政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99326
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113325/144300 (79%)
Visitors : 51186699      Online Users : 897
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/140.119/99326


    Title: 家族企業接班與現金持有政策
    Family Succession and Cash Holding Policy
    Authors: 王湘綺
    Wang, Hsiang Chi
    Contributors: 陳嬿如
    Chen, Yenn Ru
    王湘綺
    Wang, Hsiang Chi
    Keywords: 家族企業接班
    現金持有
    現金價值
    Family succession
    Cash
    Cash holding
    Value of cash
    Date: 2016
    Issue Date: 2016-07-20 17:12:21 (UTC+8)
    Abstract: 本研究旨在探討家族企業接班與接班人類型對於公司現金來源及現金價值的影響。本研究使用於1992年至2015年被列於S&P 1500指數的公司為樣本進行實證研究。實證結果顯示家族企業接班後將減少使用發行股票為公司現金的來源。此外，當接班人為家族成員時，企業接班後的邊際現金價值會較低；然而於財務限制的家族企業，企業接班將使當年度的邊際現金價值提高。本研究結果顯示資本市場對於家族企業接班投以較高的關注，尤其當接班人為家族成員時程度更為顯著。
    This study examines the effect of succession on the cash saving behavior and the value of cash holdings for family firms. By examining the Standard and Poor 1500 indexed firms from 1992 to 2015, we find that cash savings from equity issuance decrease around successions, and the decreasing effect lasts longer with family related successors. In addition, the marginal value of cash holdings will be lower after succession if the successor is associated with the family. But if family firms are financial constrained, the marginal value of cash holdings will be higher with family firms with succession at the year of succession but not after. These findings indicate that the capital markets are concerned with the succession implication for family firms more than non-family firms, especially when the successors are family members.
    Reference: Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777-1804.
    Amore, M. D., Minichilli, A., & Corbetta, G. (2011). How do managerial successions shape corporate financial policies in family firms? Journal of corporate finance, 17(4), 1016-1027.
    Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of financial Economics, 68(2), 263-285.
    Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
    Andres, C. (2008). Large shareholders and firm performance—An empirical examination of founding-family ownership. Journal of corporate finance, 14(4), 431-445.
    Bennedsen, M., Nielsen, K. M., Pérez-González, F., and Wolfenzon, D. (2006). Inside the family firm: The role of families in succession decisions and performance. Quarterly Journal of Economics, 122(2), 647-691.
    Bertrand, M., Johnson, S., Samphantharak, K., & Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. Journal of financial Economics, 88(3), 466-498.
    Caselli, F., & Gennaioli, N. (2005). Credit constraints, competition, and meritocracy. Journal of the European Economic Association, 3(2‐3), 679-689.
    Cromie, S., Stephenson, B., & Monteith, D. (1995). The management of family firms: an empirical investigation. International Small Business Journal, 13(4), 11-34.
    Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of corporate finance, 14(1), 17-31.
    Davis, P. S., & Harveston, P. D. (1998). The influence of family on the family business succession process: A multi-generational perspective. Entrepreneurship theory and practice, 22, 31-54.
    Davis, P. S., & Harveston, P. D. (1999). In the founder`s shadow: Conflict in the family firm. Family business review, 12(4), 311-323.
    Denis, D. J., & Sibilkov, V. (2010). Financial constraints, investment, and the value of cash holdings. Review of Financial Studies, 23(1), 247-269.
    Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial Economics, 83(3), 599-634.
    Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990.
    Fernández, Z., & Nieto, M. J. (2005). Internationalization strategy of small and medium‐sized family businesses: Some influential factors. Family business review, 18(1), 77-89.
    Gallo, M. Á., Tàpies, J., & Cappuyns, K. (2004). Comparison of family and nonfamily business: Financial logic and personal preferences. Family business review, 17(4), 303-318.
    Harvey, M., & Evans, R. E. (1994). Family business and multiple levels of conflict. Family business review, 7(4), 331-348.
    Haynes, G. W., Walker, R., Rowe, B. R., & Hong, G.-S. (1999). The intermingling of business and family finances in family-owned businesses. Family business review, 12(3), 225-239.
    Hertzel, M. G., & Li, Z. (2010). Behavioral and rational explanations of stock price performance around SEOs: Evidence from a decomposition of market-to-book ratios.
    Kim, W., & Weisbach, M. S. (2008). Motivations for public equity offers: An international perspective. Journal of financial Economics, 87(2), 281-307.
    López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family business review, 20(4), 269-287.
    Mahérault, L. (2004). Is there Any Specific Equity Route for Small and Medium‐Sized Family Businesses? The French Experience. Family business review, 17(3), 221-235.
    McConaughy, D. L., & Phillips, G. M. (1999). Founders versus descendants: The profitability, efficiency, growth characteristics and financing in large, public, founding-family-controlled firms. Family business review, 12(2), 123-131.
    Miller, D., & Breton‐Miller, L. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family business review, 19(1), 73-87.
    Mishra, C. S., Randøy, T., & Jenssen, J. I. (2001). The effect of founding family influence on firm value and corporate governance. Journal of International Financial Management & Accounting, 12(3), 235-259.
    Molly, V., Laveren, E., & Deloof, M. (2010). Family business succession and its impact on financial structure and performance. Family business review, 23(2), 131-147.
    Mullins, W., & Schoar, A. (2016). How do CEOs see their roles? Management philosophies and styles in family and non-family firms. Journal of financial Economics, 119(1), 24-43.
    Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial Economics, 52(1), 3-46.
    Pérez-González, F. (2006). Inherited control and firm performance. The American economic review, 1559-1588.
    Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross‐country analysis. The Journal of Finance, 61(6), 2725-2751.
    Poutziouris, P. Z. (2001). The Views of Family Companies on Venture Capital: Empirical Evidence from the UK Small to Medium‐Size Enterprising Economy. Family business review, 14(3), 277-291.
    Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003). Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2), 179-194.
    Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization science, 12(2), 99-116.
    Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship theory and practice, 27(4), 339-358.
    Smith, B. F., & Amoako-Adu, B. (1999). Management succession and financial performance of family controlled firms. Journal of corporate finance, 5(4), 341-368.
    Steijvers, T., & Niskanen, M. (2013). The determinants of cash holdings in private family firms. Accounting & Finance, 53(2), 537-560.
    Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of financial Economics, 80(2), 385-417.
    Wu, Z., Chua, J. H., & Chrisman, J. J. (2007). Effects of family ownership and management on small business equity financing. Journal of Business Venturing, 22(6), 875-895.
    Yilmazer, T., & Schrank, H. (2006). Financial intermingling in small family businesses. Journal of Business Venturing, 21(5), 726-751.
    Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family business review, 18(1), 23-40.
    Description: 碩士
    國立政治大學
    財務管理研究所
    103357011
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357011
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2184View/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