Empirical Study on Family Firms and Corporate Governance Performance
碩士 === 國立中興大學 === 會計學研究所 === 107 === The objective of this research is to investigate the association between family firms and Corporate Governance Performance. The sample includes Taiwan Listed Companies which are regulated by the Financial Supervisory Commission (FSC) to participate in the Corpora...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/cgi-bin/gs32/gsweb.cgi/login?o=dnclcdr&s=id=%22107NCHU5385017%22.&searchmode=basic |
| Summary: | 碩士 === 國立中興大學 === 會計學研究所 === 107 === The objective of this research is to investigate the association between family firms and Corporate Governance Performance. The sample includes Taiwan Listed Companies which are regulated by the Financial Supervisory Commission (FSC) to participate in the Corporate Governance Evaluation system. We classify companies into family firms and non-family firms to implement empirical comparing. To explore whether family firms with better operating performance have better corporate governance evaluation levels, the research further distinguishes the industries of family firms into high-tech industries and traditional industries.
I selected the 4th corporate governance evaluation results published by 2017 Corporate Governance Evaluation System for empirical analysis. The empirical results showed that family firms have weaker corporate governance performance than non-family firms. The finding is consistent with the notion of the entrenchment effect. It means family firms face Type 2 agency problem. In addition, the rank of corporate governance evaluation correlates positively and significantly with return on assets. And the significant relationships exist in not only full sample but also a sub-sample of a high-tech family business and traditional industrial family business.
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