Title

多子多孫多福氣?創辦人離世之觀察

Translated Titles

Is Having Many Descendants a Sign of Good Fortune? A Natural Experiment of the Passing of Founder

DOI

10.6538/TAR.202007_16(1).0004

Authors

林秀鳳(Hsiu-Feng Lin);陳岳鴻(Yueh-Hung Chen);林育陞(Yu-Sheng Lin)

Key Words

家族 ; 創辦人 ; 離世 ; 子嗣 ; family ; founder ; death ; sons/daughters

PublicationName

中華會計學刊

Volume or Term/Year and Month of Publication

16卷1期(2020 / 07 / 01)

Page #

135 - 165

Content Language

繁體中文;英文

Chinese Abstract

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。

English Abstract

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.

Topic Category 社會科學 > 財金及會計學