| Summary: | 碩士 === 實踐大學 === 企業管理學系碩士班 === 99 === Up to 75% of large enterprises in Taiwan do not have a succession plan, according to “Taiwan 100 corporations’ successor survey” by Business Week, 969. And Fan, Jian and Yeh’s (2007) study of Taiwan, Hong Kong and Singapore found that the cumulative abnormal returns of stock are -56% during the five-year period before replacement of a company’s chairman. This research discovers that there are different results of a succession process of a family enterprise between industries.
Based on the percentage of board seats held by outside directors and the institutional investors, the results show that after succession of a family enterprise of traditional industry, its management achievements and performances surpass those of the tech industry. With a higher ownership of the managers can enhance company's achievements, for the family enterprises of both traditional industry and tech industry.
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