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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/135874

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題名:	The impact of market and industry risk on family succession
作者:	廖振傑 Liao, Chen-Chieh Yin-HuaYeh
貢獻者:	財管博四
關鍵詞:	Succession;Corporate governance;Family firms
日期:	2021-01
上傳時間:	2021-06-25 09:50:04 (UTC+8)
摘要:	This study investigates the succession decision of family firms in connection with the risk environment faced by the firm. Succession itself can rightly be considered a risk event due to managerial uncertainty. This uncertainty coupled with a high risk operating environment magnifies the critical importance of making a correct succession decision. In this paper, the primary focus is on how market and industry risk influence the selection of either a family member or a family external professional as the successor, and how this decision impacts post-succession firm performance. Our sample is comprised of 383 succession events in Taiwanese listed companies over a twenty-year period (1997–2016). Using industrial profitability risk and systematic risk as the risk measures, we find that firms operating in a high-risk environment tend to employ a non-family member as the successor which on average leads to superior post-succession performance compared to firms that choose a family member as the successor. This result particularly holds when the non-family successor is able to successfully reduce firm-level risk. Overall, our results demonstrate that the risk condition of a firm is an important determinant of the succession decision of family firms, and that a non-family successor is more competent in managing a high-risk operating environment.
關聯:	North American Journal of Economics and Finance, Vol.55, 101021
資料類型:	article
DOI 連結:	https://doi.org/10.1016/j.najef.2019.101021
DOI:	10.1016/j.najef.2019.101021
顯示於類別:	[財務管理學系] 期刊論文

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