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題名 家族成員接班對家族企業創新能力的影響
The influence of family member succession on the innovation ability of family firm作者 王人俊
Wang, Jen-Chun貢獻者 湛可南
Chan, Ko-Nan
王人俊
Wang, Jen-Chun關鍵詞 家族企業
接班
創新
Family firms
Succession
Innovation日期 2022 上傳時間 1-七月-2022 16:06:03 (UTC+8) 摘要 本研究探討家族成員接班對家族企業創新活動的影響，實證結果顯示家族成員接班會使家族企業研發支出增加，然而同時也會使家族企業的研發效率下降。此外過往有高層經驗的家族接班成員在接班後的創新活動表現會比沒有經驗的好，這個現象在下一代接班的情況下會更顯著。最後本文實證了家族企業研發效率與公司營運績效之間的正向關係。總結來說，本研究確認了家族成員接班對公司創新活動的負面影響，而過往的高層經驗可以減緩這樣的現象。
I examine the impact of succession on the innovation activities of the family firms when a family member inherits the business. The results show that family succession increases the company`s R&D expenditures. However, the R&D efficiency declines after a family member takes over. Moreover, family members with executive experience perform better in innovation activities after succession than those without relevant experience. This phenomenon is more pronounced in the case of second generation succession. Finally, I verify that there is a positive relationship between R&D efficiency and operating performance in family firms. Overall, my research confirms the negative impacts of family succession on firms` innovative activities and finds such influence can be moderated through prior executive experience.參考文獻 Amore, M. D., Minichilli, A., & Corbetta, G. (2011). How do managerial successions shape corporate financial policies in family firms? Journal of Corporate Finance 17, 1016-1027.Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking and Finance 36, 1744-1758.Anderson, R. C., Reeb, D. M. (2003). Founding family ownership and firm performance: evidence from the S&P 500. Journal of Finance 58, 1301-1328.Beatty, R. P., Zajac, E. J. (1994). Managerial incentives, monitoring, and risk bearing: a study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly 39, 313-335.Bennedsen, M., Fan, J. P. H., Jian, M., & Yeh, Y. H. (2015). The family business map: framework, selective survey, and evidence from Chinese family firm succession. Journal of Corporate Finance 33, 212-226.Bennedsen, M., Nielsen, K. M., Perez-Gonzalez, F., & Wolfenzon, D. (2007). Inside the family firm: the role of families in succession decisions and performance. Quarterly Journal of Economics 122, 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, 466-498.Bloom, N., Van Reenen, J. (2007). Measuring and explaining management practices across firms and countries. Quarterly Journal of Economics 122, 1351-1408.Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family firms. Journal of Finance 58, 2167-2201.Cabrera-Suarez, K., De Saa-Perez, P., & Garcoa-Almeida, D. (2001). The succession process from a resource- and knowledge-based view of the family firm. Family Business Review 14, 37-48.Chrisman, J. J., & Patel, P. C. (2012). Variations in R&D investments of family and nonfamily firms: behavioral agency and myopic loss aversion perspectives. Academy of Management Journal 55, 976-997.Chua, J. H., Chrisman, J. J., & Sharma, P. (2003). Succession and nonsuccession concerns of family firms and agency relationship with nonfamily managers. Family Business Review 16, 89-107.Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asia corporations. Journal of Financial Economics 58, 81-112.Covin, J. G., & Slevin, D. P. (1989). Strategic management of small firms in hostile and benign environments. Strategic Management Journal 10, 75-87.Cucculelli, M., Micucci, G. (2008). Family succession and firm performance: evidence from Italian family firms. Journal of Corporate Finance 14, 17-31.Duran, P., Kammerlander, N., Essen, M. V., & Zellweger, T. (2016). Doing more with less: innovation input and output in family firms. Academy of Management Journal 59, 1224–1264.Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long-term abnormal stock returns and operating performance following R&D increases. Journal of Finance 59, 623-650.Eddleston, K. A., Kellermanns, F. W., & Sarathy, R. (2008). Resource configuration in family firms: linking resources, strategic planning and technological opportunities to performance. Journal of Management Studies 45, 26-50.Faccio, M., Larry H. P. Lang, & Young, L. (2001). Dividends and expropriation. American Economic Review 91, 54-78.Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law & Economics 26, 301-325.Francis, J., & Smith, A. (1995). Agency costs and innovation some empirical evidence. Journal of Accounting and Economics 19, 383-409.Hall, B. H., & Ziedonis, R. H. (2001). The patent paradox revisited: an empirical study of patenting in the u.s. semiconductor industry, 1979-1995. The RAND Journal of Economics 32, 101-128.He, W., Yu, X. (2019). Paving the way for children: family firm succession and corporate philanthropy in China. Journal of Business Finance and Accounting 46, 1237-1262.La Porta, R., Florencio Lopez-de-Silanes, & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance 54, 417-517.Lee, C., Lee, K., & Pennings, J. M. (2001). Internal capabilities, external networks, and performance: a study on technology-based ventures. Strategic Management Journal 22, 615-640.McGrath, R. G. (2001). Exploratory learning, innovative capacity and managerial oversight. Academy of Management Journal 44, 118-131.Morck, R., Stangeland, D. A., & Yeung, B. Y. (1998). Inherited wealth, corporate control and economic growth: the canadian disease. NBER Working Paper 6814.Pérez-González, F. (2006). Inherited control and firm performance. The American Economic Review 96, 1559-1588.Roberts, P. W. (1999). Product innovation, product–market competition and persistent profitability in the U.S. pharmaceutical industry. Strategic Management Journal 20, 655–670.Souder, D., Zaheer, A., Sapienza, H., & Ranucci, R. (2017). How family influence, socioemotional wealth, and competitive conditions shape new technology adoption. Strategic Management Journal 38, 1774-1790.Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics 80, 385-417.Xu, N., Yuan, Q., Jiang, X., & Chan, K. C. (2015). Founder`s political connections, second generation involvement, and family firm performance: evidence from China. Journal of Corporate Finance 33, 243-259. 描述 碩士
國立政治大學
財務管理學系
108357025資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108357025 資料類型 thesis dc.contributor.advisor 湛可南 zh_TW dc.contributor.advisor Chan, Ko-Nan en_US dc.contributor.author (作者) 王人俊 zh_TW dc.contributor.author (作者) Wang, Jen-Chun en_US dc.creator (作者) 王人俊 zh_TW dc.creator (作者) Wang, Jen-Chun en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-七月-2022 16:06:03 (UTC+8) - dc.date.available 1-七月-2022 16:06:03 (UTC+8) - dc.date.issued (上傳時間) 1-七月-2022 16:06:03 (UTC+8) - dc.identifier (其他 識別碼) G0108357025 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140583 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 108357025 zh_TW dc.description.abstract (摘要) 本研究探討家族成員接班對家族企業創新活動的影響，實證結果顯示家族成員接班會使家族企業研發支出增加，然而同時也會使家族企業的研發效率下降。此外過往有高層經驗的家族接班成員在接班後的創新活動表現會比沒有經驗的好，這個現象在下一代接班的情況下會更顯著。最後本文實證了家族企業研發效率與公司營運績效之間的正向關係。總結來說，本研究確認了家族成員接班對公司創新活動的負面影響，而過往的高層經驗可以減緩這樣的現象。 zh_TW dc.description.abstract (摘要) I examine the impact of succession on the innovation activities of the family firms when a family member inherits the business. The results show that family succession increases the company`s R&D expenditures. However, the R&D efficiency declines after a family member takes over. Moreover, family members with executive experience perform better in innovation activities after succession than those without relevant experience. This phenomenon is more pronounced in the case of second generation succession. Finally, I verify that there is a positive relationship between R&D efficiency and operating performance in family firms. Overall, my research confirms the negative impacts of family succession on firms` innovative activities and finds such influence can be moderated through prior executive experience. en_US dc.description.tableofcontents I.Introduction 1II.Literature Review 42.1 Succession in family firms 42.2 Innovation ability of family firms 52.3 Hypothesis 6III.Data Collection and Methodology 83.1 Data 83.2 Variable 83.3 Methodology 103.4 Descriptive Statistic 11IV.Empirical Result 114.1 The impact of family succession on innovation capability 124.2 Family successor with executive experience and innovation capability 134.3 The relationship between operating performance and innovation capability in family firms 144.4 Robustness checks for endogeneity 14V.Conclusion 14Reference 16Appendix 19 zh_TW dc.format.extent 1094040 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108357025 en_US dc.subject (關鍵詞) 家族企業 zh_TW dc.subject (關鍵詞) 接班 zh_TW dc.subject (關鍵詞) 創新 zh_TW dc.subject (關鍵詞) Family firms en_US dc.subject (關鍵詞) Succession en_US dc.subject (關鍵詞) Innovation en_US dc.title (題名) 家族成員接班對家族企業創新能力的影響 zh_TW dc.title (題名) The influence of family member succession on the innovation ability of family firm en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Amore, M. D., Minichilli, A., & Corbetta, G. (2011). How do managerial successions shape corporate financial policies in family firms? Journal of Corporate Finance 17, 1016-1027.Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking and Finance 36, 1744-1758.Anderson, R. C., Reeb, D. M. (2003). Founding family ownership and firm performance: evidence from the S&P 500. Journal of Finance 58, 1301-1328.Beatty, R. P., Zajac, E. J. (1994). Managerial incentives, monitoring, and risk bearing: a study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly 39, 313-335.Bennedsen, M., Fan, J. P. H., Jian, M., & Yeh, Y. H. (2015). The family business map: framework, selective survey, and evidence from Chinese family firm succession. Journal of Corporate Finance 33, 212-226.Bennedsen, M., Nielsen, K. M., Perez-Gonzalez, F., & Wolfenzon, D. (2007). Inside the family firm: the role of families in succession decisions and performance. Quarterly Journal of Economics 122, 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, 466-498.Bloom, N., Van Reenen, J. (2007). Measuring and explaining management practices across firms and countries. Quarterly Journal of Economics 122, 1351-1408.Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family firms. Journal of Finance 58, 2167-2201.Cabrera-Suarez, K., De Saa-Perez, P., & Garcoa-Almeida, D. (2001). The succession process from a resource- and knowledge-based view of the family firm. Family Business Review 14, 37-48.Chrisman, J. J., & Patel, P. C. (2012). Variations in R&D investments of family and nonfamily firms: behavioral agency and myopic loss aversion perspectives. Academy of Management Journal 55, 976-997.Chua, J. H., Chrisman, J. J., & Sharma, P. (2003). Succession and nonsuccession concerns of family firms and agency relationship with nonfamily managers. Family Business Review 16, 89-107.Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asia corporations. Journal of Financial Economics 58, 81-112.Covin, J. G., & Slevin, D. P. (1989). Strategic management of small firms in hostile and benign environments. Strategic Management Journal 10, 75-87.Cucculelli, M., Micucci, G. (2008). Family succession and firm performance: evidence from Italian family firms. Journal of Corporate Finance 14, 17-31.Duran, P., Kammerlander, N., Essen, M. V., & Zellweger, T. (2016). Doing more with less: innovation input and output in family firms. Academy of Management Journal 59, 1224–1264.Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long-term abnormal stock returns and operating performance following R&D increases. Journal of Finance 59, 623-650.Eddleston, K. A., Kellermanns, F. W., & Sarathy, R. (2008). Resource configuration in family firms: linking resources, strategic planning and technological opportunities to performance. Journal of Management Studies 45, 26-50.Faccio, M., Larry H. P. Lang, & Young, L. (2001). Dividends and expropriation. American Economic Review 91, 54-78.Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law & Economics 26, 301-325.Francis, J., & Smith, A. (1995). Agency costs and innovation some empirical evidence. Journal of Accounting and Economics 19, 383-409.Hall, B. H., & Ziedonis, R. H. (2001). The patent paradox revisited: an empirical study of patenting in the u.s. semiconductor industry, 1979-1995. The RAND Journal of Economics 32, 101-128.He, W., Yu, X. (2019). Paving the way for children: family firm succession and corporate philanthropy in China. Journal of Business Finance and Accounting 46, 1237-1262.La Porta, R., Florencio Lopez-de-Silanes, & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance 54, 417-517.Lee, C., Lee, K., & Pennings, J. M. (2001). Internal capabilities, external networks, and performance: a study on technology-based ventures. Strategic Management Journal 22, 615-640.McGrath, R. G. (2001). Exploratory learning, innovative capacity and managerial oversight. Academy of Management Journal 44, 118-131.Morck, R., Stangeland, D. A., & Yeung, B. Y. (1998). Inherited wealth, corporate control and economic growth: the canadian disease. NBER Working Paper 6814.Pérez-González, F. (2006). Inherited control and firm performance. The American Economic Review 96, 1559-1588.Roberts, P. W. (1999). Product innovation, product–market competition and persistent profitability in the U.S. pharmaceutical industry. Strategic Management Journal 20, 655–670.Souder, D., Zaheer, A., Sapienza, H., & Ranucci, R. (2017). How family influence, socioemotional wealth, and competitive conditions shape new technology adoption. Strategic Management Journal 38, 1774-1790.Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics 80, 385-417.Xu, N., Yuan, Q., Jiang, X., & Chan, K. C. (2015). Founder`s political connections, second generation involvement, and family firm performance: evidence from China. Journal of Corporate Finance 33, 243-259. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200538 en_US
