using 2SLS estimation, and details the econometric tests for justifying the appropriateness of using 2SLS estimation.

The English web portal of the Shanghai Municipal Government is a platform for the Shanghai Government to release information and provide services, and it is also the best window for publicizing Shanghai to the outside world. This research reviews the history of the English web portal construction of the Shanghai Municipal Government and finds its future direction by gaining enlightenment from the characteristics of foreign governments foreign-language web portals construction, so as to promote more accurate and timely release of information on the government website, and answer questions for foreigners. It is conducive to creating a real service-oriented web portal and increase the influence of communication.

Abstract Since the early work on defining and analyzing resilience in domains such as engineering, ecology and psychology, the concept has gained significant traction in many fields of research and practice. It has also become a very powerful justification for various policy goals in the water sector, evident in terms like flood resilience, river resilience, and water resilience. At the same time, a substantial body of literature has developed that questions the resilience concept's systems ontology, natural science roots and alleged conservatism, and criticizes resilience thinking for not addressing power issues. In this study, we review these critiques with the aim to develop a framework for power-sensitive resilience analysis. We build on the three faces of power to conceptualize the power to define resilience. We structure our discussion of the relevant literature into five questions that need to be reflected upon when applying the resilience concept to social?hydrological systems. These questions address: (a) resilience of what, (b) resilience at what scale, (c) resilience to what, (d) resilience for what purpose, and (e) resilience for whom; and the implications of the political choices involved in defining these parameters for resilience building or analysis. Explicitly considering these questions enables making political choices explicit in order to support negotiation or contestation on how resilience is defined and used. This article is categorized under: Human Water > Water Governance. Engineering Water > Planning Water. ; QC 20191001