| Summary: | 碩士 === 國立雲林科技大學 === 企業管理系碩士班 === 95 === This study constructs a model of family firm value by considering the interest distributions, agency costs, personal benefits, and managers’ abilities. Moreover, this study discusses how the factors influence the values of family firms. The results show that the boards of directors of family firms are stricter to the outside candidates than the inside ones when they select the successors. Furthermore, if family firms employ inside managers and the vote is more than share, or using Pyramid structure cross share holding, the values of the family firms are lower. In addition, the abilities of managers who are hired outside the family firms are better than those are hired from the firms.
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