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Title: | 家族繼承者生而保守嗎?家族企業執行長傳承與開創性投資之實證研究 Are Family Successors Born for Conservatism? Evidence on CEO Succession and Exploratory Ventures in the Family Business |
Authors: | Pi-Hui Chung 鍾璧徽 |
Advisor: | 吳學良(Hsueh-Liang Wu) |
Keyword: | 執行長傳承,開創性投資,代理觀點,社會情感財富觀點, CEO succession,exploratory ventures,agency perspective,socioemotional wealth perspective, |
Publication Year : | 2020 |
Degree: | 博士 |
Abstract: | 在家族企業的文獻中,如何在企業傳承後延續創業精神的議題持續受到關注,即企業繼承者的開創性投資如何發生,惟研究結果仍存在爭議與不一致的情況:部份研究探討執行長來源對績效的影響,另一部分則探討情境因素對傳承後績效影響的重要性。本研究擬從代理理論與社會情感財富觀點出發,目的在於檢視家族與非家族繼承者進行開創性投資傾向,並進一步探討兩者間的關係如何受到來自個人、董事會與組織層級的因素影響。 本研究以臺灣傳統產業中的家族企業作為研究對象,蒐集2001至2013年間共487筆家族企業執行長傳承事件進行分析。實證結果顯示家族繼承者並未較非家族繼承者,在進行開創性投資的行為上有顯著差異。但當繼承人有經歷接班培育過程,或家族涉入董事會程度高時,將減弱家族繼承者進行產業外投資的傾向。另外,當公司規模愈大,則會增強家族繼承者進行產業外投資的傾向。本研究透過專注於在繼承過程中行為層面的考量,希望有助於釐清以往家族繼承者在探索性行為的研究結果不一致的情形。 The literature of CEO succession in family firms has long been accumulating but the findings are still inconclusive. Some question the performance implication of CEO origin while others suggest the importance of the contextual approach to the post-succession performance effects. Drawing from the agency and socioemotional wealth perspectives on the micro-foundation of firm strategy, this study aims to revisit the family successor effect on the post-succession exploratory ventures, and how this relationship is conditioned by individual-, board-, and organizational-level factors. In a sample of 487 CEO succession of Taiwan family firms in traditional industries over the period of 2001~2013, the empirical results show that family CEOs are more exploratory-oriented than non-family CEOs. However, relay succession or family involvement in board negatively moderates family CEO effect on a focal firm’s pursuit of exploratory ventures. Also, the post-succession exploratory strategy is more significant among firms of larger size. This study contributes to the family business literature by clarifying the mixed findings with greater attention to the behavioral side of successions. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/17421 |
DOI: | 10.6342/NTU202002481 |
Fulltext Rights: | 未授權 |
Appears in Collections: | 國際企業學系 |
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U0001-0508202016294600.pdf Restricted Access | 2.97 MB | Adobe PDF |
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