| Summary: | 碩士 === 淡江大學 === 會計學系碩士班 === 93 === Many firms in the world are family controlled, the prior papers show that the advantage of family-owned business is high centrality and poor corporate governance, business characteristics and management are affected by firm scale level. Our samples are family-owned business listed in Taiwan Stock Exchange from 1998 through 2003, and panel threshold regression model to identify scale level to explore the effect between the business characteristics and corporate governance on the operating performance in
different scale level.
The results show that: 1. In large family-owned business(LFOB), higher family ownership, family member serve as CEO and fewer operating year, performance is better; 2. In small family-owned business(SFOB), higher family ownership, fewer family director, not family member serve as CEO, family member serve as Board Chairman and more operating year, performance is better; 3. In LFOB, corporate governance is better than small but it’s not significantly correlated with operating performance because of it’s nugatory; 4. In SFOB, corporate governance is significantly correlated with operating performance. Finally, explore the effects of the business characteristics and corporate governance of family-owned business on the operating performance in different scale
level are different.
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