家族企業與金融危機對國際化績效的影響

The Impact of Family Firm and Financial Crisis on Performance Attributable to International Diversification

羅喬茵(Chiao-yin Lo)

指導教授 ： 曹壽民

國立中央大學/管理學院/企業管理學系/碩士(2012年)

摘要

本研究探討家族企業與非家族企業國際化績效的比較，並加入經濟穩定度做測試。主要由代理理論的觀點探討國際多角化的動機，以及企業所面臨的代理成本對於國際化程度與國際化績效的影響。家族企業的利益一致效果大於權力鞏固效果則家族企業國際化績效比非家族企業好，反之若家族企業的權力鞏固效果大於利益一致效果，則非家族企業國際化績效比家族企業好。我們研究結果顯示金融危機期間非家族企業因國際化而企業績效下降的幅度比家族企業更大。實證結果顯示無論經濟穩定期或是金融危機期，家族企業的國際化績效皆比非家族企業好。

關鍵字

國際多角化 ； 家族企業 ； 權力鞏固效果 ； 國際化績效 ； 利益一致效果

並列摘要

This study investigates the comparative of family firm and nonfamily firm’s performance attributable to international diversification in Taiwan, and added economic factors to test our research. We use agency theory to investigate the motivation of international diversification and the impact of firm’s agency problem on the extent of firm diversification and the performance attributable to diversification. If family firm’s alignment effect dominate entrenchment effect, family firm’s performance attributable to diversification will better than nonfamily firm. On the contrary, If family firm’s entrenchment effect dominate to alignment effect , nonfamily firm’s performance attributable to diversification will better than family firm. The empirical results in our research show that family firm’s performance attributable to diversification is better than nonfamily firm.

並列關鍵字

alignment effect ； entrenchment effect ； Family firm ； international diversification

參考文獻

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