The Relationship among Entrepreneur、Family Holding Control and Economic Value Added —An Empirical Study on High-technology Industries.

• Main Authors: Chun-Pin Kuo, 郭俊彬
• Other Authors: 黃德舜
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/33967916900581377088

碩士 === 國立中正大學 === 企業管理所 === 97 === Family firms play an important role in the industrial development worldwide, especially in Taiwan, most of which are family firms. However, entrepreneurs served as chairmen or concurrently general manager will affect the policies, performances and value of the company. Three measures of Economic Value Added (EVA) are adopted in this study and will evaluate the relationship among the entrepreneur, family-holding control and enterprise value. EVA1 is the measure of non-adjusted equity equivalent, EVA2 indicates adjusted equity equivalent and EVA3 indicates adjusted equity equivalent and economic depreciation. This study uses the multiple regressions to examine the relationship among entrepreneur, family holding control and economic value added. The sample data are collected from 83 listed high-technology companies in Taiwan from 1998 to 2007(830 samples) The results of this study showed that： A.The entrepreneur holding control is significantly positive related to the economic value added in high-tech industry. 1.The proportion of entrepreneur holding control is significantly positive related to the economic value added. 2.The entrepreneur who served concurrently as general manager is significantly positive related to the economic value added. B.The proportion of the family holding control is significantly positive to the economic value added in the high-tech industry. 1.The company of family control is significantly positive related to the creation of economic value added. 2.The proportion of board of directors’ stock-holding are significantly positive related to the economic value added. 3.The proportion of major shareholders’ stock-holding are significantly positive related to the economic value added.