機構投資人因具有大量資金及專業知識，相較一般投資者有更強的影響力，使其於公司治理佔有舉足輕重的地位。經濟合作暨發展組織(OECD)也於2015年的公司治理原則中，新增了機構投資人、證券市場及其他中介機關的章節。為順應公司治理的國際趨勢並提升我國資本市場品質，主管機關於2016年推出了機構投資人盡職治理守則，督促機構投資人應基於客戶和受益人的長期利益善用資金進行投資，同時改善被投資公司的公司治理。為檢驗守則的推動是否符合預期，本文以機構投資人的投資、經營績效和被投資公司的公司治理程度衡量，為機構投資人盡職治理的有效性提供實證證據。
整體而言，未發現台灣的機構投資人因加入盡職治理的行列，使投資績效和經營績效提升，但在個別產業中有觀察到顯著的影響。簽署守則對銀行業的投資績效有正面影響，但對保險業的經營績效卻是負面的。本文指出機構投資人的盡職治理程度，和被投資公司的公司治理評等呈正相關。最後，本研究發現個別機構投資人的盡職治理程度和持股比例，和被投資公司的經營績效呈現負相關。

Institutional Investors have a more substantial influence than individuals due to their capital size and knowledge, making them play a pivotal role in corporate governance. The Organization for Economic Cooperation and Development (OECD) also established a new chapter for institutional investors into the OECD Principle of Corporate Governance during 2015. In order to follow the international trend of corporate governance and improve the quality of Taiwan’s capital market. Taiwan issued The Stewardship Principle for Institutional Investors (“Stewardship”) in 2016. The Stewardship requests institutional investors to invest based on the long-term interests of customers and beneficiaries and to improve the corporate governance of investees at the same time. To assess and provide empirical evidence for the effectiveness of the Stewardship. This study measures the investing and operating performance of institutional investors and the corporate governance of the investee.
Overall, this study does not find that institutional investors in Taiwan improve their investing and operating performance due to their participation in the Stewardship. On the other hand, this research finds significant evidence in individual industries. Participation in the Stewardship improves banking’s investing performance and reduces the insurance companies’ operating performance. This study also reveals that the degree of compliance to the Stewardship and the corporate governance rating of the investee have a significantly positive correlation. At last, our findings show that the degree of compliance to the Stewardship and shareholding of institutional investors are negatively correlated with the operating performance of the investee.

丁秀儀（2009）。公司治理是否受到機構投資人的青睞。管理學報，26卷3期， 233-253。
何里仁（2003）。公司治理之資訊透明度與績效評核關聯性之研究。逢甲大學會計與財稅所碩士論文，台中市。
吳幸蓁、廖蕙儀 (2017)。自願性揭露企業社會責任資訊之決定因素與其資訊後果。中山管理評論，25卷1期，13-62。
林穎芬、馮軒綾、洪鈺浩 (2018)。機構投資人、董事會結構、薪酬與關係人交易。中華會計學刊，14卷1期，1-29。
崔禕庭（2020）。機構投資人於公司治理的角色。國立政治大學法律學系碩士論文，台北市。
莫冬立 (2006)。企業非財務績效資訊揭露：為何做？如何做？，應用倫理研究通訊，40卷，60-71。
陳安琳、高蘭芬、陳怡凱、陳烷鈺 (2013)。董監事股權質押與公司治理之研究。中山管理評論，21卷2期，299-337。
戴貴美（2012）。公司治理與資訊透明度對經營績效之影響－以台灣金融保險業為例。南華大學財務金融學系財務管理碩士班碩士論文，嘉義縣。
張麗娟、晁罡、詹芷樺 (2016)。公司治理對期間報酬, 經營績效之影響研究—以 [公司治理評量制度] 授證公司為例。中華管理評論國際學報，19卷1期，1-28。
馮震宇(2017)。國際公司治理發展新趨勢-以盡職治理守則（Stewardship Code）為例。集保結算所月刊，234期，28-43。
劉家輝（2010）。資訊揭露、三大法人持股與公司經營績效之關聯性研究。國立臺北大學企業管理學系碩士論文，新北市。
鄭村 (2018)。機構投資人盡職治理功能之推動。證券服務，666期，11-14。
Abdullah, S. N. (2004). Board composition, CEO duality & performance among Malaysian listed companies. Corporate Governance: The international journal of business in society.
Admati, A. R., P. Pfleiderer, & J. Zechner, (1994). Large shareholder activism, risk sharing, & financial market equilibrium. journal of Political Economy, 102(6), 1097-1130.
Akotey, J. O., F. G. Sackey, L. Amoah, & R. F. Manso, (2013). The financial performance of life insurance companies in Ghana. The Journal of Risk Finance.
Almazan, A., J. C. Hartzell, & L. T. Starks, (2005). Active institutional shareholders & costs of monitoring: Evidence from executive compensation. Financial management, 34(4), 5-34.
Ashbaugh, H., D. W. Collins, & R. LaFond, (2004). Corporate governance & the cost of equity capital. Emory, University of Iowa. Retrieved on January, 26, 2006.
Ayres, I., & P. Cramton, (1993). Relational investing & agency theory. Cardozo L. Rev., 15, 1033.
Bainbridge, S. M. (2005). Shareholder activism & institutional investors. UCLA School of Law, Law-Econ Research Paper(05-20).
Berle, A., & G. Means, (1932). The Modern Corporation & Private Property, New York, World. In: Inc.
Black, B. S. (1998). Shareholder activism & corporate governance in the United States. As published in The New Palgrave Dictionary of Economics & the Law, 3, 459-465.
Brav, A., W. Jiang, F. Partnoy, & R. Thomas, (2008). Hedge fund activism, corporate governance, & firm performance. The journal of finance, 63(4), 1729-1775.
Brown, L. D., & M. L. Caylor, (2004). Corporate governance & firm performance. Available at SSRN 586423.
Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. Accounting review, 305-333.
Byrd, J., R. Parrino, & G. Pritsch, (1998). Stockholder–manager conflicts & firm value. Financial Analysts Journal, 54(3), 14-30.
Chaganti, R., & F. Damanpour, (1991). Institutional ownership, capital structure, & firm performance. Strategic management journal, 12(7), 479-491.
Chen, X., J. Harford, & K. Li, (2007). Monitoring: Which institutions matter? Journal of financial Economics, 86(2), 279-305.
Chi, L.-C. (2009). Do transparency & disclosure predict firm performance? Evidence from the Taiwan market. Expert Systems with Applications, 36(8), 11198-11203.
Demerjian, P., B. Lev, & S. McVay, (2012). Quantifying managerial ability: A new measure & validity tests. Management science, 58(7), 1229-1248.
Denis, D. K., & J. J. McConnell, (2003). International corporate governance. Journal of financial & quantitative analysis, 1-36.
Ferreira, M. A., & P. Matos, (2008). The colors of investors’ money: The role of institutional investors around the world. Journal of financial Economics, 88(3), 499-533.
Fischel, D. R. (1982). Corporate Governance Movement, The. V& . L. Rev., 35, 1259.
Gillan, S., & L. T. Starks, (1998). A survey of shareholder activism: Motivation & empirical evidence. Available at SSRN 663523.
Gillan, S., & L. T. Starks, (2003). Corporate governance, corporate ownership, & the role of institutional investors: A global perspective. Weinberg Center for Corporate Governance Working Paper(2003-01).
Gillan, S., & L. T. Starks, (2007). The evolution of shareholder activism in the United States. Available at SSRN 959670.
Gillan S.L. (2006). Recent Developments in Corporate Governance: An Overview. Journal of Corporate Finance, 12(3), 381– 402
Gompers, P. A., & A. Metrick, (2001). Institutional investors & equity prices. The quarterly journal of Economics, 116(1), 229-259.
Gugler, K., D. C. Mueller, & B. B. Yurtoglu, (2004). Corporate governance & the returns on investment. The Journal of Law & Economics, 47(2), 589-633.
Hart, O. (1995). Corporate governance: some theory & implications. The economic journal, 105(430), 678-689.
Hartzell, J. C., L. Sun, & S. Titman, (2014). Institutional investors as monitors of corporate diversification decisions: Evidence from real estate investment trusts. Journal of corporate finance, 25, 61-72.
Jensen, M. C., & W. H. Meckling, (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial Economics, 3(4), 305-360.
Karpoff, J. M., P. H. Malatesta, & R. A. Walkling, (1996). Corporate governance & shareholder initiatives: Empirical evidence. Journal of financial Economics, 42(3), 365-395.
Kim, E.-H., & T. Lyon, (2011). When does institutional investor activism increase shareholder value?: the carbon disclosure project. The BE Journal of Economic Analysis & Policy, 11(1).
Lipton, M., & J. W. Lorsch, (1992). A modest proposal for improved corporate governance. The business lawyer, 59-77.
Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of financial Economics, 64(2), 215-241.
Mizuno, M. (2010). Institutional investors, corporate governance and firm performance in Japan. Pacific Economic Review, 15(5), 653-665.
Mohanty, P. (2003). Institutional investors and corporate governance in India. National Stock Exchange of India Research Initiative Paper(15).
Nesbitt, S. L. (1994). long‐term rewards from shareholder activism: a study of the “calpers effect”. Journal of Applied Corporate Finance, 6(4), 75-80.
Pound, J. (1988). Proxy contests & the efficiency of shareholder oversight. Journal of financial Economics, 20, 237-265.
Ryan, L. V., & M. Schneider, (2002). The antecedents of institutional investor activism. Academy of management review, 27(4), 554-573.
Salim, M., & R. Yadav, (2012). Capital structure & firm performance: Evidence from Malaysian listed companies. Procedia-Social & Behavioral Sciences, 65, 156-166.
Schmidt, C., & R. Fahlenbrach, (2017). Do exogenous changes in passive institutional ownership affect corporate governance & firm value? Journal of financial Economics, 124(2), 285-306.
Sharif, S. P., & M. M. Lai, (2015). The effects of corporate disclosure practices on firm performance, risk & dividend policy. International Journal of Disclosure & Governance, 12(4), 311-326.
Smith, M. P. (1996). Shareholder activism by institutional investors: Evidence from CalPERS. The journal of finance, 51(1), 227-252.