本研究以家族企業管理者的傳承為出發點,探討家族企業在傳承事件發生後,是否對企業之投資決策產生影響。本文蒐集臺灣上市櫃公司在1998年至2015年間100個家族企業傳承的樣本,比較家族企業傳承前後投資決策的差異。研究結果發現,家族企業在傳承後會傾向維持相同的資本支出及研發費用,但會大幅增加投資於廣告費用。 此外,進一步考量公司規模大小、機構法人持股、控制股東持股、控制權與現金流量權偏離等因素之下,探討家族企業傳承對於廣告費用投資決策的影響是否有異,研究發現規模較大、機構法人持股較高、控制股東持股較高、或是控制權與現金流量請求權偏離程度較高的公司,在家族企業傳承後會傾向增加投資廣告費用。
This study examines the impact of succession in family firms’ investment policy. Using 100 samples of succession in family firms manually collected from the listing companies in Taiwan from 1998 through 2015, I find evidence that family firms tend to increase the investment in advertisement expenses after succession but not the capital expenditures and research and development expenses. For the subsample analyses, I find that family firms with significant market capitalization, higher institutional holding, higher controlling shareholdings, and the higher deviation between control and cash flow rights are more likely to increase the investment in advertisement expenses.