| Summary: | 碩士 === 輔仁大學 === 會計學系碩士班 === 99 === This paper comparing the performance of family-controlled firms versus nonfamily-controlled firms and the determinants of affecting family-controlled operation performance. This paper combines two points of view based on agency theory and stewardship theory to explore the effect of family-controlled firm performance. Based on the sample of 1,237 Taiwan listed, OTC and ROTC firms from 1996 to 2010, our results suggest that family-controlled firms are significantly better performers than nonfamily-controlled firms. Moreover, we also find professional management governance firms are significantly better performers than family-controlled firms. This empirical result is consistent with the alignment effect argument. The impact of family business performance determinants, we found family control shareholding have a positive impact for the accounting performance mainly from family members of the direct shareholding. Family directors and market performance are in a negative relationship. The family members as chairman and CEO no significant correlation with the performance. We find positive effect institutional ownership is positively associated with firm performance. We also find foreign financial institutional ownership is positively associated with stock market-based measures of firm performance only. The family-controlled firms with higher deviation of control from cash-flow rights are underperforming.
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