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題名 不同類型的家族企業接班人如何影響公司的投資行為及投資效率
How Do Different Types of Family Successor Affect Investment Behavior and Investment Efficiency作者 陳奐錡
Chen, Huan-Chi貢獻者 湛可南
Chan, Ko-Nan
陳奐錡
Chen, Huan-Chi關鍵詞 家族企業
接班人
社會化過程
投資行為
投資效率
Family firm
Successor
Socialization process
Investment behavior
Investment efficiency日期 2022 上傳時間 1-Aug-2022 17:20:27 (UTC+8) 摘要 在本文中我們致力於識別家族企業的家族成員接班人之間的差異。我們收集了臺灣股票市場中2005年至2020年間上市櫃公司的接班人及財務數據，並將其中家族企業的家族成員接班人根據其社會化過程分為兩類，即家族內社會化（IFS）接班人和家族外社會化（EFS）接班人。我們進而研究兩者間經營業績和投資行為之間的差異。我們發現EFS接班人相對於IFS接班人而言進行更多投資，並具有更高的投資效率，進而為公司帶來更優秀的營運績效。對於可能產生的內生性問題我們採用了PSM和安慰劑測試來降低這類隱憂。我們的研究結果與過去探討家族成員與非家族成員接班人之間差異的文獻一致。我們主張 EFS 接班人經過家庭之外的社會化過程後會擁有更加優秀的管理及投資能力，並能夠在接班之後比起IFS接班人能使得公司擁有更優秀的績效表現。
This paper works on identifying the differences among family successors. We collect data of listed Taiwanese companies from 2005 to 2020. We classify family successors in these companies into two types according to their socialization process, namely Intra-Familial Socialized (IFS) successors and Extra-Familial Socialized (EFS) successors. We study the difference between their operating performance and investment behavior.We find that EFS successors invest more, and invest more efficiently, and eventually deliver a better performance than IFS successors. We perform the propensity score matching method and placebo test to mitigate the endogeneity concern. The findings are consistent with the literature relative to the comparison of family and non-family successors. We suggest that EFS successors have better management skills and invest more in improving the firm after the socialization process outside the family.參考文獻 Amore, M.D., Minichilli, A., 2018. Local political uncertainty, family control, and investment behavior. Journal of Financial and Quantitative Analysis 53, 1781-1804.Amore, M.D., Minichilli, A., Corbetta, G., 2011. How do managerial successions shape corporate financial policies in family firms?. Journal of Corporate Finance 17, 1016-1027.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.Baker, M., Stein, J.C., Wurgler, J., (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. The Quarterly Journal of Economics 118, 969-1005.Barber, B.M., Lyon, J.D., 1997. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 43, 341-372.Bauguess, S., Stegemoller, M., 2008. Protective governance choices and the value of acquisition activity. Journal of Corporate Finance 14, Iss. 5, 550-566.Bennedsen, M., Fan, J.P., 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., Pérez-González, F., Wolfenzon, D., 2007. Inside the family firm: The role of families in succession decisions and performance. The Quarterly Journal of Economics 122, 647-691.Cabrera‐Suárez K., De Saá‐Pérez P., García‐Almeida D., 2001. The succession process from a resource‐and knowledge‐based view of the family firm. Family Business Review 14, 37-48.Cadieux, L., Lorrain, J., Hugron, P., 2002. Succession in women‐owned family businesses: A case study. Family Business Review 15, 17-30.Caprio, L., Croci, E., Del Giudice, A., 2011. Ownership structure, family control, and acquisition decisions. Journal of Corporate Finance 17, 1636-1657.Chen, Q., Goldstein, I., Jiang, W., 2007. Price informativeness and investment sensitivity to stock price. The Review of Financial Studies 20, 619-650.Chrisman, J.J., Chua, J.H., Kellermanns, F., 2009. Priorities, resource stocks, and performance in family and nonfamily firms. Entrepreneurship Theory and Practice 33, 739-760.Chrisman, J.J., Chua, J.H., Kellermanns, F.W., & Chang E.P., 2007. Are family managers agents or stewards? An exploratory study in privately held family firms. Journal of Business Research 60, 1030-1038.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., 1999. Defining the family business by behavior. Entrepreneurship Theory and Practice 23, 19-39.Chua, J.H., Chrisman, J.J., Steier, L.P., 2003. Extending the theoretical horizons of family business research. Entrepreneurship Theory and Practice 27, 331-338.Cruz, C., Firfiray, S., Gomez-Mejia, L., 2011. Socioemotional wealth and human resource management, hrm) in family-controlled firms. In A. Joshi, J. Martocchio, & H. Liao (Eds.). Research in Personnel and Human Resources Management 30, 159-217.Cucculelli, M., Micucci, G., 2008. Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance 14, 17-31.Daspit, J.J., Chrisman, J.J., Ashton, T., Evangelopoulos, N., 2021. Family firm heterogeneity: A definition, common themes, scholarly progress, and directions forward. Family Business Review 34, 296-322.Daspit, J.J., Holt, D.T., Chrisman, J.J., Long, R.G., 2016. Examining family firm succession from a social exchange perspective: A multiphase, multistakeholder review. Family Business Review 29, 44-64.Defrancq, C., Huyghebaert, N., Luypaert, M., 2016. Influence of family ownership on the industry-diversifying nature of a firm’s M&A strategy: Empirical evidence from Continental Europe. Journal of Family Business Strategy 7, 210-226.Dutta, S., Jog, V., 2009. The long-term performance of acquiring firms: A re-examination of an anomaly. Journal of Banking & Finance 33, 1400-1412.Fahlenbrach, R., 2009. Founder-CEOs, investment decisions, and stock market performance. Journal of Financial and Quantitative Analysis 44, 439-466.Fama, E.F., MacBeth, J.D., 1973. Risk, return, and equilibrium: Empirical tests. Journal of Political Economy 81, 607-636.Foucault, T., Frésard, L., 2012. Cross-listing, investment sensitivity to stock price, and the learning hypothesis. The Review of Financial Studies 25, 3305-3350.Gao, N., Jain, B.A., 2011. Founder CEO management and the long-run investment performance of IPO firms. Journal of Banking & Finance 35, 1669-1682.Garcia-Alvarez, E., Lopez-Sintas, J., Gonzalvo, P.S., 2002. Socialization patterns of successors in first- to second-generation family businesses. Family Business Review 15, 189-203.Gomez-Mejia, L.R., Cruz, C., Berrone, P., De Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals 5, 653-707.González, L.A.C., Rodríguez, Y.E., Gómez, J.M., Chávez, H., Chea, J., 2021. Family business risk-taking and financial performance: Is it easier said than done?. Journal of Family Business Strategy 12, 100435.Jiang, F., Jiang, Z., Kim, K.A., Zhang, M., 2015. Family-firm risk-taking: does religion matter?. Journal of Corporate Finance 33, 260-278.Jiang, L., Kim, J.B., Pang, L., 2011. Control-ownership wedge and investment sensitivity to stock price. Journal of Banking & Finance 35, 2856-2867.Kau, J.B., Linck, J.S., Rubin, P.H., 2008. Do managers listen to the market?. Journal of Corporate Finance 14, 347-362.Kim, E.H., Lu, Y., 2011. CEO ownership, external governance, and risk-taking. Journal of Financial Economics 102, 272-292.La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., 1999. Corporate ownership around the world. Journal of Finance 54, 471-517.Leiß, G., Zehrer, A., 2018. Intergenerational communication in family firm succession. Journal of Family Business Management 8, 75-90.Mehrotra, V., Morck, R., Shim, J., Wiwattanakantang, Y., 2013. Adoptive expectations: Rising sons in Japanese family firms. Journal of Financial Economics 108, 840-854.Muñoz-Bullón, F., Sanchez-Bueno, M.J., 2011. The impact of family involvement on the R&D intensity of publicly traded firms. Family Business Review 24, 62-70.Mussolino, D., Calabrò, A., 2014. Paternalistic leadership in family firms: Types and implications for intergenerational succession. Journal of Family Business Strategy 5, 197-210.Pérez-González, F., 2006. Inherited control and firm performance. American Economic Review 96, 1559-1588.Pounder, P., 2015. Family business insights: an overview of the literature. Journal of Family Business Management 5, 116-127.Schulze, W.S., Lubatkin, M.H., Dino, R.N., Buchholtz, A.K., 2001. Agency relationships in family firms: Theory and evidence. Organization Science 12, 99-116.Viilalonga, B., Amit, R., 2006. How do family ownership, control and management affect firm value?. Journal of Financial Economics 80, 385-417.Yeh, Y.H., Liao, C.C., 2021. Are non-family successors all the same? Inside-promoted vs. outside-sourced. Journal of Corporate Finance 71, 102122.Yu, A., Lumpkin, G.T., Sorenson, R.L., Brigham, K.H., 2012. The landscape of family business outcomes: A summary and numerical taxonomy of dependent variables. Family Business Review 25, 33-57.Zachary, R.K., 2011. The importance of the family system in family business. Journal of Family Business Management 1, 26-36. 描述 碩士
國立政治大學
財務管理學系
109357031資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357031 資料類型 thesis dc.contributor.advisor 湛可南 zh_TW dc.contributor.advisor Chan, Ko-Nan en_US dc.contributor.author (Authors) 陳奐錡 zh_TW dc.contributor.author (Authors) Chen, Huan-Chi en_US dc.creator (作者) 陳奐錡 zh_TW dc.creator (作者) Chen, Huan-Chi en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 17:20:27 (UTC+8) - dc.date.available 1-Aug-2022 17:20:27 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 17:20:27 (UTC+8) - dc.identifier (Other Identifiers) G0109357031 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141028 - 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) 109357031 zh_TW dc.description.abstract (摘要) 在本文中我們致力於識別家族企業的家族成員接班人之間的差異。我們收集了臺灣股票市場中2005年至2020年間上市櫃公司的接班人及財務數據，並將其中家族企業的家族成員接班人根據其社會化過程分為兩類，即家族內社會化（IFS）接班人和家族外社會化（EFS）接班人。我們進而研究兩者間經營業績和投資行為之間的差異。我們發現EFS接班人相對於IFS接班人而言進行更多投資，並具有更高的投資效率，進而為公司帶來更優秀的營運績效。對於可能產生的內生性問題我們採用了PSM和安慰劑測試來降低這類隱憂。我們的研究結果與過去探討家族成員與非家族成員接班人之間差異的文獻一致。我們主張 EFS 接班人經過家庭之外的社會化過程後會擁有更加優秀的管理及投資能力，並能夠在接班之後比起IFS接班人能使得公司擁有更優秀的績效表現。 zh_TW dc.description.abstract (摘要) This paper works on identifying the differences among family successors. We collect data of listed Taiwanese companies from 2005 to 2020. We classify family successors in these companies into two types according to their socialization process, namely Intra-Familial Socialized (IFS) successors and Extra-Familial Socialized (EFS) successors. We study the difference between their operating performance and investment behavior.We find that EFS successors invest more, and invest more efficiently, and eventually deliver a better performance than IFS successors. We perform the propensity score matching method and placebo test to mitigate the endogeneity concern. The findings are consistent with the literature relative to the comparison of family and non-family successors. We suggest that EFS successors have better management skills and invest more in improving the firm after the socialization process outside the family. en_US dc.description.tableofcontents 1. Introduction 12. Literature Review and Hypotheses 32.1. Types of Family Succession 42.2. Investment Behavior and productivity of family firms 52.3. Hypotheses 63. Data and Methodology 83.1. Data and Classification 83.2. Definition of Variables and Summary Statistics 113.3. Research Design 124. Empirical Result 144.1. Firm Performance 144.2. Investment Behavior 154.3. Investment Efficiency 164.4. Robustness Tests for Endogeneity 175. Conclusion 19Reference 21Appendix 26 zh_TW dc.format.extent 992045 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357031 en_US dc.subject (關鍵詞) 家族企業 zh_TW dc.subject (關鍵詞) 接班人 zh_TW dc.subject (關鍵詞) 社會化過程 zh_TW dc.subject (關鍵詞) 投資行為 zh_TW dc.subject (關鍵詞) 投資效率 zh_TW dc.subject (關鍵詞) Family firm en_US dc.subject (關鍵詞) Successor en_US dc.subject (關鍵詞) Socialization process en_US dc.subject (關鍵詞) Investment behavior en_US dc.subject (關鍵詞) Investment efficiency en_US dc.title (題名) 不同類型的家族企業接班人如何影響公司的投資行為及投資效率 zh_TW dc.title (題名) How Do Different Types of Family Successor Affect Investment Behavior and Investment Efficiency en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Amore, M.D., Minichilli, A., 2018. Local political uncertainty, family control, and investment behavior. Journal of Financial and Quantitative Analysis 53, 1781-1804.Amore, M.D., Minichilli, A., Corbetta, G., 2011. How do managerial successions shape corporate financial policies in family firms?. Journal of Corporate Finance 17, 1016-1027.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.Baker, M., Stein, J.C., Wurgler, J., (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. The Quarterly Journal of Economics 118, 969-1005.Barber, B.M., Lyon, J.D., 1997. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 43, 341-372.Bauguess, S., Stegemoller, M., 2008. Protective governance choices and the value of acquisition activity. Journal of Corporate Finance 14, Iss. 5, 550-566.Bennedsen, M., Fan, J.P., 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., Pérez-González, F., Wolfenzon, D., 2007. Inside the family firm: The role of families in succession decisions and performance. The Quarterly Journal of Economics 122, 647-691.Cabrera‐Suárez K., De Saá‐Pérez P., García‐Almeida D., 2001. The succession process from a resource‐and knowledge‐based view of the family firm. Family Business Review 14, 37-48.Cadieux, L., Lorrain, J., Hugron, P., 2002. Succession in women‐owned family businesses: A case study. Family Business Review 15, 17-30.Caprio, L., Croci, E., Del Giudice, A., 2011. Ownership structure, family control, and acquisition decisions. Journal of Corporate Finance 17, 1636-1657.Chen, Q., Goldstein, I., Jiang, W., 2007. Price informativeness and investment sensitivity to stock price. The Review of Financial Studies 20, 619-650.Chrisman, J.J., Chua, J.H., Kellermanns, F., 2009. Priorities, resource stocks, and performance in family and nonfamily firms. Entrepreneurship Theory and Practice 33, 739-760.Chrisman, J.J., Chua, J.H., Kellermanns, F.W., & Chang E.P., 2007. Are family managers agents or stewards? An exploratory study in privately held family firms. Journal of Business Research 60, 1030-1038.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., 1999. Defining the family business by behavior. Entrepreneurship Theory and Practice 23, 19-39.Chua, J.H., Chrisman, J.J., Steier, L.P., 2003. Extending the theoretical horizons of family business research. Entrepreneurship Theory and Practice 27, 331-338.Cruz, C., Firfiray, S., Gomez-Mejia, L., 2011. Socioemotional wealth and human resource management, hrm) in family-controlled firms. In A. Joshi, J. Martocchio, & H. Liao (Eds.). Research in Personnel and Human Resources Management 30, 159-217.Cucculelli, M., Micucci, G., 2008. Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance 14, 17-31.Daspit, J.J., Chrisman, J.J., Ashton, T., Evangelopoulos, N., 2021. Family firm heterogeneity: A definition, common themes, scholarly progress, and directions forward. Family Business Review 34, 296-322.Daspit, J.J., Holt, D.T., Chrisman, J.J., Long, R.G., 2016. Examining family firm succession from a social exchange perspective: A multiphase, multistakeholder review. Family Business Review 29, 44-64.Defrancq, C., Huyghebaert, N., Luypaert, M., 2016. Influence of family ownership on the industry-diversifying nature of a firm’s M&A strategy: Empirical evidence from Continental Europe. Journal of Family Business Strategy 7, 210-226.Dutta, S., Jog, V., 2009. The long-term performance of acquiring firms: A re-examination of an anomaly. Journal of Banking & Finance 33, 1400-1412.Fahlenbrach, R., 2009. Founder-CEOs, investment decisions, and stock market performance. Journal of Financial and Quantitative Analysis 44, 439-466.Fama, E.F., MacBeth, J.D., 1973. Risk, return, and equilibrium: Empirical tests. Journal of Political Economy 81, 607-636.Foucault, T., Frésard, L., 2012. Cross-listing, investment sensitivity to stock price, and the learning hypothesis. The Review of Financial Studies 25, 3305-3350.Gao, N., Jain, B.A., 2011. Founder CEO management and the long-run investment performance of IPO firms. Journal of Banking & Finance 35, 1669-1682.Garcia-Alvarez, E., Lopez-Sintas, J., Gonzalvo, P.S., 2002. Socialization patterns of successors in first- to second-generation family businesses. Family Business Review 15, 189-203.Gomez-Mejia, L.R., Cruz, C., Berrone, P., De Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals 5, 653-707.González, L.A.C., Rodríguez, Y.E., Gómez, J.M., Chávez, H., Chea, J., 2021. Family business risk-taking and financial performance: Is it easier said than done?. Journal of Family Business Strategy 12, 100435.Jiang, F., Jiang, Z., Kim, K.A., Zhang, M., 2015. Family-firm risk-taking: does religion matter?. Journal of Corporate Finance 33, 260-278.Jiang, L., Kim, J.B., Pang, L., 2011. Control-ownership wedge and investment sensitivity to stock price. Journal of Banking & Finance 35, 2856-2867.Kau, J.B., Linck, J.S., Rubin, P.H., 2008. Do managers listen to the market?. Journal of Corporate Finance 14, 347-362.Kim, E.H., Lu, Y., 2011. CEO ownership, external governance, and risk-taking. Journal of Financial Economics 102, 272-292.La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., 1999. Corporate ownership around the world. Journal of Finance 54, 471-517.Leiß, G., Zehrer, A., 2018. Intergenerational communication in family firm succession. Journal of Family Business Management 8, 75-90.Mehrotra, V., Morck, R., Shim, J., Wiwattanakantang, Y., 2013. Adoptive expectations: Rising sons in Japanese family firms. Journal of Financial Economics 108, 840-854.Muñoz-Bullón, F., Sanchez-Bueno, M.J., 2011. The impact of family involvement on the R&D intensity of publicly traded firms. Family Business Review 24, 62-70.Mussolino, D., Calabrò, A., 2014. Paternalistic leadership in family firms: Types and implications for intergenerational succession. Journal of Family Business Strategy 5, 197-210.Pérez-González, F., 2006. Inherited control and firm performance. American Economic Review 96, 1559-1588.Pounder, P., 2015. Family business insights: an overview of the literature. Journal of Family Business Management 5, 116-127.Schulze, W.S., Lubatkin, M.H., Dino, R.N., Buchholtz, A.K., 2001. Agency relationships in family firms: Theory and evidence. Organization Science 12, 99-116.Viilalonga, B., Amit, R., 2006. How do family ownership, control and management affect firm value?. Journal of Financial Economics 80, 385-417.Yeh, Y.H., Liao, C.C., 2021. Are non-family successors all the same? Inside-promoted vs. outside-sourced. Journal of Corporate Finance 71, 102122.Yu, A., Lumpkin, G.T., Sorenson, R.L., Brigham, K.H., 2012. The landscape of family business outcomes: A summary and numerical taxonomy of dependent variables. Family Business Review 25, 33-57.Zachary, R.K., 2011. The importance of the family system in family business. Journal of Family Business Management 1, 26-36. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200907 en_US
