標題: Corporate governance and family succession: New evidence from Taiwan
作者: Yeh, Yin-Hua
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Succession;Corporate governance;Laws and regulations
公開日期: 1-Oct-2019
摘要: Succession in family firms has historically been associated with risk. However, improvements in laws and regulations along with the consequent improvements in corporate governance can greatly mitigate the potentially negative impacts on succession performance. This study utilizes a comprehensive data set of 280 cases of succession from Taiwan between the years 1997 and 2012, a period which coincides with the introduction of a big bang of new domestic laws and regulations. The results indicate that improvements in the regulatory environment along with the consequent strengthening of corporate governance reduces the probability of family succession while at the same time increases firm performance during the succession period. In many cases the impact of improved corporate governance outweighs the influence of improved laws and regulations. The implications of these findings underscore the importance of the government's role in establishing robust internal and external mechanisms to enhance corporate governance, so that in significant events such as firm succession, the attendant risks are reduced.
URI: http://dx.doi.org/10.1016/j.pacfin.2017.09.011
http://hdl.handle.net/11536/153464
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2017.09.011
期刊: PACIFIC-BASIN FINANCE JOURNAL
Volume: 57
起始頁: 0
結束頁: 0
Appears in Collections:Articles