本研究主要的目的有四。首先,針對家族企業而言是否比非家族企業的績效還要好。第二,針對家族企業而言是否比非家族企業對於資訊揭露之程度較高。第三,探討家族企業之特性進一步分析,家族企業與資訊揭露之關連性。最後,根據訊號發射假說以及減緩代理問題之下,家族企業、經營績效與資訊揭露之關聯性。 本研究資料擷取自台灣經濟新報(Taiwan Economic Journal)相關資料庫、公開資訊觀測站、公司年報以及財團法人中華民國證劵暨期貨市場發展基金會所編制的上市櫃公司資訊揭露系統。由於本研究資訊揭露所擷取的資料是來自於財團法人中華民國證劵暨期貨市場發展基金會所編制的上市櫃公司資訊揭露系統,該基金會所公布的資料是從2003年開始。因此,本研究的樣本公司是以2003年至2007年之上市櫃電子業公司為研究對象。 實證結果顯示,採用ROA、ROE、Tobin’s Q作為績效衡量之代理變數時,家族企業之經營績效明顯較非家族好。此外,本研究再將家族企業進一步區分創辦人與後代,則發現不論是創辦人或者是後代,其經營績效亦是比非家族企業高。資訊揭露部分在2005年至2007年期間,家族企業之資訊揭露程度明顯較非家族高。最後,家族企業、經營績效與資訊揭露之間關聯性,唯有在2005年至2007年期間上市電子業當中,家族企業之經營績效越高,則資訊揭露程度越高。
This study evaluates four issues in family firms. First, in the operating performance part, whether the family firms perform better than non-family firms. Second, whether the family firms provide more voluntary disclosures than non-family firms. Third, we investigate the characteristics of family firms and further analyze the relationship between family firms and information disclosures. Finally, the association among family firms, operating performance, and information disclosures. The data of this study are compiled from Taiwan Economic Journal (TEJ), Market Observation Post System (MOPS), firm annual reports and information transparency & disclosure ranking results from Securities & Future Information center (Taiwan). The data of information disclosure from SFI started from 2003, hence the samples TSE/OTC electronics industries in this study are listed in Taiwan Stock Exchange from 2003 to 2007. The results show that (1) when performance proxy variable is used in ROA, ROE, or Tobin’s Q, family firms perform better than non-family firms. In addition, we divided the family firms into founders and offspring. It shows that both founders and offspring achieve better operating performance than non-family firms. (2) More information disclosures in family firms are provided than non-family firms from 2005 to 2007. (3) The association among family firms, operating performance, and information disclosures in TSE electronics industries from 2005 to 2007 show that the higher the operating performance in family firms, the higher the information disclosures.