家族異質性與內部控制缺失-董監事責任保險之角色定位

Abstract

本研究測試家族社會情感財富如何影響家族企業之內部控制缺失。我們聚焦於家族社會情感財富的兩個重要維度:家族認同度及家族控制力維度,並探討這兩個重要的家族社會情感財富維度對於內部控制缺失之影響。研究結果發現,相較於其他家族企業,較重視家族認同度(家族控制力)的家族企業,發生內部控制缺失的機率較小 (大),且因內部控制缺失導致的裁罰金額也較低(高)。我們進一步檢測發現,董監事責任的保險機制會影響公司的內部控制缺失,並對家族社會情感財富和內部控制缺失之關聯性發揮調節之效果。研究結果發現,董監事責任的保險機制會強化家族認同度對內部控制缺失之負向影響,會減緩家族控制力對內部控制缺失之正向影響。此一研究結果顯示,結合家族社會情感財富的影響後,董監事責任的保險機制對於公司的內部控制缺失將扮演一個重要的角色。

This study examines how family socioemotional wealth (SEW) affect internal control deficiencies (hereafter ICD) within family-owned firms. In particular, we distinguish two salient dimensions of family SEW, the ‘Family Identity’ dimension of SEW and ‘Family Control’ dimension of SEW, and theorize their opposing effects on ICD. We posit and find that family firms prioritizing on the ‘Family Identity’ dimension of SEW (the ‘Family Control’ dimension of SEW) exhibit lower (greater) ICD relative to the other family firms. We further suggest that the insuring mechanism for directors’ and officers’ liability affects ICD in terms of playing a moderating role for the association between family SEW and ICD. In particular, we find that the negative (positive) effect of the ‘Family Identity’ dimension of SEW (the ‘Family Control’ dimension of SEW) on ICD is more (less) pronounced for the firms exhibit greater amount of liability insurance for their directors and officers. These results suggest that, in conjunction with family SEW, the insuring mechanism for directors’ and officers’ liability play an importmant role for a firm’s ICD.