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Sibhatu, Temesgen, Dalia Garsa Mahmod Mahmod, and Goran Rubil. "Difference in foreign exchange risk management betweem family and non-family owned firms." Thesis, Jönköping University, Jönköping International Business School, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-150.
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Financial risk as a result of trade in foreign currencies is inevitable for firms that are engaged in international trade. However the decision how to manage this risk differs from one firm to another. This difference can be a result of the type of ownership in the individual firm.One of the classifications of the type of firms that have different can be categorized as family firms and non-family firms.
Studies have showen that family firms differ in their use of control systems and financial management techniques. The difference is explained by the type of ownership. As a consequence of the differences, family and non-family firms may differe in their decision making with respect to foreign risk management.
This thesis compaires the practice of foreign exchange risk management in family and non-family firms.the objective is to asses if family firms and non-family firms differe in their decision making to currency exposure management. The effect of the involvement of family members in the management of currency risk will also be addressed.
Finaly, the paper will provide some recommandetions to firms exposed to foreign exchange risk.
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Vincent-Ponroy, Julia. "Family Firms’ organizational identity and non-family employees, a case study." Thesis, Université Paris-Saclay (ComUE), 2016. http://www.theses.fr/2016SACLH016.
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Cette thèse explore l’identité organisationnelle des entreprises familiales à travers le prisme des employés non familiaux. L’identité familiale de ces entreprises constitue pour elles à la fois un atout – « action intangible » difficilement imitable – et en même temps un enjeu, puisque l’imprégnation de la famille et de ses valeurs au sein de l’entreprise pose question à mesure que sa croissance l’amène à intégrer des membres extérieurs. Cet enjeu est d’autant plus sensible que la famille dirigeante cherche souvent à maintenir son influence identitaire sur l’entreprise, leurs histoires et réputations respectives étant intimement liées. Pour autant, peu de travaux ont jusqu’à présent étudié le rôle des employés non-familiaux dans l’identité de ces entreprises. Cette thèse interroge la façon dont les employés non-familiaux contribuent à la perpétuation de l’identité familiale de l’entreprise, à travers l’étude du cas d’une entreprise familiale française. Trois résultats principaux découlent de ce travail. D’abord, l’exploration des perceptions identitaires des employés non-familiaux révèle que la famille est, à leurs yeux, indissociable des éléments caractérisant leur entreprise. Les mécanismes conduisant à ces perceptions sont ensuite examinés : incarnation, rappel, diffusion et adaptation sont identifiés comme « amenant » dans l’entreprise une image spécifique de la famille, de ses valeurs et de son rôle. Ensemble, ils constituent le processus de « familisation » de l’entreprise. Enfin, une typologie est proposée pour classer les employés non familiaux selon leurs motivations et capacité à contribuer à ces mécanismes. Deux catégories d’employés (les adoptés et les convertis) jouent un rôle déterminant dans ces mécanismes. Occupant une place prédominante dans le top management, ils utilisent cette famille comme outil de management ayant une fonction d’exemple incarnant un système de valeurs qu’ils associent à la Famille comme entité générique. Les apports théoriques et pratiques, ainsi que les limites de ces résultats sont discutés en conclusionThis dissertation explores family firms’ organizational identity from a non-family member’s perspective. The family identity of these firms constitutes both an intangible asset, that is difficult to imitate – and a crucial stake as during their growth process, family firms incorporate external members who tend to progressively represent the majority of the payroll. This stake is even more salient as owning families aim at durably influencing their firms’ identity since the family’s and the firm’s history and reputation are interrelated. However, the role of non-family members’ in the family firm’s identity has not been directly investigated by researchers so far. My dissertation aims at filling in this gap, by investigating the way non-family members contribute to enacting the family identity of the firm. The case study I conducted in a French family firm leads me to formulate three main sets of results. First, the exploration of non-family members’ perceptions of the firm reveals that they associate what they consider to be the core attributes of the firm with the owning family. Secondly, I investigate the mechanisms leading to such perceptions and identify that the family’s image and values are “brought” into the organization through four mechanisms – embodiment, reminding, spreading and adaptation – that together constitute the overall process of “familization” of the firm. Lastly, I suggest a typology of non-family members depending on their motives for contributing to “familization” mechanisms. Two categories (the adopted and the converted) play a crucial role in these mechanisms. Moreover, I show that the top management is composed of adopted and converted, who use this specific family of owners as a managerial tool having a role-modeling function. They do it because they perceive this family as embodying an axiology that is symbolized by the Family – as a generic entity –, an axiology that they consider to be valuable in an organizational context. The theoretical and practical contributions of these results are discussed
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Schwarz, Patrick. "Capital Structure and Profitability in German Family Firms : An Investigation of stock market listed family and non-family firms." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-260101.
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Boström, Sofia, and Emelie Lund. "Compensation and Rewards : - A Family firm CEO's perspective." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48582.
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Background/Problem: The financial crisis in 2008 affected the whole economy and the CEO's compensation was one of the factors causing this crisis. Although, it is now years after the onset of the financial crisis, the CEO’s compensation is still an ongoing topic of debate and, for this reason, vital to study. According to literature, non-family CEOs are more likely to emphasize financial performance rather than socioemotional objectives and returns. On the contrary, family CEOs are more motivated by socioemotional wealth and non-financial goals. Taking these viewpoints into consideration, this study examines how CEOs in family firms view and value compensation and rewards. Purpose: This study aims to explore how family CEOs view and value compensation and rewards, in comparison to non-family CEOs in family firms. Method: This study is conducted using a qualitative method and utilizing semi-structured interviews. Five family firms participate in this study and they comprise of 4 family CEOs and 1 non-family CEO. Conclusion: The findings of this study support the idea that family CEOs view and value compensation and rewards in other terms than just financial value. Moreover, the evidence points to that the non-family CEO is more connected to financial factors. Weighing together the evidence from this study there is a difference regarding how family CEOs and non-family CEOs view and value compensation and rewards. Additionally, based on this research, SEW exists within family firms. The findings in this study contribute to the current knowledge in designing compensation packages for CEOs in family firms. Moreover, this study is the first step towards enhancing our understanding of how CEOs view and value compensation and rewards.
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Malbasic, Damjan, and Christina Purtscheller. "Blood is Thicker Than Water : An Examination of the Exclusion of Non-Family Managers in Family Firms." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-27002.
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In this thesis we show how and why non-family managers are excluded in family firms. Additionally, we depict the implications of exclusion on an individual as well as a business level. The literature framework that consists of literature from family business and organizational as well as socio-psychological studies lays the foundation for our qualitative empirical research. A method triangulation of semi-structured interviews and vignettes, based on empirical material from seven cases, is applied to understand the exclusion of non-family managers. Our findings suggest that exclusion is prevailing in family firms. Hereby, family members as well as non-family managers can be the ones excluding. We identified six main categories why exclusion of non-family managers happens. Exclusion can be based on the family’s values and norms, exclusive knowledge of a family member, the need of quick decision making, the need of secrecy, the manager’s professional values and norms, as well as the manager’s personal values and norms. Further, exclusion can take place in formal and informal selective arenas, through formal and informal breach of agreements, through structural and cultural hindrances, as well as through differences between enacted and espoused values. Moreover, we reveal several implications exclusion has on an individual and on a business level. The findings contribute to the theoretical and managerial understanding of exclusion in family firms. Thus, increasing the awareness of its existence in family firms. Additionally, we contribute to current research about exclusion in family firms by providing more insights into the complex phenomenon. This thesis is of interest to any individual in a leading position in family firms, as well as academics in the research field of family businesses.
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Harun, Pitra C. "Founding-Family Ownership and Firm Performance: Evidence From Indonesia." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1108.
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In my study, I examine the relationship between founding family ownership and firm performance. Using publicly listed companies in Indonesia, I observe families are much more prevalent than in the US; in my sample, families are present in over 60% of Indonesian listed companies and families own an average outstanding equity of 50.4%. Contrary to previous literatures, I present new evidence to show founding family ownership and control is a more efficient form of ownership structure only when the family is a majority-shareholder in the company. Additional investigations shows that founding family ownership has a U-shaped quadratic relationship with firm performance, indicating that an increase in family ownership is initially associated with worsening firm performances, but is then associated with improving firm performances after passing a certain level of equity ownership.
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Savoni, Peter. "Intra-family succession goals : perceptions of the dominant coalition of small private family firms." Thesis, De Montfort University, 2016. http://hdl.handle.net/2086/13113.
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Intra-family succession is the transfer of management, leadership and/or control of the business from one family member to another, and has been a core topic in family business research (Debicki, Matherne, Kellermanns, and Chrisman, 2009). Family firm researchers have suggested that family firms have a strong desire toward economic and non-economic goals (Kotlar and De Massis, 2013). However, how these goals fit into the strategic management decision of intra-family succession has not been explored by researchers (Chrisman, Kellermanns, Chan, and Liano, 2010). The purpose of this study is to identify and explain the importance of the goals that small private family firms expect to achieve through intra-family succession that cannot be achieved through non-family succession as “success in strategic management, including the management of intra-family succession, must be measured in terms of goal achievement” (De Massis, Sharma, Chua, and Chrisman, 2012, p. 30). To examine why intra-family succession goals (IFSGs) are important, this study relies on the psychological personality constructs of generativity (concern for guiding and establishing the next generation) and narcissism (an individual’s self-assurance, self-esteem and satisfaction with oneself). The respondents of this study are those family members who make up the dominant coalition (founders, incumbents, and potential successors) of the family firm. Only those firms where the family has the ability to influence firm behavior, and the intention (willingness) for intra-family succession, are included in this study. Qualitative data was collected to identify IFSGs, and these IFSGs are used in the development of the structured questionnaire. Fourteen IFSGs were identified from the qualitative phase of the study. The data collected from the structured questionnaire was subject to various statistical methods. The results suggest that the dominant coalition of small private family firms considered each IFSG as important, and that generativity and narcissism partially explain why these goals are important. The findings suggest that gender and the individual’s role within the dominant coalition influence the hypothesized relationship between IFSGs and generativity, and the IFSG of legacy and narcissism. This research provides several analytical, methodological and theoretical contributions and paves the way for further theoretical and empirical enquiry into intra-family succession of small private family firms.
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Keilani, Mohamed, and Markos Kokkinos. "Familjeföretag : En jämförande studie mellan familjeföretag och icke-familjeföretag med avseende på prestation." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-19512.
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Syftet med denna studie är att ta reda på huruvida det föreligger en skillnad i företagsprestation mellan familjeföretag och icke-familjeföretag. För att göra detta har en kvantitativ metod tillämpats. Undersökningsåren är 2003-2011 och företagen som har undersökts har varit små och medelstora företag på den svenska marknaden. Slutsatsen är att det inte föreligger någon prestationsskillnad mellan familjeföretag och icke-familjeföretag.The purpose with this study is to find out whether there is a difference in firm performance between family firms and non-family firms. In order to fulfill the purpose we have used a quantitative method. The examined period was 2003-2011 and the investigated firms have been small and medium sized firms on the Swedish market. The conclusion drawn is that there is no significant difference in the firm performance between family firms and non-family firms.
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Rupprecht, Maximilian Fred [Verfasser], Alwine [Akademischer Betreuer] [Gutachter] Mohnen, and Isabell M. [Gutachter] Welpe. "Family Businesses: Understanding non-family managers’ discretion, goal diversity, and intra-firm heterogeneity / Maximilian Fred Rupprecht ; Gutachter: Alwine Mohnen, Isabell M. Welpe ; Betreuer: Alwine Mohnen." München : Universitätsbibliothek der TU München, 2016. http://d-nb.info/1137010428/34.
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Neff, John E. "Cultural Factors: Entrepreneurial Orientation or Not-Here Comes Innovation in Small to Medium Sized Enterprises." Case Western Reserve University Doctor of Management / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=casedm1568628518748942.
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Åkerström, Björn, and Rasmus Skarphagen. "The role of financial and non-financial goals in the make or buy decision at a family firm : A case study on Väderstad AB." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Centre of Logistics and Supply Chain Management (CeLS), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48697.
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Background: Make or buy decisions is the most fundamental part in a company’s manufacturing strategy. The decision is complex and involves sacrifices whichever strategy is chosen, and before making the decision the firm should understand and evaluate the trade-offs and comparative costs of manufacturing or outsourcing. The uniqueness of family firms is that they often operate their business with non-financial goals at the centre. This study will investigate the make or buy decisions at Väderstad AB, a family owned firm that deals with decisions of make or buy on a large scale, with many thousands of parts included in their final machines, and decisions made daily whether to make or buy. There is no existing research looking at the qualitative non-financial goals and factors in family firms and how it affects the make or buy decision. Purpose: This master thesis studies the make or buy decision at a family firm. The aim is twofold, namely, to explore the potential uniqueness of family firms within the context of the make or buy decision and then to create a make or buy decision model for a family firm. This aim is explorative, i.e. to generate theory, in the realm of family firm research. Method: This is a qualitative study performed by conducting a single case study methodology. 12 Semi-structured interviews with 14 employees from all parts of the case company and the use of documents from archival records were collected as data. The data was analyzed with the technique of 1st order concepts, etc. as developed by Gioia. Conclusion: Our analysis showed that in the context of family firms, the primary factors influencing make or buy decisions at the case company were not financial goals. Instead drivers were goodwill for customers, innovation, quality, flexibility and control which are non-financial goals. However, financial goals were not neglected, but rather costs were measured after a decision had been made, proving that it was not in the centre of their operations before and during the decision and thus, it was secondary. As a result, non-financial goals played a larger role than financial goals in the make or buy decision.
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Saidat, Zaid Mhmoud. "Corporate governance and corporate performance : evidence from Jordanian family and non-family firms." Thesis, Queen Margaret University, 2018. https://eresearch.qmu.ac.uk/handle/20.500.12289/9256.
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Corporate governance and corporate performance are two concepts that have been extensively examined in finance and management literature. However, most studies have been conducted in developed countries, particularly the UK and the US, while there is relatively little work carried out on the Middle East, specifically Jordan. Many Jordanian companies are characterised by concentrated ownership (generally family firms), which forms a considerable part of its economy (ROSC Jordan, 2004). Few researchers have examined family firms' performance from a corporate governance perspective. This study investigates the influence of corporate governance on the performance of Jordanian family and non-family firms from 2009 to 2015, employing agency theory and resource-dependency theory to investigate the relationship between corporate governance and performance of family and non-family firms. Agency theory is concerned with problem of agency between principals and agents as well as principals and principals, which undermines value maximisation. Due to complexity within the corporate governance and performance phenomena, agency theory is supplemented with predictions from resource dependence theory, since this theory asserts that the resources provided by the shareholders and the directors are likely to improve performance. It has been suggested that the board of directors and ownership structure are effective corporate governance mechanisms to improve firm performance. Multivariate pooled-OLS regression analyses were the main tool of analysis. Secondary data obtained from published firm annual reports, firm financial reports and the Thomson One database was analysed to test the effect that board of directors and ownership structure have on corporate performance and the performance of family firms. To ensure confidence in these estimates, this thesis uses two-stage least squares (2SLS) to address the issues of endogeneity. The focus of the investigation was firms listed on the Amman Stock Exchange (ASE). The dataset is a panel of all firms on the ASE from 2009 to 2015, excluding financial firms with a sample of 103 firms, including 56 family-firms (about 55%) and 47 non-family firms. Major findings include (i) board mechanisms; board size, independent directors and family CEO negatively influence family firm performance while CEO duality tends to have a positive effect on performance, (ii) female board member, ownership concentration and local institutional investors have no effect on corporate performance, (iii) in non-family firms, there are positive relationships between governance mechanisms (independent directors and local institutional investors) and corporate performance. However, board size and concentrated ownership have no effect on performance, (iv) female board member has a negative effect, and (v) the proportion of foreign shareholders has a positive effect on the performance of family and non-family firms. Overall, there is a difference between the impact of corporate governance mechanisms on family and non-family firms' performance. In terms of practical implications, this study illustrates (i) The importance of corporate governance in the broader sense, especially in emerging economies such as Jordan, where ownership is concentrated in Jordanian companies; (ii) signs policymakers and regulatory bodies can use to monitor companies that are more likely to confiscate investors and/or introduce governance problems; (iii) a potentially productive method for professional investors to select companies with superior governance structures and performance to improve returns on their investments, particularly in the long term.
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Mukherjee, Suranjita. "Reputation, return and credit rating differences between family and non-family firms in the UK." Thesis, University of Reading, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.494960.
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The objective of the thesis is to develop research relating to family firms in the UK. To shed some light on this research topic a sample of 199 public family firms is identified and matched with a set of non-family firms based on three criteria - Stock-market listing, Size and Sector. I investigate the reputation, return, governance and credit rating differences between family and non-family firms in the UK. Family firm researchers have found a host of characteristics that are unique to family firms and are often taken as plausible explanations for governance and operational differences between family firms and their non-family competitors. Using these characteristics I build a reputation index that measures a firm's reputation as an investment opportunity. An empirical analysis reveals that the investment reputation of a family firm can only be compared with the reputation of a non-family firm if these familial attributes are included in the analysis.
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Waesch, Carsten. "Performance contrasts during the financial crisis between publicly traded family and non-family firms in Europe." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/12073.
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In this study, I analyze the performance of family and non-family firms in Europe between 2001 to 2013 with special attention given to the 2008-09 financial crisis. Twelve years of data have been collected and analyzed by two models: the market adjustment model and a panel estimation technique. Contrary to the hypothesis, results show that family firms do not significantly outperform non-family firms during the overall period -- before-, during-, and after the crisis. However, in terms of beta, significant differences are clearly discernible. One could say that family firms are in general less volatile and show extremely low volatility in the crisis compared to the market.
Neste estudo, analiso o desempenho de empresas familiares e não-familiares na Europa, entre 2001 e 2013, com uma especial atenção ao período da crise financeira de 2008 e 2009. Doze anos de dados foram recolhidos e analisadosusando dois modelos: o modelo de ajustamento do mercado e uma técnica de estimativa de painéis. Ao contrário das expectativas, os resultados mostram que as empresas familiares não têm resultados significativamente superiores às empresas não familiares durante o período em análise, inclusive antes, durante, e depois da crise. No entanto, considerando o valor do beta, existem diferenças significativas. É possível concluir que as empresas familiares são, em geral, menos voláteis e que durante a crise apresentaram uma volatilidade extremamente baixa comparativamente com o mercado.JEL
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Suhartanto, Eko. "Professionalisation, entrepreneurial orientation and employee engagement in family and non family firms : a study of graduate employees in Indonesia." Thesis, University of Strathclyde, 2018. http://digitool.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=30560.
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Employee engagement is essential for both employee and business outcomes. For example, research suggests that employee engagement can encourage employee retention and boost profitability. Recent trends, however, depict a decline in levels of employee engagement with differences further observed between family and nonfamily firms. Using a sample of 545 highly educated Indonesian employees, this thesis employs Structural Equation Modelling to examine the potential effects of firm professionalisation and Entrepreneurial Orientation (EO) factors on employee engagement in family and nonfamily firms. This thesis finds that professionalisation and EO are not dichotomous, but may mutually promote employee engagement. Drawing on the Personal Engagement Concept (PEC) and Social Exchange Theory (SET), the study posits that professionalisation provides predictability, transparency and perceived justice to compensate for any uncertainty that may be attached to the entrepreneurial firm. Equally, entrepreneurial behaviour provides challenging and stimulating work to compensate for inflexibility that may be attached to the professionalised firm. These dynamics together enhance employee engagement. The positive impact of professionalisation and EO factors on employee engagement is however lower in family firms. This may be due to the typical family firm behaviours, such as self-control, dual-roles, and altruism, that could interfere with formal business procedures and reduce employee perceptions of predictability, transparency and justice. In particular, family firm owners' dual roles may reduce employee involvement in decision-making processes, thereby discouraging employee creativity. To effectively encourage employee engagement, this thesis therefore proposes that both family and nonfamily firms should heed the various human resource aspects of professionalisation. For family firms, in particular, since natural nepotism and subjective decisions could undermine any formal authority bestowed upon employees in family firms, installing formal recruitment procedures, performance reviews, training, and performance-based pay is recommended as a more effective strategy to boost employee engagement.
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Dalunde, Gustav, and Sara Carlén. "Striving for Privacy : A comparative case study on the strategic implications post public-to-private for family and non-family firms in Sweden." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-39588.
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Public-to-private (PTP) refers to the strategic action of consciously leaving the stock market. The delisting decision may be made when the benefits of being listed no longer outweigh the costs. The private environment offers multiple benefits firms may be expected to seek post-PTP such as reduced regulations, less quarterly performance pressures and fewer demands on the financial reporting. Such benefits correlate with expected changes made in firms post-PTP. Due to a limited amount of research available upon the topic of PTP, a research gap upon the deliberate changes made post-PTP exists. Family firms differ from non-family firms when making strategic decisions. Therefore, it is expected that the strategic changes made in family firms differ from those in non-family firms. Furthermore, the Continental European context exhibits special characteristics such as high levels of concentrated ownership, characteristics that may be vital for the changes made post-PTP. The thesis explores deliberate changes made in firms post-PTP, and how these changes might have impacted the delisting decision. This phenomenon is explored within both family and non-family firms in a Swedish context, as a representation of the Continental European market. The research is conducted through a multiple case study. Based on a number of criteria, three case firms are selected as representations of the relevant ownership types within the study. The data collection takes place through eight in-depth interviews with key informants from the selected cases. The results of the data collection are presented through descriptive narratives, supported by secondary data. The data is analysed through within-case and cross-case analysis. The presented data is then further analysed using the literature presented in the frame of reference. Throughout the thesis, a number of changes made post-PTP are presented and discussed, finding great heterogeneity of results among the studied case firms. We find that a strategic delisting decision is mainly connected to firm ownership and financing methods for growth and development. Our findings suggest firms delisting for strategic reasons do not make in-depth changes in the firm post-PTP. Furthermore, we find that there is some connection between the perceived benefits of the private environment and the delisting decision.
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Moyses-Scheingruber, Silvia [Verfasser], Jörn H. [Akademischer Betreuer] Block, Jörn H. [Gutachter] Block, and Hermut [Gutachter] Kormann. "Decision Criteria in Acquisition Target Screening: Decision Weights, Acquirer Types and Differences between Family and Non-Family Firms and within the Group of Family Firms / Silvia Moyses-Scheingruber ; Gutachter: Jörn H. Block, Hermut Kormann ; Betreuer: Jörn H. Block." Trier : Universität Trier, 2020. http://d-nb.info/1208643576/34.
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Ruus, Daniel, and Andreas Askmark. "Non-family CEOs in family firms - A Clash of Logics? : A study on how different logics and perceptions of professionalism shape expectations and affect relationships." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-27371.
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In the near future several Swedish family firms will face a need for succession. Many times there is no available successor within the family firm. Hiring a non-family CEO (NFC) is thus a solution to keep the firm within the family. Using a multiple case study with 6 participating family firms, we have identified how clashing logics between family business owners and NFCs, on the role of the NFC, influence their expectations and relationships. Clashing logics were often a source of disagreements and conflicts, leading to failure in the owner-NFC relationship. Furthermore, we have identified that the two parties often perceived the non-family CEO to offer more professional management which was a motive why family firms in this study hired NFCs. This perceived professionalism was also a reason for conflicting expectations. Adding to previous studies we also identified a series of influencing factors impacting the family business owner-NFC relationship. To conclude this study provides new insights for further research and practical recommendations for family firms in the process of hiring NFCs.
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Ahmad, Bilal, and Sunisa Hemphoom. "Family Firms and Clean Technologies : A qualitative study exploring how a firm’s ownership status influences implementation of clean technologies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-42397.
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Abstract Background: Sustainability practices have become a crucial factor for firms since there are external and internal pressures that expect firms to act environmentally friendly. Especially within organizations that are owned by family, being sustainable enables them to pass their firm in a good condition to the next generation. One way firms can be sustainable is through adopting clean technology strategy as it can provide both environmental and economic benefits to firms. Being sustainable and having the ability to implement clean technology requires a long-term vision or long-term orientation (LTO); a characteristic often associated with family-controlled businesses (FCBs). Purpose: The purpose is to examine the adoption of clean technology within family-controlled firms (FCBs) and non-family-controlled firms (Non-FCBs). The aim is to explore if there are certain characteristics of FCBs that facilitate implementation of clean technologies. Method: This research is based on qualitative research method with an abductive approach and interpretivism philosophy. The primary data is collected through semi-structured interviews with four companies of which three are family-controlled businesses and one is a non-family- controlled business. Conclusion: FCBs are more inclined to invest in clean technologies. The extent to which a company does or does not implement clean technologies depends not only on the institutional values of an organization but also how deeply one or more of the three LTO dimensions are implanted in those values.
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Lin, Ya-Wan, and 林雅婉. "Director Compensation, Board Structure and Firm Performance :Comparing Family Firms and Non-family Firms." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/m675qe.
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碩士國立彰化師範大學
財務金融技術學系
104
In Taiwan, director compensation has been disclosure respectively since 2004. Based on data of listed companies on Taiwan Stock Exchange(TWSE) during 2005~2013, using multiple regression to examine the effect of director compensation and board structure on firm performance. We divided the director compensation from its structure into non-incentive compensation and incentive compensation. Furthermore, we take the factors of family and corporate governance into consideration. The results show that firm performance is influenced positively by incentive compensation, not by non-incentive compensation. We also find that the board of directors can function effectively if members of the board should not be excessive and the proportion of independent directors should be greater. But firm performance is not influenced significantly by CEO duality. Compared to non-family firms, the amount of the members in the board has a negative impact on the firm performance and board independence has monitoring effect obviously in family firms.
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Lam, Stephen S. K. "Remuneration of family CEO and firm financial performance in Hong Kong: a comparison between family and non-family firm." Thesis, 2018. http://hdl.handle.net/1959.13/1387425.
Full textAbstract:
Professional Doctorate - Doctor of Business Administration (DBA)The aim of this research was to examine the relationship between the remuneration of family CEOs and their firm’s financial performance and its affect in various industrial sectors, stockholding of family and non-family members, and the type of CEOs in Hong Kong publicly traded firms. There are very few studies conducted in Hong Kong that examine these relationships that this research sought to address. Thus this study collected empirical data to examine the relationship. A quantitative causal comparative study was conducted to examine the relationships between identified variables. The research questions considered the relationship of CEO remuneration and the firm's financial performance based on measures such as Tobin Q, ROA, and ROE as well as how factors such as stockholdings of each type of CEO, family and non-family CEO affect the relationship between CEO remuneration and the firm's financial performance. The research questions also considered the differences of CEO remuneration and the firm's financial performance based on factors such as type of CEO, firm ownership, and industry sector. The dataset consisted of 510 firms and after adjustments; the final sample for the dataset was 382 publicly traded firms on the HSCII for the year ending 2014. Data pertaining to the financial position of the firm in terms of Tobin’s Q, ROA and ROE were calculated from the figures found in the annual reports. Other variables such as CEO’s remuneration, the type of CEO, industry sector and stockholdings were collected from companies’ annual reports. Similarly, control variables in terms of firm size, firm debt, CEO duality, CEO gender, age of CEO and market capitalization were collected from annual reports. Data collected were manually compiled in an EXCEL spreadsheet which was then exported to SPSS for analysis and hypotheses testing. The results indicate that for firms from the nine HSCII industrial sectors, the type of industry is positively related to the firm’s performance in terms of TQ, ROA and ROE. The type of industry and the relationship between family CEOs and firms’ financial performance was also positive and significant. Remuneration of family CEOs and firms’ performance was found to be positively and significantly related. However, stockholdings of family CEOs do not significantly affect the relationship between the remuneration of family CEOs and TQ, but has a positively significant moderating effect on ROA and ROE. The results of the regression for the TQ, ROA and ROE model indicate a strong and significant relationship with the independent variables.
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楊智閔. "The study of the board structure by comparing family firm with non-family firm." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/90530273146818985940.
Full textAbstract:
碩士國立彰化師範大學
商業教育學系
97
Abstract This paper investigates what factors influence the structure of a board of directors and compare the effects between family firms and non-family firms. We examine what affects the size and independence of a board and explore the influence of the amendment to the corporation criteria for review of listed and OTC companies on board structure. The empirical results show that (1)with higher complexity of a firm’s operation and financial structure, a firm, no matter a family or non-family firms, has a larger board;(2)with higher cost of supervision and recommendations, a firm, no matter a family or non-family firms, has a board of directors with higher independence;(3)in family firms, with insiders which are more interests alignment with shareholders, firms have a smaller board; however, the negative effect weakens after the amendment to the corporation criteria;(4)before the amendment to the corporation criteria, with outsiders which are more interests alignment with shareholders, no matter in family or non-family firms, firms have a smaller board; however, the negative effect on the board size is weaker after the corporation criteria have been amended;(5) before the amendment to the corporation criteria, no matter in family or non-family firms, outsiders which are more interests alignment with shareholders, have no significant effect on the board independence; however, it increases the independence of a board in family firms but it still has no significant effect in non-family firms;(6)before the amendment to the corporation criteria, free cash-flow has a negative effect on the independence of a board in family firms, but it still have no significant effect on the independence of a board in non-family firms; however, after the amendment to the corporation criteria, it will raise the independence of a board in non-family firms but it still have not any kinds effect on a board independence in family firms;(7)no matter in family or non-family firms, if CEO was also the chairman of the board, the firm has a smaller board. Key Words: Family Firm、Board Structure、Board Size、Board Independence、Corporate Governance
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黃玟菱. "Impact of Diversification on Firm Risk and Value- Comparing Family and Non-family Firms." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/26390752753939494908.
Full textAbstract:
碩士國立彰化師範大學
商業教育學系
98
This paper examines the effect of diversification on firm risk and value. We investigate the impact of firm diversification on both firm risk and value. Furthermore, we take the factors of family and corporate governance into consideration. The main results of this paper are as following. First, diversified firms have lower firm risk and lower firm value. Second, compared to non-family firms, family firms with global diversification have lower firm risk, and family firms with diversification strategies have higher firm value. Third, there is a positive relation between the proportion of managerial directors and the value of industrial diversified firms. Fourth, in family firms with diversification strategies, there is a positive relation between the proportion of affiliated directors of the largest shareholder and firm risk; however, there is a negative relation between the proportion of affiliated directors of the largest shareholder and firm value. Finally, in non-family firms with diversification strategies, there is a negative relation II between the proportion of outside directors and firm risk and there is a positive relation between the proportion of outside directors and firm value.
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Hsieh, Yung-Yi, and 謝咏邑. "The Relationship between Brand Value and Firm Performance-Comparison between Family Firms and Non-Family Firms." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/s5t8ux.
Full textAbstract:
碩士東海大學
會計學系
101
In the past, cost control as competitive advantage of IT industry of Taiwan. But in recent years, face of China, India, Brazil, Russia and other emerging countries and Southeast Asian countries, the rise of price competition, making Taiwaness IT industry profits greatly reduced, if companies want to survive in the challenges of globalization, they would need to get into high value-added brands to develop. But the brand is not a short-term investment, it is essential to invest a lot of money and time to operating. We want to know what the deferent between Family firms operating and Non-Family firms operating? In this study, we use Least squares(OLS) explore years of the 2007-2011 Taiwan's electronics industry to research the relation of brand and firm performance in Taiwan's family firms and non-family firms. The empirical show that brand value on firm performance has a significant positive effect, which means that if the company efforts to brand management, then the firm performance will be better. In the family firm's and non-family firm's company brand value and performance moderate the effect of non-family firm's brand value on firm performance has a significant positive effect, while the family firm's brand value on firm performance has a positive incremental effect. In addition to further using wald test to compare family firm's and non-family firm's brand value and firm performance, which shows the non-family firm's brand value influence firm performance higher than family firms.
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GUO, WAN-YUN, and 郭宛畇. "The Impact of Firm Leverage on Firm Performance in M&As：The Comparison between Family Firms and Non-Family Firms in Taiwan." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/r44h84.
Full textAbstract:
碩士東海大學
財務金融學系
107
This study is to explore the impact of leverage ratio of family and non-family firms on mergers and acquisitions performance. Using event-study methodologies with 940 mergers and acquisitions samples in Taiwan from January 2000 to December 2017. Firstly, we find that leverage deficit around mergers is significantly positively correlated with the mergers and acquisitions abnormal returns, on the average, family firms have underleverage, and non-family firms have over-leverage. Second, we investigate that leverage deficit affects mergers and acquisitions abnormal returns, results show that leverage deficit will positively affect short-term cumulative abnormal returns, while in the long run, leverage deficit will negatively affect cumulative abnormal returns. Using financial variables, corporate governance variables and merger and acquisition variables. We find that leverage deficit has a significant positive impact on cumulative abnormal returns during the short-term announcement date of mergers and acquisitions, Finally, we explore whether the family controls and leverage deficit affect abnormal returns. The results show that when the family controls is between 40% and 50%, there is a positive that leverage deficit has a significant positive impact on cumulative abnormal returns.
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TU, YU-CHEN, and 杜玉貞. "The Relation between Earnings Management and Firm Value: Evidence from Family versus Non-Family Firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/ese6vw.
Full textAbstract:
碩士國立中正大學
會計資訊與法律數位學習碩士在職專班
105
This paper investigates the relation between accrual-based earnings management and real activities manipulation in the family firms using a sample of listed firms in Taiwan. I also examine the effect of executives incentives, including taking a “big bath”, income smoothing, and avoidance of violations of debt covenants, on the relation. Moreover, this study explores whether the types of family firms augur differently on the association between earnings management strategies and firm value. The empirical results indicate that accrual-based earnings management and real activities manipulation are endogenous and are partial substitutes for managing earnings. Results also indicate that managers use the two earnings management strategies to smooth earnings. Moreover, managers with the existence of debt covenants are more likely to use the two earnings management mechanisms. In addition, this study documents that the three fundamental elements in the definition of family firms (ownership, control, and management) augurs similarly for corporate value. The empirical results for almost all the definitions of family firms show that discretionary accruals are positively associated with firm value. In contrast, both family and non-family firms exhibit a negative association between real activities manipulation and firm value. I also find that discretionary accruals are more positively associated with firm value for family relative to non-family firms if I define the organization by ownership. On the other hand, real activities manipulation are more negatively related to corporate value for family firms as compared to their counterparts.
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Lee, Huei Ru, and 李蕙汝. "The Relationship Between Directors' Compensation And Firm Performance- Comparing With Family And Non-family Firms." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/58035531765121377094.
Full textAbstract:
碩士東海大學
財務金融學系
100
The director may be an important mechanism that supervises management directly, and director compensation has become a fashionable topic. Can directors who receive high compensation supervise efficiently the managers of firm? Furthermore, several studies document that the function of board in family firms are different from in non-family firms. The directors of board in family firms are more like the advisers, because they are composed by family members, and the family owns the control rights in the board. The purpose of this paper is to exam the relationship between director compensation and firm performance in family-control firms by using the listed firms in Taiwan from 2006 to 2010. We find that there is a positive relationship between director compensation and firm performance, but the relation will decline in family firms.
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CHEN, YU HUA, and 陳優樺. "Comparison between family and non-family firm performance during financial crisis." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/829t86.
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碩士國立臺北商業大學
國際商務系研究所
107
This study aimed to compare family and non-family firms performance during the global financial crisis ( 2008 ) in Taiwan, as well as the relationship between corporate governance and performance of family firms during the global financial crisis. The sample of this study was Taiwanese public listed companies and the period started from 2005 to 2017 with annual data, using Return on assets ( ROA ) and Tobin’s Q as financial performance indices to measure firm performance. The empirical results indicate that non-family firms outperformed family firms during the crisis while adopting two different performance measures ( ROA , Tobin’s Q ). Furthermore the results also show that corporate governance has a protective effect on firm performances during the crisis. Then, focusing on family firms only, proportion of independent director is positively related to firm performances, however board size is negatively associated with firm performances ; when family CEO also serves as board chairperson has a negative impact on firm performances.
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Ting-AN-LIN and 林庭安. "The Study of Relationship among Internation and Firm Performance in Born-global Family firm and Non-Born International Family firm." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/sqndy2.
Full textAbstract:
碩士逢甲大學
會計學系
105
Following internationalize in global, there are many corporations try to expand the spread by foreign trade or foreign capital. Recently, many corporations start to be international even when it just start-up. This situation differs from the general international process that starts to international after they operate many years. Using data on Taiwanese family firms, this study explores corporations adopted different ways to across with other countries whether relates to performing. We classify global firm and non-global frim (general international firm) and follow the Tobin’s Q classify the higher group and lower group. Therefore, we totally have four groups to explore the different relationship with performing and use foreign sales, foreign investment, foreign subsidiaries quantity and countries quantity of foreign subsidiaries to measure international level. We find, when corporates adopt general international process, the international level and perform is positive whether Tobin’s Q higher or lower. The other hands, born-global firms which international level and perform have differed relationship with higher or lower Tobin’s Q.
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Hong-MingChen and 陳宏明. "Relationship among Manager’s Ownership, R＆D and Firm Performance－the Moderating of Family/non-family Firms." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/55422969909209862618.
Full textAbstract:
碩士國立成功大學
企業管理學系碩博士班
98
Agency problem between shareholders and managers has been a controversial issue on account of dispersed ownership. That is, the condition that a corporation is run by all shareholders will generate not only divergent opinions but also practical difficulties. Accordingly, a corporation needs to assign managers to run its business, through coordinating, planning and integrating with all business units, in order to achieve good operating performance. On the other hand, a corporation may be concerned about higher ownership by managers to infringe shareholders’ benefit. Besides, in the era of knowledge economy, professional management includes management issues, as well as innovation issues. For example, R＆D is one of the indicators assessing the operating performance in info tech industry. In addition, because the more conservative operation of family firms easily favors the decision-making of the family members, family firm is also an important issue in professional management. Research data is from Taiwan economic journal 232 public firms during 2004-2008. In particular, the research uses family/non-family firm as moderating variable to explore the relationship among R＆D expense, manager’s ownership and firm performance. The result shows that manager ownership has positive effects on firm performance, while not in R＆D expense. However, the interaction of manager ownership and R＆D expense, and family/non-family firms moderating would change the effect given by R＆D expense on firm performance. This phenomenon is especially significant in high-tech industry and could result from low professional management of family firm.
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Yuan, Kuo-chieh, and 袁國傑. "The Impact of Private Placement on Firm Performance and Abnormal Return- Family-controlled Firms and Non-family-controlled Firms." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/82091656939319400860.
Full textAbstract:
碩士國立成功大學
會計學系碩博士班
97
This study uses the sample of listed and over-the-counter firms choosing private placements and public offerings during 2005 to 2007 investigating follows. First, this study uses logistic regression model to examine how family-controlled firms and non-family-controlled firms choose between public offerings and private placements. Second, this study uses t-test to examine whether the choice of private placements and public offerings affects operating performance and abnormal returns under family-controlled firms? Third, this study uses OLS regression model to examine whether the types of private placement investors and purposes affect operating performance? Lastly, what the difference is between family-controlled firms and non-family-controlled firms under the different types of private placement investors and purposes. As to the types of private placement investors, this study follows Barclay, Holderness, and Sheehan (2007) to classify private placement investors into three types including active investors, insider investors and passive investors. The purposes can be classified into strategic alliances, improving the financial structure, and others. The evidence shows that non-family-controlled firms prefer choosing private placements, while family-controlled firms prefer choosing public offerings. Besides, the abnormal returns and returns on assets(ROA) is better when family-controlled firms choose private placements as compared to public offerings. Regarding the impacts of the three types of private placement investors, their impacts on ROA are differerent. Firms have better performance after private placements when the private placement investors are active investors and insider investors; however, firms do not have better performance after private placements when the private placement investors are passive investors. When the purpose is improving the financial structure, ROA is better after private placements. Lastly, the impacts of private placement investors on performance are weaker for family-controlled firms as compared to non-family-controlled firms. However, when the purpose is the same, there is no difference on performance between family-controlled firms and non-family-controlled firms.
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Kuo, Yuhan, and 郭語涵. "The Relation of comparison Intellectual Capital Disclosure betweenFamily Firms and Non-Family Firms on Firm Value." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/95123778203220082800.
Full textAbstract:
碩士東海大學
會計學系
100
Intellectual capital disclosure is voluntary disclosure. Intellectual capital disclosure is important to enterprises according to the interview of Goran Ross, the professor of ICS in England, held in Taiwan in 2006(Wu,2006). Also, Goran mentioned that intellectual capital disclosure is the root of firm value and a challenge that people have to face in the future because the global capital market is affected by environment. However, Yeh, Su, Ke, and Lee mentioned that over half of enterprises in Taiwan are family firm (2003). This study discusses that, among listed companies and over the counter companies in electronic information industries, whether there is a difference of intellectual capital disclosure exists on family firms and non-family firms in Taiwan. Furthermore, the study also researches that how the intellectual capital disclosure with high quality the influences on firm value. The subjects are listed companies and over the counter companies in electronic information industries from 2005 to 2009. The study also analyzes the present situation of intellectual capital disclosure by using the financial reports of family firms and non-family firms. The measurement of information transparency is adopted content analysis. The study made 40 indexes, obtained by referring related researches of intellectual capital disclosure, present the difference of intellectual capital disclosure between family firms and non-family firms on firm value. The result of the experiment appears that it is a positive relationship between intellectual capital disclosure and firm value. It means that higher intellectual capital disclosure quality, less the uncertainty of enterprise and the information asymmetry, resulting in higher firm value. Furthermore, the study discovers that non-family firms prefer to disclose much intellectual capital information than family firms. Hence, the firm value of non-family firms is higher.
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Tsogtbaatar and 左巴特. "The Impact of Outside Directors and Board Size on Firm Performance of Family and Non-family Hotels in Taiwan." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/84261189732352104789.
Full textAbstract:
碩士國立中正大學
財務金融研究所
102
This study examines whether there are significant differences in the relationship between a board of directors (concerning the ratio of outside directors and board size) and hotel performance and whether this relationship depends on the hotel’s ownership structure (family and non-family hotels). The ratio of outside directors is defined as the ratio of outside directors on board to the board size (the total number of directors on board). The indicator of financial performance under consideration is Tobin’s Q. The family hotel is defined according to ownership percentages and board-seat occupancy of hotel owned by family members. The empirical results show that the effect of the ratio of outside directors and board size on family hotel performance is different from that of those on non-family hotel performance. As for non-family hotels, the results show that performance increases when outside directors are added to the board but for family hotel, the performance worsens when outside directors are added to the board. Moreover, board size has a negative impact on performance of non-family hotels but not related with performance of family hotels.
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Bettella, Marco. "Bettella srI: how to drive a family firm." Master's thesis, 2017. http://hdl.handle.net/10362/27904.
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The case describes the steps that led to a potential partnership between a small family business and a large multinational company working in the motorcycle industry.
The aim of the study is to introduce to students, concepts of Family Business Theory by analysing a real life case of a family business. In particular, it will first analyse the firm by applying the Agency and Resource-Based Theory to assess the evolution of the company was the partnership to be carried out. Moreover, it will analyse the importance that non-family executives have on structured family businesses.
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Bäck, Louise, and Essame Allali. "Financial Structures of Family Firms within the GGVV-Region : Focusing on Generational Differences." Thesis, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52760.
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Background: The firm’s choice of the optimal financial structure remains an unsolved problem within finance. The reasoning behind family firms’ specific financial structure differs within various research. The GGVV-region is composed of four small municipalities: Gnosjö, Gislaved, Värnamo, and Vaggeryd. This region is seen as the best dynamic counties in all of Sweden, it is also considered the most successful area of the countryside in terms of its economic contribution. Because of these aspects, it is therefore of great importance to investigate the difference of the financial structure within generations of family firms. Purpose: This paper studies whether there is a correlation between the generation in charge of family businesses within the GGVV-region and the financial structure of the businesses. Aim: The aspiration is that this research will be a good addition to the understanding of family businesses in the GGVV-region along their financial policies within different generations running the firm. Method: This study will contain 42 family firms within the GGVV-region defined as family firms through a questionnaire. The financial structure of the first-generation and non-first-generation family firm will be investigated using their debt ratios throughout the years 2015-2019. The testing is performed through Panel Data Model using Random Effects Model, along with descriptive statistics of the data and a Difference-in-Difference test. Conclusion: No significant difference can be found at any level between the 1GFF and the Non-1GFF when it comes to their financial structure.
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Fernandes, Miguel António Matos da Cruz. "Women leaders and firm performance in family businesses: an examination of nonfinancial outcomes." Master's thesis, 2020. http://hdl.handle.net/10071/21725.
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The main goal of this master thesis is to explore how the participation of women leaders in
top management positions is related to non-financial performance in family-controlled
companies. While the concept of gender diversity has been growing in relevance to business,
the existing research remains vague and scholars are encouraged to provide renewed and
more nuanced support for when and how women in senior leadership positions will impact
organizational performance. The existing literature research on this topic, made it possible
to conclude that there seems to be a positive correlation between non-financial performance
and women in senior management positions.O principal objectivo desta tese de mestrado é explorar a forma como a participação de mulheres em cargos de alta direção está relacionada com o desempenho não financeiro em empresas familiares. Embora o conceito de diversidade de género tenha vindo a crescer em relevância para as empresas, a investigação existente permanece vaga e os académicos são encorajados a fornecer um apoio renovado e mais diferenciado para quando e como as mulheres em posições de liderança de topo irão ter impacto no desempenho organizacional. A investigação bibliográfica existente sobre este tópico permitiu concluir que parece haver uma correlação positiva entre o desempenho não financeiro e as mulheres em posições de chefia superior.
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Kung, Ming-Hung, and 龔洺弘. "Tax Agressiveness Between Family Firms and Non-Family Firms." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/d92s6v.
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Chen, Yi-Wen, and 陳怡雯. "Earnings Management between Family Firms and Non-Family Firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/e8cb3m.
Full textAbstract:
碩士國立臺北科技大學
經營管理系碩士班
105
In the past few years, according to statistics, numerous family firms in Taiwan increases year by year. It indicates that this kind of type of corporate is common in Taiwan. In the past, many scholars did the research on family firms, many studies pointed out that the relationship of family firms and earnings management are significant. In contrast, there are barely literatures which point out that the relationship between family firms and earnings management is insignificant. Therefore, market keeps conservative on the financial information family firms released. In 2013, Taiwan listed companies adopted International Financial Reporting Standards by the International Accounting Standards Board formally. In the past, there has been little discussions on the changes in earnings management of family firms in Taiwan after International Financial Reporting Standards. This study uses the listed companies in Taiwan for sample as the research object. And the research method uses the discretionary accruals as the measure of earnings management, and then the multiple regression analysis to explore the differences in earnings management between family firms and non-family firms. Also, we are going to compare the level of the effect after family firms and non-family firms adopting International Financial Reporting Standards. After analyzing, the degree of earnings management of family firms are close to the non-family firms, furthermore, non-family firms manipulate earnings management more easily than family firms. Also, International Financial Reporting Standards is having effects on listed company in Taiwan, and is more effective on non-family firms. Therefore, we suggest that the company could reference the information of family firms and create more chances to cooperate with each other and provide the opened market for investors to recognize family firms.
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YOU, HUAN-MIN, and 尤煥閔. "Corporate Social Responsibility and Cash Value--Family Firms vs Non-Family Firms." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/kk7j4b.
Full textAbstract:
碩士靜宜大學
財務金融學系
107
This paper explores the relationship between corporate social responsibility (CSR) and cash value in family businesses. Prior literatures had supported the positive relationship between corporate social responsibility and cash value, however, there has been no literature examining whether this positive relationship also exists in family business. This research accordingly examines the issue following cash value model by Dittmar and Mahrt-Smith(2007) using 395 Taiwanese companies listed in TWSE and TPEX from 2005 to 2017, considering endogeneity by 2SLS, GMM and LIML model. The empirical results suggest that there exists significant difference in the relationship between corporate social responsibility (CSR) and cash value between family and non-family businesses. That is, CSR does have a significantly positive impact on cash value at family businesses, but no apparent relationship in non-family businesses. This paper further examines the impact of corporate social responsibility (Environmental Protection, Corporate Commitment, Corporate Governance and Social Participation) on cash value in four dimensions. Apart from social participation, the other dimensions are consistent and significantly supportive of the above results. That is, the higher the degree of environmental protection, corporate commitment and corporate governance, the higher the cash value of family enterprises, nevertheless, it is not true in the sample of non-family enterprises. The main contribution of this paper is the significant results of positive relationship between corporate social responsibility and cash value in family business which is the firstly documented and fills out the gap of relevant literature.
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Nien, Ya-Wei, and 粘雅維. "Why Family Controlled Firms Outperformed Non-family Controlled Firms? The Case of Taiwan." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/77186684650085220777.
Full textAbstract:
碩士朝陽科技大學
財務金融系碩士班
96
Abstract This paper explores the relative operation performance of family control firms in Taiwan. By examining a data set consisted of firms in non-financial industry in Taiwan, we find that family control firms outperformed their non-family control peers. The superiority of the family control firm’s operation performance is due to the less severity of agency problem within the family control firms (not only the agency problem of the major and the puny stockholders but also the agency problem of the stockholder and the manager). Although the literatures pointed out that family control could enhance the inner agency problem of a firm. Our finding suggested that family control could also serves as an effective solution of firm’s agency problem among its shareholders and firm’s agency problem between its shareholder and manager.
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Huang, Yu-Yi, and 黃玉伊. "The Effects of Corporate Governance on Performances in Family Firms and Non-family Firms." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/9f54gb.
Full textAbstract:
碩士國立臺灣科技大學
企業管理系
106
This paper examines the effect of equity structure, board composition, and characteristics of family companies in corporate governance on company performance in family firms and non-family firms. By utilizing panel data regression model to investigate 276 family firms and 339 non-family firms in Taiwan between 2000 and 2016. The empirical results of this study show: (1)Since the control and ownership of the family business are united. The ownership structure of family firms is more concentrated than that of non-family firms. Measuring the core agency problem with the degree of deviation from control right shows that the greater the degree of deviation from control right impact the worse the performance in all company. The deviation from control right in family firms is more serious than that of non-family firms. (2)The insider shareholding ratio and the shareholding ratio of the directors and supervisors have a non-linear relationship between performance in both family and non-family firms. The result proved that equity agency problem, entrenchment hypothesis, stewardship theory and entrenchment hypothesis. Manager’s shareholding ratio is U curve related to performance in family companies. The non-family business manager's shareholding ratio is a positive relationship with performance to support stewardship theory and entrenchment hypothesis. Therefore, it is suggested that non-family firms can increase manager’s shareholding, which has a positive impact on business performance. (3)Compared with ordinary investors, institutional have more professional and abundant information and therefore have a positive relationship with their shareholdings and company performance. Institutional can effectively monitor the performance of the company. (4)Discovered that if the chairman of the board is concurrently general manager, the lack of directors to supervise the effectiveness of the manager. Whether the general manager of a family business is a professional manager or a family member has no significant effect on performance. On the proportion of outside directors, only the family company has the effect of supervising performance. If the proportion of outside directors of a family business increases, the market will be better performance, but not for non-family companies.
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Hsu, Yuan-Ning, and 許媛寧. "The Comparison of Tax Management between Family and Non-family Firms." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/m983mx.
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碩士中原大學
會計研究所
99
In recent years, book-tax differences has generally increased over time, except differences exist because of the difference in Generally Accepted Accounting Principles (GAAP) and tax law, on the other hand can’t explain part , may be company through tax management. Recent evidence shows that many company decrease corporate taxes through tax aggressive activies are becoming an increasingly common of the corporate in many countries around the world. The current economic environment in Taiwan, family-controlled firms play a vital role, so this paper from 1999 to 2007 for the sample of listed companies in Taiwan to explore the family-controlled companies for the attitude of tax management practices. Empirical results show that the family-controlled firms and tax management practices have a significant positive relationship, meaning the family-controlled firms may be tax avoidance, resulting in widening the tax difference. In addition, this paper found that a higher depreciation of the net assets of the company will have a lower effective tax rates, depreciation of assets has shown non-debt tax shield tax benefits, but this study did not find debt ratio and intangible assets arising from tax shields affect the effective tax rate for listed companies to the evidence. We also add interaction item with family-controlled firms and return on assets (FAMILY * ROA), further analysis of family-controlled firms in relation to non-family-controlled firms tax management practices, empirical results show that family-controlled firms when profitability is better, compared to non-family-controlled businesses, higher tax rates and efficient.
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Lai, Mei-fan, and 賴玫帆. "The Effect of Voluntary Disclosure and Earnings Quality between Family Firms and Non-family Firms." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/89755690550044298103.
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碩士國立中央大學
企業管理研究所
96
Compared to non-family firms, family firms face less severe agency problems due to the separation of ownership and management, but more severe agency problems between controlling and non-controlling shareholders. We collected data from listed and over the counter firms, and show that family firms provide less voluntary disclosure, forecast less frequently, report better quality earnings. The result is consistent with family owners having longer investment horizon, better monitoring of management, and lower information asymmetry between owners and managers. Using alternative proxies for family presence (family members being CEO) leads to similar results.
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Hsieh, Ko-shan, and 謝可杉. "The Difference of Capital Structure Decision between Family Firms and Non-family Firms: An Agency Theory Perspective." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/90868401909197865507.
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碩士國立中央大學
企業管理研究所
95
The purposes of this paper are to examine how the family firms in Taiwan influence capital structure under their specific characteristic and how effective the internal governance systems work in the family firms. We collected data from listed and over the counter firms between 2000 and 2005. The 3SLS results support hypothesis that family firms have higher leverage than non-family firms and the internal governance systems work well inside family firm. It also finds the dividend is positive to leverage. It implies that it was consistent with the wealth expropriation hypothesis.
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林芷儀. "The Difference of Executive Compensations between Family Firms and Non-Family Firms: The Role of Expensing Employee Bonuses." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/jbk4f2.
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碩士國立彰化師範大學
財務金融技術學系
102
This study examines the difference of executive compensations (cash, stock and stock options) between family firms and non-family firms and further takes into account the policy effect of expensing employee bonuses. A sample of the listed and the Gre-Tai companies in Taiwan from 2001 to 2012 is used in the Difference-in-Difference (DID) analysis. The empirical results reveal that family firms reduce the executive compensations in the form of stocks and options; meanwhile, family firms also increase cash grants. This study finds that family firms reduce stock and option grants by more narrow margins than non-family firms. Also, non-family firms increase cash grant by wider margins than family firms. This study then examines the industry effect, and the results are consistent. According to the empirical results, family firms and non-family firms have different levels of responses on the grants of executive compensations when they face with the policy of expensing employee bonuses.
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Huang, Shu-Li, and 黃淑麗. "CEO Power, Corporate Governance and Credit Risk Models：Evidence on Family and non-Family Firms." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/90004394232691221129.
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碩士健行科技大學
國際企業管理研究所
101
The purpose of this study is to establish a family and non-family credit risk model using scientific statistical methods. The significant variables which may affect corporate performance considered in this study are agency problems, executive officers, and professional management efficiency. The results predict the probability of financial risk for investors, stakeholders and financial institutions to minimize their financial loss and increasing corporate value. The K-S test, M-S test and logistic regression analysis are used to test the information accounting variables which may predict the financial risk in managing family and non-family corporations. The empirical findings show that the corporate performance predicting indicators for family firms are profitability, cash flow, and corporate governance. To reduce credit risk, a family firm could decrease the internal retaining rate and increase the cash flow per share. If the dividend policy can be adjusted and the outstanding ordinary share in circulation can be decreased, the family firms will be able to raise their cash flow and non-family firms will be able to increase their profit per share to lower credit risk. The corporate performance predicting indicators for the non-family firms are solvency, profitability and corporate governance. To raise the profitability, a non-family firm must decrease internal retaining rate, increase interest coverage ratio and share surplus, establish independent directors/supervisors, avoid the switch of CPAs, and enhance professional management. To increase corporate profitability, both family and non-family firms must decrease internal retaining rate, establish independent directors/supervisors, avoid the switch of CPAs, and enhance their solvency and professional management. In conclusion, the empirical values and utilizing professional management show that corporate credit risk could be reduced if a family or non-family firm utilizes independent directors/supervisors, avoids the switch of CPAs, and enhances corporate governance.
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陳榕渝. "The Influence of Board Independence on Company Decision: Comparing Family and Non-family Firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/964frk.
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碩士國立彰化師範大學
財務金融技術學系
105
In Taiwan, the competent authority amended the Securities and Exchange Act in January 2006. All listed companies should set up independent director since 2017. Many enterprises are family firms in Taiwan. This study explores whether the board independence make different impact on the different type of enterprises. The empirical results show that the independent director's professional perspective will make the internal executives implement investment decisions more cautiously, when more independent directors participate in the company's investment decisions. Whether it is a family firms or not, the board independence is significantly negative correlated with investment decision. In terms of financing decision, the higher the board independence, the better the ability of independent directors to supervise. No matter the type of enterprise is family firms or not, the relationship between board independence and financing decision is negative.
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Chen, Wei-Yan, and 陳彥維. "Employ Stock Option, Earnings Management and Corporate Governance: Evidence in Family and Non-family Firms." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/21682657754118495813.
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碩士嶺東科技大學
財務金融研究所
97
This study examine whether the impact of corporate governance and employee stock option has influence on earnings management and corporate performance. Since there are many companies belong to family firms in our country, directors and executives often are family members, the agency problem in family firms is less than non-family firms. In order to distinguish the different impact between family and non-family firm, this study examines then separately. The study finds that corporate governance has less influence on reducing earnings management and improving firm’s performance in family firms than in non-family firms. Conversely, the agency problem in non-family firms’ makes that the mechanism of corporate governance did reduce the use of discretionary accruals and moreover improve firm’s performance significantly. On the other hand we can’t find that the issue of employee stock option manipulates earning management, and a support employee stock option has incentive effect to raise company's true performance.
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Tu, Hung-Ming, and 凃泓名. "A Study between Information Disclosure Transparency and Bank Loan Terms - family and non-family firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/758zzn.
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碩士國立彰化師範大學
財務金融技術學系
105
This study chooses the listed companies in Taiwan from 2011 to 2014, the 9th to 12th results of “Information Transparency and Disclosure Ranking System”(ITDRS) launched by Taiwan Securities and Futures Institute(SFI) and the multiple regression analysis in order to examine the impact of disclosure level on bank loan terms(loan size and lending rate). In addition, family ownership plays an important role in Taiwan. Therefore, we take the factors of family firms into consideration and to test whether or not the valuation from IDTRS will affect the bank loan terms. Furthermore, we separate loan data into long periods and short periods, trying to investigate the relationships between the valuation from IDTRS and bank loan terms. The result show that the information disclosure level has a significant positive impact on bank loan size, and has a significant negative impact on lending rate. It implies the higher the disclosure level, the better the bank loan terms. In addition, there is a significant negative relationship between firm type and loan size, and a positive relationship between firm type and lending rate. Contrary to non-family firms, family firms will reduce the bank loan terms. Furthermore, we separate the data into long period and short periods, the regression results are approximately the same. No matter in family or non-family firms, the higher the disclosure level, the better the bank loan terms. Only in the short period sample, firm type have a negative but not obvious impact on bank loan size.
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PENG, MAO-FENG, and 彭茂烽. "Merger and Acquisition Effect on Financial Performance of Taiwanese Listed Companies: The Comparison between Family Firms and Non-family Firms." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/c4n8nq.
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碩士國立臺北大學
會計學系
106
Merger and acquisition is one of a corporate’s business development strategies for its pursuing sustainable growth and increasing its corporate competiveness. By a successful merger and acquisition, a corporate can obtain key technologies, expand its business market scope, enhance its bargaining power with suppliers and customers, introduce strategic investors, decrease the number of competitors, lower its business operation costs, thereby enhancing its business performance. The main difference between a family firm and a non-family firm is most of the ownership of a family firm is held by family members, while the ownership of non-family firms is much more dispersed. Concentration of ownership of a corporate will encourage ownership owners of a corporate to pursue the ultimate benefit of the corporate, by which eventually maximizes the wealth of the ownership owners themselves. Therefore, in consideration of the difference on ownership concentration between family firms and non-family firms, the study infers that a difference on the financial performance of mergers and acquisitions between family firms and non-family firms exists. In addition, considering the difference on the degree of combination of self-interests and corporate interests between a family CEO and non-family CEO, it is inferred in this study that a difference on the financial performance of mergers and acquisitions between family CEOs and non-family CEOs exists. To measure the financial performance of mergers and acquisitions of a corporate, the indicator return on assets (ROA) is adopted. For this study, samples of merger and acquisition of Taiwanese listed companies occurred between 2001 and 2014 were selected. The result of this study suggests that a difference on financial performance of merger and acquisition between family firms and non-family firms did exist, family firms outperformed non-family firms, and a family firm’s merger and acquisition had a positive effect on its financial performance, which appeared significantly and gradually year by year since the fifth year after occurrence of merger and acquisition; in addition, the result of the study fails to suggest a difference on financial performance of merger and acquisition between family CEOs and non-family CEOs existed and such result was reasoned due to insufficient samples of mergers and acquisitions of corporates in which family members assumed the corporate CEO position, i.e. family CEO.