透過您的圖書館登入
IP:44.210.99.209
  • Journals

多子多孫多福氣?創辦人離世之觀察

Is Having Many Descendants a Sign of Good Fortune? A Natural Experiment of the Passing of Founder

Abstracts


企業創辦人離世,其家族之內部結構攸關家族資源移轉與分配的接班傳承過程,亦可能對其所控制的企業價值產生影響。本研究發現,子嗣效果存在於家族創辦人離世前後,且子嗣規模效益之發揮與創辦人房室複雜度有關。單一婚配創辦人的子嗣愈多,其離世初期之企業價值愈高,且創辦人初離世之子嗣規模效益更高於生前。單一婚配創辦人擁有正面子嗣效果可反映俗諺之「多子多孫多褔氣」;反觀創辦人婚配複雜則將減弱子嗣規模對離世初期企業價值的效益,在複雜婚配下之子嗣規模反不利於企業價值,吞噬了子嗣規模所帶來的「福氣」。本研究提供了子嗣規模與房室效果影響企業價值的相關實證結果,能提供家族管理與機制設計的參考。

Keywords

家族 創辦人 離世 子嗣

Parallel abstracts


The intra-structure of family affects the family's resources transference and allocation and business groups' performance when the founder of the group is dead. We find a positive association between founder's sons/daughters size and group's performance before and after the founder's decease. The founder's wives play a key role in substantial succession period, especially when the founder is bigamy. During this period, greater sons/daughters size is associated with higher firm-level performance when the founder is monogamy. In contrast, the founder had bigamous marriage, greater sons/daughters size is associated with lower firm-level performance. An idiom "having many descendants is a sign of good fortune" emerging from our empirical analysis indicates that part of the decay of family-run groups over time is due to the dilution of the founder's bigamous marriage.

Parallel keywords

family founder death sons/daughters

References


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 (3): 1301-1328.
Arregle, J.-L., M. A. Hitt, D. G. Sirmon, and P. Very. 2007. “The development of organizational social capital: Attributes of family firms.” Journal of Management Studies 44 (1): 73-95.
Atiase, R. K. 1985. “Predisclosure information, firm capitalization, and security price behavior around earnings announcements.” Journal of Accounting Research 23 (1): 21-36.
Bach, L., and N. Serrano-Velarde. 2015. “CEO identity and labor contracts: Evidence from CEO transitions.” Journal of Corporate Finance 33: 227-242.
Bennedsen, M., J. P. H. Fan, M. Jian, and Y.-H. Yeh. 2015. “The family business map: Framework, selective survey, and evidence from Chinese family firm succession.” Journal of Corporate Finance 33: 212-226.

Read-around