政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/71506
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113318/144297 (79%)
Visitors : 51049324      Online Users : 908
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/71506


    Title: The Impact of Family Control and Board Characteristics on Corporate Policies
    Authors: 陳嬿如
    Chen, Y.R.;C.Y. Ho
    Contributors: 財管系
    Keywords: Family control;Board of directors;Director ownership in pledge;Corporate policies
    Date: 2009
    Issue Date: 2014-11-17 12:02:53 (UTC+8)
    Abstract: There exist two opposite arguments of family control. The interest-alignment hypothesis that suggests family control leads to efficient business operations; on the other hand, the entrenchment hypothesis claims a higher likelihood of asset expropriation due to the existence of a deviation between control and ownership. The literature documents that ownership concentration in Taiwan is higher than the Asian average, and that Taiwanese firms are mostly controlled by some families/groups via the active participation on boards and management appointments. The decisions made by insiders would thus be highly influenced by family control and board characteristics. This study comprehensively analyzes the effects of family control and board characteristics on major corporate policies, and confirms the endogenous relations among major corporate policies. We find that family-controlled firms are conservative in formulating dividend, compensation, and investment policies. The impact of board characteristics, especially director ownership, the proportion of director-ownership-in-pledge and the proportion of independent directors, on firm policies differs between family-controlled and non family-controlled firms. Furthermore, the study shows that the proportion of director-ownership-in-pledge plays a very important role in the behavior of controlling families affecting corporate policies.
    Relation: Journal of Management, 26, 1-16
    Data Type: article
    Appears in Collections:[Department of Finance] Periodical Articles

    Files in This Item:

    File Description SizeFormat
    1-16.pdf300KbAdobe PDF21130View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback