本研究探討家族成員接班對家族企業創新活動的影響，實證結果顯示家族成員接班會使家族企業研發支出增加，然而同時也會使家族企業的研發效率下降。此外過往有高層經驗的家族接班成員在接班後的創新活動表現會比沒有經驗的好，這個現象在下一代接班的情況下會更顯著。最後本文實證了家族企業研發效率與公司營運績效之間的正向關係。總結來說，本研究確認了家族成員接班對公司創新活動的負面影響，而過往的高層經驗可以減緩這樣的現象。

I examine the impact of succession on the innovation activities of the family firms when a family member inherits the business. The results show that family succession increases the company's R&D expenditures. However, the R&D efficiency declines after a family member takes over. Moreover, family members with executive experience perform better in innovation activities after succession than those without relevant experience. This phenomenon is more pronounced in the case of second generation succession. Finally, I verify that there is a positive relationship between R&D efficiency and operating performance in family firms. Overall, my research confirms the negative impacts of family succession on firms' innovative activities and finds such influence can be moderated through prior executive experience.

I.Introduction 1
II.Literature Review 4
2.1 Succession in family firms 4
2.2 Innovation ability of family firms 5
2.3 Hypothesis 6
III.Data Collection and Methodology 8
3.1 Data 8
3.2 Variable 8
3.3 Methodology 10
3.4 Descriptive Statistic 11
IV.Empirical Result 11
4.1 The impact of family succession on innovation capability 12
4.2 Family successor with executive experience and innovation capability 13
4.3 The relationship between operating performance and innovation capability in family firms 14
4.4 Robustness checks for endogeneity 14
V.Conclusion 14
Reference 16
Appendix 19

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