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。
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.