| dc.contributor | 財管博五 | |
| dc.creator (作者) | 廖振傑 | |
| dc.creator (作者) | Liao, Chen-Chieh | |
| dc.creator (作者) | Yeh, Yin-Hua | |
| dc.date (日期) | 2021-12 | |
| dc.date.accessioned | 6-Jul-2022 15:40:05 (UTC+8) | - |
| dc.date.available | 6-Jul-2022 15:40:05 (UTC+8) | - |
| dc.date.issued (上傳時間) | 6-Jul-2022 15:40:05 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/140814 | - |
| dc.description.abstract (摘要) | This paper studies the differences in post-succession changes in managerial styles and operating performance among three types of successors, namely family successors, inside-promoted non-family successors and outside non-family successors. The data is drawn from Taiwan, where family firms dominate the domestic stock market and there exists a rich, lengthy data set available for analysis. We find that firms having undergone outside non-family successions increase operating performance. This result, however, comes with the cost of managerial short-termism, leading to a reduction in long-term investment. On the other hand, outside non-family successors also improve investor relationships while impairing employee and bank relationships. In contrast, inside-promoted non-family successors tend to increase long-term investment, which differentiates them from family successors who do not adjust investment policies after successions; elsewhere these two types of successors` managerial styles appear to be relatively similar. | |
| dc.format.extent | 110 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Journal of Corporate Finance, Vol.71 | |
| dc.subject (關鍵詞) | Family business; Succession; Long-term investment; Management styles | |
| dc.title (題名) | Are non-family successors all the same? Inside-promoted vs. outside-sourced | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jcorpfin.2021.102122 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.jcorpfin.2021.102122 | |
