政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/37023

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/37023

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政大典藏 > College of Commerce > International MBA > Theses > Item 140.119/37023

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/37023

Title:	台灣家族企業的經營績效：時間序列分析 Performance of Family Controlled Firms in Taiwan: A Time Series Analysis
Authors:	司宇文 Sylvain, Senechal
Contributors:	傅冶天 Fu, Ted 司宇文 Sylvain, Senechal
Keywords:	台灣家族企業
Date:	2008
Issue Date:	2009-09-18 20:29:43 (UTC+8)
Abstract:	台灣家族企業的經營績效 This paper focuses on the performance and characteristics of Taiwan Stock Exchange listed family firms. It shows that the trend between 1997 and 2007 is for more firms to be widely held but that family firms retain their importance as a fraction of total asset. Family firms are found to be on average smaller, older and have a better return on equity than widely held firm. The better performance holds when controlling in a multivariate analysis for firm size, age and China investment. Family firm return on equity is not shown to present the curvilinearity of entrenchment – alignment – entrenchment associated in other studies with increasing levels of control. In a time series analysis from 1997 to 2007, there is no evidence that the better performance of family firms is a temporal effect. The ROA and ROE of family firms is better when controlling for year, asset and debt/asset.
Reference:	Anderson, R., and D. Reeb. “Board composition: Balancing family influence in S&P 500 firms.” Administrive Science Quartely 49.2 (2004): 209-237. SSRN: http://ssrn.com/abstract=590305 Anderson, R., S. Mansi, and D. Reeb. “Founding family ownership and the agency cost of debt.” Journal of Financial Economics 68 (2003): 263-285. Anderson, R., and D. Reeb. “Founding-family ownership and firm performance: evidence from the S&P 500.” The Journal of Finance 58 (2003): 1301-28. Anderson, R., and D. Reeb. “Who monitors the family?” American University and University of Alabama, working paper (2003). SSRN: http://ssrn.com/abstract=369620 Carney, M., and E. Gedajlovic. “Strategic innovation and the administrative heritage of East Asian family business groups.” Asia Pacific Journal of Management 20 (2003): 5-26. Chin, C.-L., G. Kleinman, P. Lee, and M.-F. Lin. “Corporate ownership structure and accuracy and bias of mandatory earnings forecast: Evidence from Taiwan.” Journal of International Accounting Research 5.2 (2006): 41-62. Chung, C.-N. “Markets, culture and institutions: The emergence of large business groups in Taiwan, 1950s-1970s.” Jounal of Management Studies 38 (2001): 719-745. Chung, K. H., and S. W. Pruitt. “A simple approxiamtion of Tobin’s q.” Financial Management 23.3 (1994): 70-74. Claessens, S., S. Djankov, J. Fan, and L. Lang. “Disentangling the incentive and entrenchment effects of large shareholding.” Journal of Finance 57.6 (2002): 2741-2771. Claessens, S., S. Djankov, J. Fan, and L. Lang. “Expropriation of minority shareholders: Evidence from East Asia.” World Bank, Working paper no. 2088 (1999). SSRN: http://ssrn.com/abstract=620647 Davis, J., F. D. Schoorman, and L. Donaldson. “toward a stewardship theory of management.” Academy of Management Review 22 (1997): 20-47. Fama E., and M. Jensen. “Separation of ownership and control.” Journal of Law and Economics 26 (1983): 301-325. Filatotchev, I., Y.-C. Lien, and J. Piesse. “Corporate governance and performance in publicly listed, family-controlled firms: Evidence from Taiwan.” Asia Pacific Journal of Management 22 (2005): 257-283. Gomez-Mejia, L., M. Nunez-Nickel, and I. Gutierrez. “The role of family ties in agency contracts.” Academy of Management Journal 44 (2001): 81-95. Hannah, Leslie. “The ‘Divorce’ of ownership from control from 1900 onwards: Re-calibrating imagined global trends.” Business History 49 (2007): 404-438. Huang, H.-H., P.-C. Hsu, H. A. Khan, and Y.-L. Yu. “Does the appointment of an outside director increase firm value? Evidence from Taiwan.” Emerging Markets Finance & Trade 44.3 (2008): 66-80. Jenssen, J. I., T. Randoy, and C. S. Mishra. “The effect of founding family influence on firm value and corporate governance.” Journal of International Financial Management and Accounting 12.3 (2001): 235-259. LaPorta, R., Lopez-de-Silanes, F., and Shleifer, A. “Corporate ownership around the world.” Journal of Finance 54 (1999): 471-517. Sraer, D., and D. Thesmar. “Performance and behavior of family firms: Evidence from the French stock market.” Journal of the European Economic Association 5.4 (2007): 709-751. Yeh, Y.-H., C.-E. Ko, and Y.-H. Su. “Ultimate control and expropriation of minority shareholders: New evidence from Taiwan.” Academia Economic Papers 31.3 (2003): 263-299.
Description:	碩士國立政治大學國際經營管理碩士班(IMBA) 95933044 97
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0959330442
Data Type:	thesis
Appears in Collections:	[International MBA] Theses

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