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題名 家族企業與創新活動
Family Firms and Innovation Activities作者 陳之胤 貢獻者 詹凌菁
陳之胤關鍵詞 創新
家族企業
公司治理
Innovation
Family firm
Corporate governance日期 2013 上傳時間 1-Jul-2014 12:04:54 (UTC+8) 摘要 創新是決定企業競爭優勢的重要因素。本研究探討台灣電子業中家族企業與創新之關聯性,以及分析高階經理人人事異動又會如何影響家族企業與創新之關係。本研究以專利權數及研發密集度分別作為衡量創新之變數,實證結果發現家族企業特殊的所有權與管理結構對於創新會有負向之影響,但若近期內有高階經理人人事異動會降低家族企業對創新活動之負向影響 參考文獻 一、 中文部分周行一、陳錦村與陳坤宏,1996,家族企業、聯屬持股與公司價值之研究,中國 財務學刊,第4卷第1期(7月):115-139。金成隆、蘇淑慧與呂倩如,2009,家族公司與盈餘品質關係之研究:所有權、管理權與控制權,臺大管理論叢,第19卷第S2期(9月):35-70。林嬋娟與張嘉哲,2009,董監事異常變動、家族企業與企業舞弊之關聯性,會計評論,第48期(1月): 1-33。范揚松,1987,家族企業的病理分析,現代管理月刊,第126期:16-38。范揚富,1986,家族企業的繼承問題-國內家族企業繼承人的培育,國立台灣科技大學工程技術研究所博士論文。黃政仁與詹佳樺,2013,創新能力、創新效率與公司價值:以台灣電子資訊業為例,商略戰報,第五卷,第1期: 1-17。葉銀華,1999,家族控股集團、核心企業與報酬互動之研究--台灣與香港證券市場之比較,管理評論,第18卷第2期(5月):59-86。嚴奇峰,1994,台灣傳統家族企業極端共存組織現象之探討-系統隱態觀點,管理評論,第13期(1月):1-22。二、英文部分Afuah, A. 1998. Innovation management: strategies, implementation, and profits, Oxford University Press, Inc.Ali, A., T. Y. Chen, and S. Radhakrishnan. 2007. Corporate disclosures by family firms. Journal of Accounting and Economics 44 (1-2): 238-286.Anderson, R.C., and D.M. Reeb. 2003. Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58: 1301-1327.Anderson, R.C., A. Duru, and D. Reeb. 2010. Family Preferences and Investment Policy: Evidence from R&D Spending and Capital Expenditures. Working Paper, American University.Arundel, A. and J. Kabla. 1998. “What percentage of innovations are patented?Experimental estimates in European firms, Research Policy 27: 127–142.Astrachan, J. H. 2003. Commentary on the special issue: The emergence of afield. Journal of Business Venturing 18(5): 567-573.Astrachan, J. H., Zahra, S. A., and Sharma, P. 2003. Family-sponsored ventures.Kansas, MO: Kauffman Foundation.Baber, W.R., P.M. Fairfield, and J.A. Haggard. 1991. The Effect of Concern about Reported Income on Discretionary Spending Decision: The Case of Research and Development. The Accounting Review 66: 818-829.Barney, J., 1991. Firm Resources and Sustained Competitive Advantages, Journal of Management 17(1): 99-120.Berle A. A. and G. C. Means, 1932, The Modern Corporation and Private Property. New York: MacmillanBosworth, D. and M. Rogers. 2001. Market value, R&D and intellectual property: Anempirical analysis of large Australian firms. The Economics RecordBozec, Y., and C. Laurin. 2008. Large Shareholder Entrenchment and Performance:Empirical Evidence from Canada. Journal of Business Finance and Accounting 35: 25-49.Bushee, B. 1998. The Influence of Institutional Investors on Myopic R&D InvestmentBehavior. The Accounting Review 73: 305-333.Chaganti, R. and R. Sambharya. 1987. Strategic Orientation and Characteristics of Upper Management. Strategic Management Journal 8(4): 393- 401.Chan, L. K. C., J. Lakonishok, and T. Sougiannis. 2001. The Stock Market Valuationof Research and Development Expenditures. Journal of Finance 56: 2431-2456.Chambers, D., R. Jennings, and R. B. Tompson II. 2002. Excess Returns to R&D- Intensive Firms. Review of Accounting Studies 7: 133-158.Chen, T.Y. 2006. CEO Compensation Contracts of Family Firms. Working Paper. The University of Texas at Dallas.Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian Corporations. Journal of Financial Economics 58 (1-2): 81-112Connolly, R. A., and M. Hirschey. 1988. Market Value and Patents: A BayesianApproach. Economics Letters 27: 83-87.Davis, P. 1983. Realizing the potential of the family business. Organizational Dynamics. 12(summer): 47-56.Dechow, P.M., and R.G. Sloan. 1991. Executive Incentives and the Horizon Problem: An Empirical Investigation. Journal of Accounting and Economics 14: 51-89.Drucker, P. F. 1998. The Discipline of Innovation. Harvard Business Review, 98604.Frambach, R. T. and N. Schillewaert. 2002. “Organizational Innovation Adoption: AMulti-level Framework of Determinants and Opportunities for Future Research,”Journal of Business Research 55(2): 163-176.Freeman, C. and L. Soet. 1977. The economic of industrial innovation, 3rd. ed,London: Francis Pinter.Griliches, Z., 1990. Patent statistics as economic indicators: a survey. Journal of Economic Literature 28: 1661–1707.Gu, F. 2005. Innovation, Future Earnings, and Market Efficiency. Journal of Accounting, Auditing and Finance 20: 385-418Hall, B.H., Ziedonis, R.M., 2001. The patent paradox revisited: an empirical study of patenting in the US semiconductor industry, 1979–1995. RAND Journal of Economics 32: 101–128.Hall, R. et al. 1999. “Market value and patent citations: A first Look”, paper presented at a National Bureau of Economics Research meetingHall, B. H., A. B. Jaffe, and M. Trajtenberg. 2001. The NBER Patent Citations DataFile: Lessons, Insights and Methodological Tools. Working Paper, NBER.Hall, B.H., Jaffe, A., Trajtenberg, M., 2005. Market value and patent citations. RAND Journal of Economics 36: 16–38.Handler, W. C. 1989. Methodological issues and considerations in study family business. Family Business Review 2(3): 257-276.Hirschey, M., V. J. Richardson, and S. Scholz. 2001. Value Relevance of Nonfinancial Information: The Case of Patent Data. Review of Quantitative Finance and Accounting 17: 223-235.Hirshleifer, D., P. H. Hsu, and D. Li. 2013. Innovative Efficiency and Stock Returns. Journal of Financial Economics 107: 632-654Holmstrom, B. 1989. Agency Costs and Innovation. Journal of Economic Behaviorand Organization 12(3): 305-327.Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of financial Economic 3: 305-360.Jensen, M. C., and R. S. Ruback. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics 11(1): 5-50.Kesner, I. F., Shapiro, D. L., and Sharma, A. (1994). Brokering mergers: An agency theory perspective on the role of representatives. Academy of Management Journal 37(3): 703-721.Kothari, S.P., T.E. Laguerre, and A.J. Leone. 2002. Capitalizing versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays. Review of Accounting Studies 7: 355-382.La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 1999. Corporate ownershiparound the world. Journal of Finance 54: 471-571.Lanjouw, J. O., and M. Schankerman. 2004. Patent Quality and Research Productivity: Measuring Innovation with Multiple Indicators. The Economic Journal 114(495): 441-465Lee, P., and H. O’Neill. 2003. Ownership Structure and R&D Investments of U.S. andJapanese Firms: Agency and Stewardship Perspectives. Academy of Management Journal 46: 212-225.Leuz, C., D. Nanda, and P.D. Wysocki. 2003. Earnings Management and Investor Protection: An International Comparison. Journal of Financial Economics 69: 505-527.Lev, B., and T. Sougiannis. 1996. The Capitalization, Amortization and Value-Relevance of R&D. Journal of Accounting and Economics 21: 107-138.Li, D. 2010. Financial Constraints, R&D Investments, and Stock Returns. WorkingPaper, University of California at San Diego.McConaughy, D. L., M. C. Walker, G. V. Henderson Jr., and C. S. Mishra. 1998. Founding family controlled firms: Efficiency and value. Review of Financial Economics 7(1): 1-19.Mansfield, E. 1986. “Patents and innovation: an empirical study,” ManagementScience 32: 173–181.Matolcsy, Z. P., and A. Wyatt. 2008. The Association between TechnologicalConditions and the Market Value of Equity. The Accounting Review 83:479-518.Miller, D. 1993. The architecture of simplicity. Academy of Management Review18(1): 116–139.Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review 19(1): 73-87.Morck, R. K., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20 (1-2): 293-315.Nelson, R. and S. Winter 1982. An Evolutionary Theory of Economic Change.Harvard University Press, Cambridge, MA.Pandit, S., C. E. Wasley, and T. Zach. 2011. The Effect of R&D Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing and Finance 26: 121-144.Porter, Michael E. 1990. The Competitiveness of Global Industries, The Free Press(Macmillan), New York.Roberts, E. B. 1995. Benchmarking the Strategic Management of Technology.Research Technology Management 2: 44-56.Romer, P.M. 1986. Increasing returns and long-run growth. Journal of Political Economy 94(5): 1002–1038.Rosenblatt, P. C., L. deMik., R. M. Anderson, and P. A. Johnson. 1985. The Family in Business: Understanding and Dealing with the Challenges Entrepreneurial Face. Schumpeter, J.A. 1912. Theorie der wirtschaftlichen entwichlung, Leipzig, Dunker und Humbolt. Translation by R. Opie (1934), The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. Cambridge: Harvard University Press.Schumpeter, J. A. 1934. The theory of economic development. Boston, MA:Harvard.Shane, H., and M. Klock. 1997. Therelation between patent citations and Tobin’s Q inthe semiconductor industry. Review of Quantitative Finance and Accounting9:131-146.Shleifer, A. and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94 (3): 461-488.Shleifer, A. and R. W. Vishny. 1997. A survey of corporate governance. Journal of Finance 52 (2): 737-783.S. M. Tsao, Y. S. Chen, and G. Z. Chen. 2013. Founding family ownership and innovation. Asia-Pacific Journal of Accounting and Economics 20(4): 249-456Trajtenberg, M.1990. A Penny for your quotes: Patent citations and the value ofinnovations. Rand Journal of Economics 21(1): 172-187.Villalonga, B., and R. Amit. 2006. How do family ownership, management, and control affect firm value? Journal of Financial Economics 80(2): 385-417.Yeh, Y. H., T. S. Lee, and T. Woidtke. 2001. Family control and corporate governance: Evidence from Taiwan. International Review of Finance 2 (1-2): 21-48Zahra, S. 2005. Entrepreneurial risk taking in family firms. Family BusinessReview 18(1): 23-40. 描述 碩士
國立政治大學
會計研究所
101353001
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G1013530011 資料類型 thesis dc.contributor.advisor 詹凌菁 zh_TW dc.contributor.author (Authors) 陳之胤 zh_TW dc.creator (作者) 陳之胤 zh_TW dc.date (日期) 2013 en_US dc.date.accessioned 1-Jul-2014 12:04:54 (UTC+8) - dc.date.available 1-Jul-2014 12:04:54 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2014 12:04:54 (UTC+8) - dc.identifier (Other Identifiers) G1013530011 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67084 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 101353001 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 創新是決定企業競爭優勢的重要因素。本研究探討台灣電子業中家族企業與創新之關聯性,以及分析高階經理人人事異動又會如何影響家族企業與創新之關係。本研究以專利權數及研發密集度分別作為衡量創新之變數,實證結果發現家族企業特殊的所有權與管理結構對於創新會有負向之影響,但若近期內有高階經理人人事異動會降低家族企業對創新活動之負向影響 zh_TW dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究結構與流程 4第二章 文獻探討 6第一節 創新 6第二節 家族企業 10第三節 家族企業與創新的關聯性研究 16第三章 研究方法 18第一節 研究假說 18第二節 樣本選取與資料來源 20第三節 研究變數之設計 21第四節 實證模型與研究方法 26第四章 實證結果與分析 29第一節 敘述性統計分析 29第二節 相關係數分析 38第三節 迴歸結果與分析 42第四節 額外測試 51第五章 研究結論與建議 58第一節 研究結論 58第二節 研究建議 59參考文獻 61 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1013530011 en_US dc.subject (關鍵詞) 創新 zh_TW dc.subject (關鍵詞) 家族企業 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) Innovation en_US dc.subject (關鍵詞) Family firm en_US dc.subject (關鍵詞) Corporate governance en_US dc.title (題名) 家族企業與創新活動 zh_TW dc.title (題名) Family Firms and Innovation Activities en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 一、 中文部分周行一、陳錦村與陳坤宏,1996,家族企業、聯屬持股與公司價值之研究,中國 財務學刊,第4卷第1期(7月):115-139。金成隆、蘇淑慧與呂倩如,2009,家族公司與盈餘品質關係之研究:所有權、管理權與控制權,臺大管理論叢,第19卷第S2期(9月):35-70。林嬋娟與張嘉哲,2009,董監事異常變動、家族企業與企業舞弊之關聯性,會計評論,第48期(1月): 1-33。范揚松,1987,家族企業的病理分析,現代管理月刊,第126期:16-38。范揚富,1986,家族企業的繼承問題-國內家族企業繼承人的培育,國立台灣科技大學工程技術研究所博士論文。黃政仁與詹佳樺,2013,創新能力、創新效率與公司價值:以台灣電子資訊業為例,商略戰報,第五卷,第1期: 1-17。葉銀華,1999,家族控股集團、核心企業與報酬互動之研究--台灣與香港證券市場之比較,管理評論,第18卷第2期(5月):59-86。嚴奇峰,1994,台灣傳統家族企業極端共存組織現象之探討-系統隱態觀點,管理評論,第13期(1月):1-22。二、英文部分Afuah, A. 1998. Innovation management: strategies, implementation, and profits, Oxford University Press, Inc.Ali, A., T. Y. Chen, and S. Radhakrishnan. 2007. Corporate disclosures by family firms. Journal of Accounting and Economics 44 (1-2): 238-286.Anderson, R.C., and D.M. Reeb. 2003. Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58: 1301-1327.Anderson, R.C., A. Duru, and D. Reeb. 2010. Family Preferences and Investment Policy: Evidence from R&D Spending and Capital Expenditures. Working Paper, American University.Arundel, A. and J. Kabla. 1998. “What percentage of innovations are patented?Experimental estimates in European firms, Research Policy 27: 127–142.Astrachan, J. H. 2003. Commentary on the special issue: The emergence of afield. Journal of Business Venturing 18(5): 567-573.Astrachan, J. H., Zahra, S. A., and Sharma, P. 2003. Family-sponsored ventures.Kansas, MO: Kauffman Foundation.Baber, W.R., P.M. Fairfield, and J.A. Haggard. 1991. The Effect of Concern about Reported Income on Discretionary Spending Decision: The Case of Research and Development. The Accounting Review 66: 818-829.Barney, J., 1991. Firm Resources and Sustained Competitive Advantages, Journal of Management 17(1): 99-120.Berle A. A. and G. C. Means, 1932, The Modern Corporation and Private Property. New York: MacmillanBosworth, D. and M. Rogers. 2001. Market value, R&D and intellectual property: Anempirical analysis of large Australian firms. The Economics RecordBozec, Y., and C. Laurin. 2008. Large Shareholder Entrenchment and Performance:Empirical Evidence from Canada. Journal of Business Finance and Accounting 35: 25-49.Bushee, B. 1998. The Influence of Institutional Investors on Myopic R&D InvestmentBehavior. The Accounting Review 73: 305-333.Chaganti, R. and R. Sambharya. 1987. Strategic Orientation and Characteristics of Upper Management. Strategic Management Journal 8(4): 393- 401.Chan, L. K. C., J. Lakonishok, and T. Sougiannis. 2001. The Stock Market Valuationof Research and Development Expenditures. Journal of Finance 56: 2431-2456.Chambers, D., R. Jennings, and R. B. Tompson II. 2002. Excess Returns to R&D- Intensive Firms. Review of Accounting Studies 7: 133-158.Chen, T.Y. 2006. CEO Compensation Contracts of Family Firms. Working Paper. The University of Texas at Dallas.Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian Corporations. Journal of Financial Economics 58 (1-2): 81-112Connolly, R. A., and M. Hirschey. 1988. Market Value and Patents: A BayesianApproach. Economics Letters 27: 83-87.Davis, P. 1983. Realizing the potential of the family business. Organizational Dynamics. 12(summer): 47-56.Dechow, P.M., and R.G. Sloan. 1991. Executive Incentives and the Horizon Problem: An Empirical Investigation. Journal of Accounting and Economics 14: 51-89.Drucker, P. F. 1998. The Discipline of Innovation. Harvard Business Review, 98604.Frambach, R. T. and N. Schillewaert. 2002. “Organizational Innovation Adoption: AMulti-level Framework of Determinants and Opportunities for Future Research,”Journal of Business Research 55(2): 163-176.Freeman, C. and L. Soet. 1977. The economic of industrial innovation, 3rd. ed,London: Francis Pinter.Griliches, Z., 1990. Patent statistics as economic indicators: a survey. Journal of Economic Literature 28: 1661–1707.Gu, F. 2005. Innovation, Future Earnings, and Market Efficiency. Journal of Accounting, Auditing and Finance 20: 385-418Hall, B.H., Ziedonis, R.M., 2001. The patent paradox revisited: an empirical study of patenting in the US semiconductor industry, 1979–1995. RAND Journal of Economics 32: 101–128.Hall, R. et al. 1999. “Market value and patent citations: A first Look”, paper presented at a National Bureau of Economics Research meetingHall, B. H., A. B. Jaffe, and M. Trajtenberg. 2001. The NBER Patent Citations DataFile: Lessons, Insights and Methodological Tools. Working Paper, NBER.Hall, B.H., Jaffe, A., Trajtenberg, M., 2005. Market value and patent citations. RAND Journal of Economics 36: 16–38.Handler, W. C. 1989. Methodological issues and considerations in study family business. Family Business Review 2(3): 257-276.Hirschey, M., V. J. Richardson, and S. Scholz. 2001. Value Relevance of Nonfinancial Information: The Case of Patent Data. Review of Quantitative Finance and Accounting 17: 223-235.Hirshleifer, D., P. H. Hsu, and D. Li. 2013. Innovative Efficiency and Stock Returns. Journal of Financial Economics 107: 632-654Holmstrom, B. 1989. Agency Costs and Innovation. Journal of Economic Behaviorand Organization 12(3): 305-327.Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of financial Economic 3: 305-360.Jensen, M. C., and R. S. Ruback. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics 11(1): 5-50.Kesner, I. F., Shapiro, D. L., and Sharma, A. (1994). Brokering mergers: An agency theory perspective on the role of representatives. Academy of Management Journal 37(3): 703-721.Kothari, S.P., T.E. Laguerre, and A.J. Leone. 2002. Capitalizing versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays. Review of Accounting Studies 7: 355-382.La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 1999. Corporate ownershiparound the world. Journal of Finance 54: 471-571.Lanjouw, J. O., and M. Schankerman. 2004. Patent Quality and Research Productivity: Measuring Innovation with Multiple Indicators. The Economic Journal 114(495): 441-465Lee, P., and H. O’Neill. 2003. Ownership Structure and R&D Investments of U.S. andJapanese Firms: Agency and Stewardship Perspectives. Academy of Management Journal 46: 212-225.Leuz, C., D. Nanda, and P.D. Wysocki. 2003. Earnings Management and Investor Protection: An International Comparison. Journal of Financial Economics 69: 505-527.Lev, B., and T. Sougiannis. 1996. The Capitalization, Amortization and Value-Relevance of R&D. Journal of Accounting and Economics 21: 107-138.Li, D. 2010. Financial Constraints, R&D Investments, and Stock Returns. WorkingPaper, University of California at San Diego.McConaughy, D. L., M. C. Walker, G. V. Henderson Jr., and C. S. Mishra. 1998. Founding family controlled firms: Efficiency and value. Review of Financial Economics 7(1): 1-19.Mansfield, E. 1986. “Patents and innovation: an empirical study,” ManagementScience 32: 173–181.Matolcsy, Z. P., and A. Wyatt. 2008. The Association between TechnologicalConditions and the Market Value of Equity. The Accounting Review 83:479-518.Miller, D. 1993. The architecture of simplicity. Academy of Management Review18(1): 116–139.Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review 19(1): 73-87.Morck, R. K., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20 (1-2): 293-315.Nelson, R. and S. Winter 1982. An Evolutionary Theory of Economic Change.Harvard University Press, Cambridge, MA.Pandit, S., C. E. Wasley, and T. Zach. 2011. The Effect of R&D Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing and Finance 26: 121-144.Porter, Michael E. 1990. The Competitiveness of Global Industries, The Free Press(Macmillan), New York.Roberts, E. B. 1995. Benchmarking the Strategic Management of Technology.Research Technology Management 2: 44-56.Romer, P.M. 1986. Increasing returns and long-run growth. Journal of Political Economy 94(5): 1002–1038.Rosenblatt, P. C., L. deMik., R. M. Anderson, and P. A. Johnson. 1985. The Family in Business: Understanding and Dealing with the Challenges Entrepreneurial Face. Schumpeter, J.A. 1912. Theorie der wirtschaftlichen entwichlung, Leipzig, Dunker und Humbolt. Translation by R. Opie (1934), The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. Cambridge: Harvard University Press.Schumpeter, J. A. 1934. The theory of economic development. Boston, MA:Harvard.Shane, H., and M. Klock. 1997. Therelation between patent citations and Tobin’s Q inthe semiconductor industry. Review of Quantitative Finance and Accounting9:131-146.Shleifer, A. and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94 (3): 461-488.Shleifer, A. and R. W. Vishny. 1997. A survey of corporate governance. Journal of Finance 52 (2): 737-783.S. M. Tsao, Y. S. Chen, and G. Z. Chen. 2013. Founding family ownership and innovation. Asia-Pacific Journal of Accounting and Economics 20(4): 249-456Trajtenberg, M.1990. A Penny for your quotes: Patent citations and the value ofinnovations. Rand Journal of Economics 21(1): 172-187.Villalonga, B., and R. Amit. 2006. How do family ownership, management, and control affect firm value? Journal of Financial Economics 80(2): 385-417.Yeh, Y. H., T. S. Lee, and T. Woidtke. 2001. Family control and corporate governance: Evidence from Taiwan. International Review of Finance 2 (1-2): 21-48Zahra, S. 2005. Entrepreneurial risk taking in family firms. Family BusinessReview 18(1): 23-40. zh_TW