Page 93 - 臺大管理論叢第33卷第1期

NTU Management Review
Vol. 33 No. 1 Apr. 2023, 85-116
DOI:10.6226/NTUMR.202304_33(1).0003

Corporate Governance, Internal Control and Logistics Enterprise
Performance: Based on the Empirical Study of Listed Logistics
Enterprises in China

公司治理、內部控制與物流企業績效：基於中國物流上市
公司的實證

Li-Li Cao, School of Business Administration, Zhongnan University of Economics and Law
曹麗莉 / 中南財政經法大學工商管理學院
Jin-Bo Deng, School of Business Administration, Zhongnan University of Economics and Law
鄧勁博 / 中南財政經法大學工商管理學院
Li Liu, School of Business Administration, Zhongnan University of Economics and Law
劉莉 / 中南財政經法大學工商管理學院
Received 2020/11, Final revision received 2022/6
Abstract
We examine the 2013-2019 data of 92 publicly listed Chinese enterprises in the logistics
industry collected from CSMAR and Dibo databases, build comprehensive evaluation
indexes that measure the quality of corporate governance, and employ Dibo internal
control index to explore the impact of logistics enterprise governance quality and internal
control effectiveness on their performance. The results of our empirical analysis show
that the corporate governance quality and internal control effectiveness of logistics
enterprises are positively correlated with their financial performance. The interaction
between corporate governance and internal control positively impacts the performance of
logistics enterprises, which confirms the positive moderator effect of governance quality
for logistics enterprises. Secondly, both corporate governance and internal control have
lag effects on logistics enterprise performance, and the lag effects of internal control is
more significant than corporate governance. Thirdly, the influence of corporate governance
and internal control on performance has heterogeneity in companies with different
shareholding structure. Specifically, private logistics enterprises perform better than the
state-owned logistics companies when concerning the roles of corporate governance and
internal control. Finally, on the basis of robustness test, the conclusions are still valid.
【Keywords】corporate governance, internal control, logistics enterprises, performance,
moderator effect

領域主編：林修葳教授

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