:::

詳目顯示

回上一頁
題名:東南亞家族企業之財務管理策略
作者:沈芯菱
作者(外文):Hsin-Ling Shen
校院名稱:國立臺灣大學
系所名稱:商學研究所
指導教授:陳家麟
學位類別:博士
出版日期:2021
主題關鍵詞:資本結構營運資金盈餘管理家族企業東協國家企業績效財務決策Capital structureWorking capitalEarning managementFamily firmSoutheast AsiaFirm performanceFinancial decision making
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:3
本論文結合兩項研究,包括薈萃分析和及交叉滯後模型的實證研究。首先,歷來文獻主要聚焦在量化檢驗特定地區和制度環境中,家族企業所有權對財務表現的影響,然而其結果有所矛盾。因此本論文第一項研究,乃針對東南亞國家之家族企業財務決策與績效,進行薈萃分析,以更深入了解家族企業在金融市場中的角色。此研究分析多個變量包括資本結構、股息政策和盈餘管理,其中「財務績效」涵蓋資產報酬率(ROA)、股本回報率(ROE)、未來盈餘能力、每股盈餘(EPS)及托賓Q (Tobin's Q) 比率。從東南亞地區的34篇論文中,薈萃共108項觀察值,統計期自1994年至2018年,同時分析2008年金融海嘯帶來的潛在影響。
本論文第二項研究則是透過實證研究,探討家族企業之營運資金如何影響財務決策。蒐集自2017年4月至12月(t1)和2018年4月至12月(t2)的779個寮國家族企業問卷數據。基於結構方程模型的交叉滯後兩波縱向方法進行分析,並建構模型來驗證其債務融資、融資渠道、增長、庫存、現金流和盈利能力。
This thesis combines two studies: a meta-analysis and the empirical testing of a cross-lagged model. First, it focuses on a meta-analysis about financial decision-making and performance among family firms (FFs) in Southeast Asian countries. Prior studies have relied on empirical methods when testing how family ownership affects financial decision-making in specific regions and institutional settings. The fact that these studies have yielded contradictory results is the main reason for conducting the first part of the study. The meta-analysis should bolster our understanding of the role of family firms in financial markets, particularly in Southeast Asia. We investigate how family ownership impacts several variables, including capital structure, dividend policies, earnings management, and financial performance, including return on assets (ROA), return on equity (ROE), future profitability, earnings per share (EPS), and Tobin’s Q (T-Q). A total of 108 observations extracted from 34 papers conducted in the region have been included in our analysis. The statistical period covers 1994 to 2018 to observe the potential impact of the financial crisis.
The second part of the study focuses on why working capital affects financial decision-making. In this part, the focus is on the theoretical framework of working capital and financial decision-making. In the theoretical model, we have collected data from 779 Laotian family firms from April to December of 2017 (t1) and from April to December 2018 (t2) with a cross-lagged two-wave longitudinal approach based on structural equation modeling. This thesis formulates a hypothesis to test debt financing, access to finance, growth, inventory, cash, and profitability based on a cross-lagged two-wave model in Lao PDR (Lao People's Democratic Republic).
Abdullah, N., & Pok, W. C. (2015). Separation of cash flow rights and control rights and debt among Malaysian family firms. Journal of Accounting in Emerging Economies, 5(2), 184-201.
Abor, J. (2007). Corporate governance and financing decisions of Ghanaian listed firms. Corporate Governance, 7(1), 83-92.
Ali, A., Chen, T. Y., Radhakrishnan, S. (2007). Corporate disclosures by family firms. Journal of Accounting and Economics, 44, 238-286.
Al-Najjar, B., &Kilincarslan, E. (2017). Corporate dividend decisions and dividend smoothing: New evidence from an empirical study of Turkish firms. International Journal of Managerial Finance, 13(3), 304-331.
Amato, S. Basco, R., Backman, M., & Lattanzi, N. (2020). Family-managed firms and local export spillovers: evidence from Spanish manufacturing firms. European Planning Studies.
Anderson, R. C., Duru, A., & Reeb, D. M. (2009). Founders, heirs, and corporate opacity in the United States. Journal of Financial Economics, 92(2), 205-222.
Anderson, R., Sattar M., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics,
Annie Koh and Tam Chee Chong (2016). Asian Business Families Governance: Crossing the Chasm for Inter-Generational Change.
Aring, M. (2015). SOUTHEAST ASIA Economic Community 2015: Enhancing competitiveness and employability through skill development. Bangkok, TH: International Labor Organization
Arnold, G. C., &Hatzopoulos, P. D. (2000). The Theory-Practice Gap in Capital Budgeting: Evidence from the United Kingdom. Journal of Business Finance Accounting, 27(5&6), 603–626.
Arregle, J., Duran, P., Hitt, M. A., & van Essen, M. (2017). Why is Family Firms’ Internationalization Unique? A Meta-Analysis. Entrepreneurship Theory and Practice, 41(5), 801–831. https://doi.org/10.1111/etap.12246
Arrondo-García, R., Fernández-Méndez, C., & Menéndez-Requejo, S. (2016). The growth and performance of family businesses during the global financial crisis: The role of the generation in control. Journal of Family Business Strategy, 7(4), 227-237.
Asia Development Bank. (2013). The SOUTHEAST ASIA Economic Community: A work in progress. (S. Das, J. Menon, R. Severino, & O. Shrestha, Eds.). Singapore: Institute of SOUTHEAST Asian Studies
Astebro, T., & Elhedhli, S. (2006). The effectiveness of simple decision heuristics: forecasting commercial success for early-stage ventures. Management Science, 52(3), 395-409.
Astrachan, J. H. (2003). Commentary on the special issue: the emergence of a field. Journal of Business Venturing, 18(5), 567-72.
Atta Shahzad, Haris Javed, Muhammad Jawad Khalil, Imtiaz Ahmad, and Muhammad Nadeem (2017). Relationship between Working Capital and Corporate Performance in the Textile Sector of Pakistan. International Journal of Family Business and Management.
Autukaite, R., & Molay, E. (2011). Cash holdings, WC, and firm value: evidence from France. International Conference of the French Finance Association (AFFI), May 11-13.
Babicky, J. (1987). Consulting to the family business. Journal of Management Consulting,3(4), 25-32.
Barry, B. (1989). The Development of Organization Structure in the Family Firm. Family Business Review, 2(3), 293-315.
Bartels, D., Bauman, C., Cushman, F., Pizarro, D., & McGraw, A. (2015). Moral Judgment and Decision-making. (G. Keren, & G. Wu, Eds.) Chichester, UK: John Wiley & Sons, Ltd. doi:10.1002/9781118468333.ch17
Basco, R., & Rodríguez, M. J. (2009). Studying the Family Enterprise Holistically: Evidence for Integrated Family and Business Systems. Family Business Review, 22(1), 82-95.
Baum Joel A. C. and Jitendra V. Singh (1994). Organizational Niches and the Dynamics of Organizational Mortality. American Journal of Sociology, DOI: 1994 100:2, 346-380.
Bauweraerts, J., & Colot, O. (2012). Pecking-order or static trade-off theory in family firms? Evidence from Belgium. International Business Research, 5(11), 1-11. doi:10.5539/IBR.v5n11p1
Benjamin, S. J., Wasiuzzaman, S., Mokhtarinia, H., & RezaieNejad, N. (2016). Family ownership and dividend payout in Malaysia. International Journal of Managerial Finance, 12(3), 314-334.
Bennett, Benjamin, Gopalan, Radhakrishnan, and Thakor, Anjan V., The Structure of Banker's Pay (August 20, 2016). Fisher College of Business Working Paper No. 2016-03-12, Charles A. Dice Center Working Paper No. 2016-12
Bikas, E., Jurevičienė, D., Dubinskas, P., &Novickytė, L. (2013). Behavioral Finance: The Emergence and Development Trends. Procedia - Social and Behavioral Sciences, 82, 870-876.
Bima, C. P., & Maulida, N. I. (2019). Intellectual capital and firm performance: The role of institutional and family ownership. JurnalManajemen dan Bisnis.
Bloomfield, R.J. (2002), “The ‘Incomplete Revelation Hypothesis’ and Financial Reporting.” Accounting Horizons, Vol. 16, No. 3, pp. 233-243.
Botero, I. C., Thomas, J., Graves, C., & Fediuk, T. A. (2013). Understanding multiple family firm identities: An exploration of the communicated identity in official websites. Journal of Family Business Strategy, 4(1), 12-21.
Brata, R. (2013, February 5). Building the SOUTHEAST ASIA Political-Security Community.
Briano-Turrent, G. D. C., Li, M., & Peng, H. (2019). The Impact of Family-CEOs and their Demographic Characteristics on Dividend Payouts: Evidence from Latin America. Research in International Business and Finance, 101086.
Brigham and Houston (2009). Fundamentals of financial management, concise Edition, South-Western Cengage Learning.
Burgstaller, J., & Wagner, E. (2015). How do family ownership and founder management affect capital structure decisions and adjustment of SMEs? Evidence from a bank-based economy. The Journal of Risk Finance, 16(1), 73-101.
Carney, M. & Gedajlovic, E. 2002. The coupling of ownership and control and the allocation of financial resources: Evidence from Hong Kong. Journal of Management Studies, 39: 123–146. 0711 790 535
Carney, R. W., and T. B. Child. 2013. Changes to the ownership and control of East Asian corporations between 1996 and 2008: The primacy of politics. Journal of Financial Economics, 107 (2), 494–513.
Cesaroni, F. M., Chamochumbi, D., & Sentuti, A. (2017). Firm performance and economic crisis: Family versus non-FFs in Italy. African Journal of Business Management, 11(11), 229-240. DOI: 10.5897/AJBM2017.8288
Chen C. (1996) Regional determinants of foreign direct investment in Mainland China, J. Econ. Studies 23, 18–30.
Chen, S. K., Lin, B. X., Wang, Y., & Wu, L. (2010). The frequency and magnitude of earnings management: Time-series and multi-threshold comparisons. International Review of Economics and Finance, 19(4), 671-685.
Chen, T. Y., Dasgupta, S., & Yu, Y. (2014). Transparency and financing choices of FFs. Journal of Financial and Quantitative Analysis, 49(2), 87-408.
Choi, D. S. F., & Mueller, G. G. (1992). International accounting. Prentice-Hall.
Chrisman, J. J., Hofer, C. W., & Bolton, W. R. (1988). Toward a system for classifying business strategies. Academy of Management Review, 13, 413-428.
Chua, J. H., Chrisman, J. J., & Chang, E. P. C. (2004). Are FFs Born or Made? An Exploratory Investigation. Family Business Review, 17(1), 37-54.
Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the Family Business by Behavior. Entrepreneurship Theory and Practice, 23(4), 19-39.
Chung, H.-M., &Dahms, S. (2019). Leadership decisions in foreign subsidiaries of multinational family business groups. The International Journal of Human Resource Management.
CIA (2015). Investing in ASEAN. Retrieved from: http://asean.org/storage/2016/06/38.-November-2015-Investing-in-ASEAN-2015-2016.pdf.
Claessens, S., Djankov, S. and Lang, L.H.P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58, pp. 81–112.
Clifton, B. (2015). Decision-making process for managing succession in family-owned businesses from founder to successor (Order No. 1602004). Available from ABI/INFORM Collection. (1734464950).
Coleman, S., Cotei, C., & Farhat, J. (2014). The debt-equity financing decisions of U.S. startup firms. Journal of Economics and Finance, 40(1), 105-126.
Covin, T. J. (1994). Profiling Preference for Employment in FO Firms. Family Business Review, 7(3), 287-296.
Croci, E., Doukas, J., &Gonenc, H. (2011). Family control and financing decisions. European Financial Management, 17, 860-897. 10.1111/j.1468-036X.2011.00631.x.
D’Aurizio, L., Oliviero, T., & Romano, L. (2015) Family firms, soft information and bank lending in a financial crisis. Journal of Corporate Finance, 33, 279-292.
Daily, C. M., & Dollinger, M. J. (1992). An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms. Family Business Review, 5(2), 117-136.
DailyFT. (2014, September 24). Family matters – Financing family busi¬ness growth through individual investors. DailyFT.
Danes, S. M., Stafford, K., Haynes, G., &Amarapurkar, S. S. (2009). Family Capital of FFs: Bridging Human, Social, and Financial Capital. Family Business Review, 22(3), 199-215.
Daniel, K. D., & Titman, S. (1997). Evidence on the characteristics of cross-sectional variation in common stock returns. Journal of Finance, 52, 1-33.
Daniel, K. D., Hirshleifer, D. A., & Subrahmanyam, A. (1997). A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions.
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2009). Corporate payout policy. Now Publishers Inc.
Debicki, B. J., Kellermanns, F. W., Chrisman, J. J., Pearson, A. W., & Spencer, B. A. (2016). Development of a socioemotional wealth importance (SEWi) scale for family firm research. Journal of Family Business Strategy, 7(1), 47-57.
DeBondt, W., Forbes, W., Hamalainen, P., &GulnurMuradoglu, Y. (2010). What can behavioral finance teach us about finance? Qualitative Research in Financial Markets, 2(1), 29-36.
Degeorge, F. J. Patel and R. Zeckhauser (1999). Earnings management to exceed thresholds. Journal of Business, 72, 1-33.
Dinh, T. Q., & Calabrò, A. (2019). Asian FFs through Corporate Governance and Institutions: A Systematic Review of the Literature and Agenda for Future Research. International Journal of Management Reviews, 21(1), 50-75.
Djalilov & Ngoc L. (2019). Ownership, Risk and Efficiency in the Banking Sector of the SOUTHEAST ASIA Countries. Financial Markets, Institutions, and Risks, Volume 3, Issue 2, pp. 5-16.
Driffield, N., Mahambare, V. and Pal, S. (2007), How does ownership structure affect capital structure and firm value? Recent evidence from East Asia1. Economics of Transition, 15: 535-573.
Eddleston, K. A., Jaskiewicz, P., & Wright, M. (2019). FFs and internationalization in the Asia-Pacific: the need for multi-level perspectives. Asia Pacific Journal of Management.
Ellul, A. (2008). Control Motivations and Capital Structure Decision. SSRN Electronic Journal.
Faccio, M., Lang, L. H. P., & Young, L. 2001. Dividends and expropriation. American Economic Review, 91: 54–78.
Fairchild, R. (2010). Behavioral corporate finance: existing research and future directions. International Journal of Behavioral Accounting and Finance, 1(4), 277.
Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. Journal of Finance, 47, 427-465.
Fan, J. P. H., & Leung, W. S. C. (2018). The impact of ownership transferability on family firm governance and performance: The case of family trusts. Journal of Corporate Finance, 61, 101409.
Fan, J.P.H. & Wong, T.J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33, 401- 425.
Fan, M., Jiaqi, F., Xi, C., Yi, Y., Haining, Z. & Wantong, Y. (2020). The Effects of Family Ownership on Capital Structure: Comparing Diversification and Leverage of Family Firms in Both China and Western Countries. Frontiers in Economics and Management, Vol. 11, No. 1, pp. 243 – 247.
Fang, H. C., Siau, K. L., Memili, E., & Dou, J. (2019). Cognitive antecedents of family business bias in investment decisions: A commentary on “Risky decisions and the family firm bias: An experimental study based on prospect theory.” Entrepreneurship Theory and Practice, 43(2), 409-416.
Farinha, J. (2003). Dividend policy, corporate governance, and the managerial entrenchment hypothesis: An empirical analysis. Journal of Business Finance & Accounting, 30: 1173–1209.
Fernández, Z., & Nieto, M. J. (2005). Internationalization Strategy of Small and Medium-Sized Family Businesses: Some Influential Factors. Family Business Review, 18(1), 77-89.
Fligstein, N., & Feeland, R. (1995). Theoretical and Comparative Perspectives on Corporate Organization. Annual Review of Sociology, 21, 21-43.
Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248.
Frazzini, A. 2006. The disposition effect and underreaction to news. Journal of Finance, 61, 46.
Furceri, D., & Zdzienicka A (2012) How costly are debt crises? Journal of International Money and Finance 31(4): 726–742.
Gallo, M. A., & Sveen, J. (1991). Internationalizing the Family Business: Facilitating and Restraining Factors. Family Business Review, 4(2), 181-190.
Gärling, T., Kirchler, E., Lewis, A., & van Raaij, F. (2009). Psychology, Financial DM, and Financial Crises. Psychological Science in the Public Interest, 10(1), 1-47.
Gersick, K. E., Lansberg, I., Desjardins, M., & Dunn, B. (1999). Stages and Transitions: Managing Change in the Family Business. Family Business Review, 12(4), 287-297.
Goergen, M., Renneboog, L., & Correia da Silva, L. (2005). When do German firms change their dividends? Journal of Corporate Finance, 11, 375-399.
Gómez-Mejía, L. R., Haynes, K. T., Nunez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137.
Gómez-Mejía, L. R., Makri, M., & Larraza-Kintana, M. (2010). Diversification decisions in family-controlled firms, Journal of Management Studies, 47, 223-252.
Gomez-Mejia, L. R., Patel, P. C., & Zellweger, T. M. (2018). In the Horns of the Dilemma: Socioemotional Wealth, Financial Wealth, and Acquisitions in Family Firms. Journal of Management, 44(4), 1369–1397.
Gompers, P A., Ishii, J. L., & Metrick, A. (2007). Extreme governance: An analysis of dual-class companies in the United States. Working paper, Harvard University.
González, M., Guzmán, A., Pombo, C., & Trujillo, M. A. (2014). Family involvement and dividend policy in closely held firms. Family Business Review, 27(4), 365-385.
Gottardo, P., &Moisello, A. M. (2014), ‘The capital structure choices of FFs: Evidence from Italian medium-large unlisted firms’, Managerial Finance, 40(3), 254-275.
Grohmann, A. (2018). Financial literacy and financial behavior: Evidence from the emerging Asian middle class. Pacific-Basin Finance Journal, 48, 129-143.
Handler, W. C. (1989). Methodological issues and considerations in studying family businesses. Family Business Review, 2(3), 257-276.
Hansson, P. (2015) Resource-based theory and the family business. In Mattias Nordqvist, Leif Melin, Matthias Waldkirch and Gershon Kumeto (ed.), Theoretical perspectives on family businesses (pp. 253-272). Cheltenham: Edward Elgar Publishing.
Harris, D., Martinez, J. I., & Ward, J. L. (1994). Is strategy different for the FO business? Family Business Review, 7(2), 159-174.
Harzing, A., Pudelko, M., &Reiche, S. (2015). The bridging role of expatriates and inpatriates in knowledge transfer in multinational corporations. Retrieved from:
Healy, P.M & J. M. Wahlen (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13, 265-383.
Hiebl, M. R. W. (2013). Management accounting in the family business: tipping the balance for survival. Journal of Business Strategy, 34(6), 19-25.
Hiebl, M. R. W., Feldbauer-Durstmüller, B., & Duller, C. (2013). The changing role of management accounting in the transition from a family business to a non-family business. Journal of Accounting & Organizational Change, 9(2), 119-154.
Himmelberg, C.P., Hubbard, R.G., & Palia, D. (1999). Understanding the determinants of
Hnilica, J., &Machek, O. (2015). Toward a Measurable Definition of Family Business: Surname Matching and its Application in the Czech Republic. International Advances in Economic Research, 21, 119-120.
Hofstede , G. , Hofstede , G. J. , & Minkov , M. ( 2010 ). Cultures and organizations: Software of the mind. New York, NY: McGraw Hill.
Hofstede, G., (2001). Cultures Consequences Comparing Values, Behaviors, Institutions, and Organizations Across Nations (Second Edition). SAGE Publications, United of State America.
HofstedeInsights.(2020). Portugal. Retrieved from: https://www.hofstedeinsights.com/country-comparison/portugal/
Holmes, R., P. Bromiley, C., Devers, T., Holcomb, T. R., & McGuire J. B. (2011). Management theory applications of prospect theory: Accomplishments, challenges, and opportunities. Journal of Management, 37(4), 1069-1107.
Holt, D. T., Pearson, A. W., Carr, J. C., & Barnett, T. (2017). Family Firm(s) Outcomes Model: Structuring Financial and Nonfinancial Outcomes Across the Family and Firm. Family Business Review, 30(2), 182-202.
Hong, S., You, S., Kim, E.-J., & Kim, J. (2008). Multivariate Autoregressive Cross-Lagged Modeling of the Reciprocal Longitudinal Relationship between Perceived Control and Academic Achievement. Psychological Reports, 102(3), 873–883.
Horváthová, P., Mikušová, M., & Kashi, K. (2020). Comparison of human resources management in non-family and family businesses: Case study of the Czech republic. Sustainability, 12(14), 5493.
Howlett, E., Kees, J., & Kemp, E. (2008). The Role of Self, Regulation, Future Orientation, and Financial Knowledge in Long-Term FDs. Journal of Consumer Affairs, 42(2), 223-242.
Hoy, F., &Verser, T. G. (1994). Emerging Business, Emerging Field: Entrepreneurship and the Family Firm. Entrepreneurship Theory and Practice, 19(1), 9-23.
Huang, J. H., Shieh, J. C. P., & Kao, Y. C. (2016). Starting points for a new researcher in behavioral finance. International Journal of Managerial Finance, 12(1), 92-103.
Hutton, A. P. (2007). A discussion of ‘corporate disclosure by family firms. Journal of Accounting and Economics, 44(1-2), 287-297.
Jackson, A., (1996), The How and Why of EVA® at CS First Boston, Journal of Applied Corporate Finance, 9(1): 98-103.
Janjuha-Jivraj, S., & Woods, A. (2002), The art of ‘good conversations’: a strategy to negotiate succession within South Asian FFs. Strategic Change, 11(8), 425-434.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76: 323– 329.
Jensen, M.C. & Meckling, W.H., (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3, 305–360.
Jiang, Y. & Mike W. P. (2011). Are family ownership and control in large firms good, bad, or irrelevant? Asia Pac J Manag, Vol. 28, 15-39.
Jiraporn, P., &DaDalt, P. J. (2009). Does founding family control affect earnings management? Applied Economics Letters, 16(2), 113-119.
Kachaner, N., Stalk, G., & Bloch, A. (2012). What you can learn from family business. Harvard Business Review.
Kim, W., & Sorensen, E. (1986). Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy. The Journal of Financial and Quantitative Analysis, 21(2), 131-144.
Klein, S. B. (2000). Family Businesses in Germany: Significance and Structure. Family Business Review, 13(3), 157-181.
Koh, A., Kong, E., & Timperio, G. (2019). An analysis of open innovation determinants: The case study of Singapore-based family-owned enterprises. European Journal of Family Business, 9(2), 85-101.
Koropp, C., Kellermanns, F. W., Grichnik, D., & Stanley, L. (2014). Financial DM in FFs: An Adaptation of the Theory of Planned Behavior. Family Business Review, 27(4), 307-327.
Kotlar, J., De Massis, A., Frattini, F., & Kammerlander, N. (2020). Motivation gaps and implementation traps: The paradoxical and time‐varying effects of family ownership on firm absorptive capacity. Journal of Product Innovation Management, 37(1), 2-25.
Kourtidis, D., Šević, Ž., &Chatzoglou, P. (2011). Investors’ trading activity: A behavioral perspective and empirical results. The Journal of Socio-Economics, 40(5), 548-557.
Kuhnen, C. M., & Knutson, B. (2011). The Influence of Affect on Beliefs, Preferences, and FDs. Journal of Financial and Quantitative Analysis, 46(03), 605-626.
Kukacka, J., &Barunik, J. (2013). Behavioral breaks in the heterogeneous agent model: The impact of herding, overconfidence, and market sentiment. Physica A: Statistical Mechanics and Its Applications, 392(23), 5920-5938.
Kumeto, G. (2015) Behavioral agency theory and the family business. In: Mattias Nordqvist, Leif Melin, Matthias Waldkirch and Gershon Kumeto (ed.), Theoretical perspectives on family businesses (pp. 78-98). Cheltenham: Edward Elgar Publishing
Kung, C. Y., & Wen, K. L. (2007). Applying Grey Relational Analysis and Grey Decision-Making to evaluate the relationship between company attributes and its financial performance—A case study of venture capital enterprises in Taiwan. Decision Support Systems, 43(3), 842-852.
Kyophilavong, P., Uddin, G. S., & Shahbaz, M. (2016). The Nexus between Financial Development and Economic Growth in Lao PDR. Global Business Review, 17(2), 303-317.
Laghari, F. and Chengang, Y. (2019), "Investment in working capital and financial constraints: Empirical evidence on corporate performance," International Journal of Managerial Finance, Vol. 15 No. 2, pp. 164-190
Laras A. & Viverita (2020). The Effect of Family Ownership and Control on Dividend Policy of Publicly Listed Firms in Indonesia and Malaysia. Indonesian Capital Market Review, Vol. 12, pp. 1-11.
Lee, C. M. C., & Swaminathan, B. 2000. Price momentum and trading volume. Journal of Finance, 55, 33.
Lei bell, D. T. (2011). Succession planning: Family dynamics play an important role in the success or failure of the family business. Trusts & Estates, 150(3), 16.
Lewis, C. M., Rogalski, R. J., & Seward, J. K. (2003). Industry conditions, growth opportunities, and market reactions to convertible debt financing decisions. Journal of Banking & Finance, 27(1), 153-181.
Lindsay, B.G. (1994). Efficiency versus robustness: the case for minimum Hellinger distance and related methods. The Annals of Statistics, Vol. 22 No. 2, pp. 1081-1114.
Lipsey, M.W. and Wilson, D.B. (2001), “Practical meta-analysis,” Applied Social Research Methods, Vol. 49, pp. 1-247.
Litz, R. A. (1995). The Family Business: Toward Definitional Clarity. Family Business Review, 8(2), 71-81.
Liu, Q., & Tian, G. (2012). Controlling shareholder, expropriations and firm’s leverage decision: evidence from Chinese non-tradable share reform. Journal of Corporate Finance, 18(4), 782-803.
López‐Gracia, J. and Sánchez‐Andújar, S. (2007). Financial Structure of the Family Business: Evidence From a Group of Small Spanish Firms. Family Business Review, 20: 269-287.
Lubatkin, M. H., Ling, Y., & Schulze, W. S. (2007). An organizational justice-based view of self-control and agency costs in family firms. Journal of Management Studies, 44(6), 955–971.
Lyman, A. (1991). Customer service: Does family ownership make a difference? Family Business Review, 4(3), 303-324.
Madison, K. J. (2014). Agency theory and stewardship theory integrated, expanded, and bounded by context: An empirical investigation of structure, behavior, and performance within family firms.
Malmendier, U., & Tate, G. (2005). Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited. European Financial Management, 11(5), 649–659.
March, J. G. & Shapira, Z. (1992). Variable risk preferences and the focus of attention, Malaysia. International Journal of Business and Management; Vol. 13, No. 5, pp. 112-126.
Margaritis, D. &Psillaki, M. (2010). Capital Structure, Equity Ownership, and Firm Performance. Journal of Banking & Finance. 34. 621-632.
Martin, R. W. (2013). Management accounting in the family business: Tipping the balance for survival. The Journal of Business Strategy, 34(6), 19-25.
Martos, M. C. V. (2007). What is a family business? A discussion of an integrative and operational definition. International Journal of Entrepreneurship and Small Business, 4(4), 473-488.
Marwan, A. (2018). The Influence of Family Ownership towards Firm Performance: Study from Manufacturing Companies Listed in Indonesia Stock Exchange. Retrieved from:
McConaughy, D.L. and Phillips, G.M. (1999), Founders versus Descendants: The Profitability, Efficiency, Growth Characteristics and Financing in Large, Public, Founding‐Family‐Controlled Firms. Family Business Review, 12: 123-131.
McConaughy, D. L., Walker, M. C., Henderson Jr, G. V., & Mishra, C. S. (1998). Founding family-controlled firms: Efficiency and value. Review of Financial Economics, 7(1), 1-19.
Mensah, Y.M. (1984). An examination of the stationarity of multivariate bankruptcy prediction models: a methodological study. Journal of Accounting Research 22(1), 380- 395
Merton, R.C., 1974. On the pricing of corporate debt: the risk structure of interest rates. Journal of Finance 29, 449-470.
Michiels, A., Uhlaner, L. and Dekker, J. (2017). The effect of family business professionalization on dividend payout. Journal of Small Business and Enterprise Development, 24(4), 971-990.
Mishra, D. R. (2011). Multiple large shareholders and corporate risk-taking: Evidence from East Asia. Corporate Governance: An International Review, 19: 507–528.
Mizrach, B., &Weerts, S. (2009). Highs and lows: A behavioral and technical analysis. Applied Financial Economics, 19(10), 767-777.
Mohammad Wan, W.M. & Wasiuzzaman, S. (2019). Effect of audit committee independence, board ethnicity, and family ownership on earnings management in Malaysia. Journal of Accounting in Emerging Economies, Vol. 10 No. 1, pp. 74-99.
Molly, V., Laveren, E., & Deloof, M. (2010). Family business succession and its impact on financial structure and performance. Family Business Review, 23(2), 131-147.
Mona A. ElBannan, (2017). Stock market liquidity, family ownership, and capital structure choices in an emerging country, Emerging Markets Review, Vol. 33, pp. 201-231.
Morck, R. & Yeung, B. 2003. Agency problems in large family business groups, Entrepreneurship: Theory Practice, 27: 367–382.
Motylska-Kuzma, A. (2017). The FDs of family businesses. Journal of Family Business Management, 7(3), 351-373.
Nikiforow, M. (2010). Does training on behavioral finance influence fund managers’ perception and behavior? Applied Financial Economics, 20(7), 515–528.
O’Boyle, E. H., Pollack, J. M., & Rutherford, M. W. (2012). Exploring the relation between family involvement and firms’ financial performance: A meta-analysis of main and moderator effects. Journal of Business Venturing, 27(1), 1-18.
OECD (2019). Corporate governance frameworks in Cambodia, Lao PDR, Myanmar, and Viet Nam. https://www.oecd.org/daf/ca/Corporate-Governance-Frameworks-Cambodia-Lao-PDR-Myanmar-Viet-Nam.pdf
Osoba, B. J., (2009). Culture and Entrepreneurial Activity in the United States: A Quantitative Analysis. The European Journal of Social Science Research, 22(3), pp. 341-370.
Patel, P. C. & Chrisman, J. J. 2014. Risk abatement as a strategy for R&D investments in family firms, Strategic Management Journal, 35: 617–627
Paweł Mielcarz, Dmytro Osiichuk & Adam Behr (2018) The influence of capital expenditures on working capital management in the corporate sector of an emerging economy: the role of financing constraints, Economic Research-Ekonomska Istraživanja, 31:1, 946-966, DOI: 10.1080/1331677X.2018.1436450
Pettit, R., & Singer, R. (1985). Small Business Finance: A Research Agenda. Financial Management, 14(3), 47-60. Retrieved January 20, 2021.
Plant and Soil Sciences eLibrary, (2019). Root Absorption and Xylem Translocation, Retrieved from: https://digitalcommons.unl.edu/passel/107.
Polanyi, Michael (1958). Personal Knowledge: Towards a Post-Critical Philosophy. University of Chicago Press.
Polanyi, Michael (1983). The tacit dimension, Gloucester, MA: Peter Smith.
Pongelli, C., Caroli, M. G., &Cucculelli, M. (2016). Family business going abroad: the effect of family ownership on foreign market entry mode decisions. Small Business Economics, 47(3), 787-801.
Porfirio, J. A., Felicio, J. A., &Carrilho, T. (2020). Family business succession: Analysis of the drivers of success based on entrepreneurship theory. Journal of Business Research, 115, 250-257.
Poutziouris, P., O’Sullivan K., &Nicolescu, L. (1997). The [re]-generation of family business entrepreneurship in the Balkans. Family Business Review, 10(3), 239-261.
Pindado, J., Requejo, I., & Rivera, J. C. (2017). Economic forecast and corporate leverage choices: The role of the institutional environment. International Review of Economics & Finance, 51, 121-144.
Rami Zeitun, AkramTemimi, Karim Mimouni, (2017). Do financial crises alter the dynamics of corporate capital structure? Evidence from GCC countries, The Quarterly Review of Economics and Finance, Vol. 63, No. pp. 21-33.
Ramiah, V., Zhao, Y., Moosa, I., & Graham, M. (2014). A behavioral finance approach to WC management. The European Journal of Finance, 22(8-9), 662-687.
Rautiainen, M., &Pihkala, T. (2018). The Emergence of a Family Business Group: The Role of Portfolio Entrepreneurship. The Family Business Group Phenomenon, 65-87.
Reay, T., & Whetten, D. A. (2011). What Constitutes a Theoretical Contribution in Family Business? Family Business Review, 24(2), 105-110.
Revelli, C. and Viviani, J.‐L. (2015), Financial performance of socially responsible investing (SRI): what have we learned? A meta‐analysis. Bus Ethics Eur Rev, 24, 158-185.
Rhein, D. (2014). The need for cross-cultural training in SE Asia prior to the establishment of the AEC. 10th International Academic Conference, Vienna (pp. 746-753). Vienna, AUT: International Institute of Social and Economic Sciences.
Rhoades, D. L., Rechner, P. L., &Sundaramurthy, C. (2001). A Meta-analysis of Board Leadership Structure and Financial Performance: are “two heads better than one”? Corporate Governance, 9(4), 311-319.
Rossi, F., Boylan, R., &Cebula, R.J. (2018). FDs and ownership structure as control mechanisms of agency problems: evidence from Italy. Corporate Governance, 18(3), 531-563.
Romano, C. A., Tanewski, G. A., & Smyrnios, K. X. (2001). Capital structure decision making: A model for family business. Journal of business venturing, 16(3), 285-310.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of
Saidat, Zaid & Seaman, Claire & Silva, Maurício& Al-Haddad, Lara &Marashdeh, Zyad. (2019). Female Directors, Family Ownership and Firm Performance in Jordan. International Journal of Financial Research. 11. 206.
Salehi, M., Fakhri Mahmoudi, M.R. and DaemiGah, A. (2019), "A meta-analysis approach for determinants of effective factors on audit quality: Evidence from emerging market," Journal of Accounting in Emerging Economies, Vol. 9 No. 2, pp. 287-312.
Samphantharak, K. (2019). Family business groups and economic development in Southeast Asia. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3328861
Schlegel, D., Frank, F., &Britzelmaier, B. (2016). Investment decisions and capital budgeting practices in German manufacturing companies. International Journal of Business and Globalisation, 16(1), 66.
Schulze, W. S. &Kellermanns, F. W. (2015). Reifying socioemotional wealth, Entrepreneurship: Theory and Practice, 39: 447–459.
Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2002). Altruism, agency, and the competitiveness of FFs. Managerial and Decision Economics, 23(4-5), 247-259.
Sciascia, S., Mazzola, P., &Kellermanns, F. W. (2014). Family management and profitability in private FO firms: Introducing generational stage and the socioemotional wealth perspective. Journal of Family Business Strategy, 5(2), 131-137.
Setiawan, D., Bandi, B., Kee Phua, L. and Trinugroho, I. (2016), "Ownership structure and dividend policy in Indonesia," Journal of Asia Business Studies, Vol. 10 No. 3, pp. 230-252.
Sharma, A. K., & Kumar, S. (2011). Effect of Working Capital Management on Firm Profitability: Empirical Evidence from India. Global Business Review, 12(1), 159–173.
Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the future. Family business review, 17(1), 1-36.
Sharma, P., & Manikutty, S. (2005). Strategic Divestments in FFs: Role of Family Structure and Community Culture. Entrepreneurship Theory and Practice, 29(3), 293-311.
SHEFRIN, H., and STATMAN, M. (1985), The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence. The Journal of Finance, 40: 777-790.
Shepherd, D. A., & Zacharakis, A. (2000). Structuring Family Business Succession: An Analysis of the Future Leader’s Decision-making. Entrepreneurship Theory and Practice, 24(4), 25–39.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy 94, 461-488.
Singhania, M. and Mehta, P. (2017), "Working capital management and firms’ profitability: evidence from emerging Asian countries," South Asian Journal of Business Studies, Vol. 6 No. 1, pp. 80-97.
Sirat, H. (2012). Corporate governance practices, share ownership structure, and size on earning management. Journal of Economics, Business, & Accountancy Ventura, 15(1), 145-156.
Sirivanh, Chaikeaw, and Sateeraroj, (2013). Growth of Small and Medium Enterprises in the Lao People’s Democratic Republic: A Structural Equation Modeling Study, International Journal of Business and Social Science, Vol. 4 No. 2.
Sitthipongpanich, T. (2017). Family ownership and free cash flow. International Journal of Managerial Finance. 13. 133-148. 10.1108/IJMF-06-2014-0088.
Sniedovich, M. (2010). A bird's view of info‐gap decision theory. Journal of Risk Finance, 11(3), 268-283.
Soboh, R. A. M. E., Lansink, A. O., Giesen, G., & van Dijk, G. (2009). Performance Measurement of the Agricultural Marketing Cooperatives: The Gap between Theory and Practice. Review of Agricultural Economics, 31(3), 446-469.
Soleimanof, S., Rutherford, M. W., & Webb, J. W. (2018). The Intersection of FFs and Institutional Contexts: A Review and Agenda for Future Research. Family Business Review, 31(1), 32-53.
Sonfield, M. C., & Lussier, R. N. (2004). First-, Second-, and Third-Generation FFs: A Comparison. Family Business Review, 17(3), 189-201.
Soponpongpipat, A. (2016). Family firm management and financing decisions of IPO firms: Evidence from Thailand, Malaysia, and Singapore.
Southeast Asia Regional Entrepreneurship Report (2016). The Context, Impact, and Opportunities for Women Entrepreneurs and Startups; Key Pivots for Growth and Sustainability. UNIVERSITI TUN ABDUL RAZAK, Kuala Lumper.
Spindler, G. (2011). Behavioral Finance and Investor Protection Regulations. Journal of Consumer Policy, 34(3), 315-336.
Stein, J. C. (1989). Efficient capital markets, inefficient firms: A model of myopic corporate behavior. Quarterly Journal of Economics 104, 655–669.
Stulz, René M. (1988). Managerial control of voting rights: Financing policies and the market for corporate control. Journal of Financial Economics 20, 25–54.
Subrahmanyam, A. (2007). Behavioral Finance: A Review and Synthesis. European Financial Management, 15(1), 12-29.
SyCip, W. (1977). The Role of CAPA in Achieving Harmonization. Accountants' Journal (Philippines), 3(4): 14- 20.
Sylvia Veronica Siregar, Sidharta Utama, (2008). Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia, The International Journal of Accounting, Volume 43, Issue 1, Pages 1-27,
Tagiuri, R., & Davis, J. (1996). Bivalent Attributes of the Family Firm. Family Business Review, 9(2), 199-208.
Talonpoika, A.-M., Kärri, T., Pirttilä, M. and Monto, S. (2016), "Defined strategies for financial working capital management," International Journal of Managerial Finance, Vol. 12 No. 3, pp. 277-294.
Taras, V., Memili, E., Wang, Z., & Harms, H. (2018), "Family involvement in publicly traded firms and firm performance: a meta-analysis," Management Research Review, Vol. 41 No. 2, pp. 225-251.
The World Bank Annual Report (2018). Washington, D.C.: World Bank Group.
Tourani-Rad, A., & Kirkby, S. (2005). Investigation of investors’ overconfidence, familiarity, and socialisation. Accounting and Finance, 45(2), 283-300.
Trabelsi, D., Aziz, S., & Lilti, J.J. (2019). A behavioral perspective on corporate dividend policy: evidence from France. Corporate Governance, 19(1), 102-119.
Trahan, E. A., & Gitman, L. J. (1995). Bridging the theory-practice gap in corporate finance: A survey of chief financial officers. The Quarterly Review of Economics and Finance, 35(1), 73-87.
Tuyon, J., & Ahmad, Z. (2016). Behavioral finance perspectives on Malaysian stock market efficiency. Borsa Istanbul Review, 16(1), 43-61.
Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: heuristics and biases. Science, 185(4157), 1124-1131.
Tversky, A., & Kahneman, D. (1986). Rational choice and the framing of decisions, Journal of Business, 59: S251–S278.
United Overseas Bank Limited. (2015). SOUTHEAST ASIA Socio-Cultural Community (ASCC). Retrieved March 3, 2016
Van Essen, M., Engelen, P.-J., & Carney, M. (2013). Does “good” corporate governance help in a crisis? The impact of the country- and firm-level governance mechanisms in the European financial crisis, Corporate Governance: An International Review, 21: 201–224.
Van Hoang, T.H., Gurau, C., Lahiani A, et al. (2017) Do crises impact capital structure? A study of French micro-enterprises. Small Business Economics. Epub ahead of print 24 June 2017. DOI: 10.1007/s11187- 017-9899-x.
Vasanthan Subramaniam (2018). Family ownership and dividend policy: empirical evidence from Malaysia. Int. J. Bus. Manag, 13(5), 112-126.
Vermoesen, V., Deloof, M. & Laveren, E. (2013). Long-term debt maturity and financing constraints of SMEs during the global financial crisis. Small Business Economics. Vol. 41(2): 433–448.
Vineet Agarwal and Richard Taffler (2008). Comparing the performance of market-based and accounting-based bankruptcy prediction models. Journal of Banking & Finance, 2008, vol. 32, issue 8, 1541-1551
VonEije, H. & Megginson, W. L. (2008). Dividends and share repurchases in the European Union. Journal of Financial Economics, 89: 347–374.
Wang, D. (2006), Founding family ownership and earnings quality. Journal of Accounting Research, 44: 619-656.
Wasiuzzaman, S. (2015). Working Capital and Profitability in Manufacturing Firms in Malaysia: An Empirical Study. Global Business Review, 16(4), 545–556.
Wei, S.-J., Wu, W., & Zhang, L. (2018). Portfolio choices, Asset returns and wealth inequality: evidence from China. Emerging Markets Review, 38, 423-437.
Westhead, P., & Howorth, C. (2006). Ownership and Management Issues Associated with Family Firm Performance and Company Objectives. Family Business Review, 19(4), 301-316.
Wicker, A. W., & Burley, K. A. (1991). Close Coupling in Work-Family Relationships: Making and Implementing Decisions in a New Family Business and at Home. Human Relations, 44(1), 77-92.
William J. O'Neil (2003). How to Make Money in Stocks Desk Diary, Publisher, John Wiley & Sons
Williams, R. I., Pieper, T. M., Kellermanns, F. W., & Astrachan, J. H. (2018). Family Firm Goals and their Effects on Strategy, Family and Organization Behavior: A Review and Research Agenda. International Journal of Management Reviews, 20, 63-82.
Wong, A., Holmes, S., & Schaper, M. T. (2018). How do small business owners actually make their FDs? Understanding SME financial behavior using a case-based approach. Small Enterprise Research, 25(1), 36-51.
Wortman, M. S. (1994). Theoretical Foundations for FO Business: A Conceptual and Research-Based Paradigm. Family Business Review, 7(1), 3-27.
Wu, Z., Chua, J. H., & Chrisman, J. J. (2007). Effects of family ownership and management on small business equity financing. Journal of Business Venturing, 22, 875-895.
Yensu, Oppong-Peprah,Dwomo-Fokuo, Boadu, and Kusi, (2015). Financing the Expansion of Family Businesses in Ghana: Which Way to Go, Debt or Equity, Journal of Investment and Management, 4(6): 301-310.
Yoshikawa, T. & Rasheed, A. A. (2010). Family control and ownership monitoring in family-controlled firms in Japan. Journal of Management Studies, 47: 274–295.
You, J. and Du, G. (2012). Are political connections a blessing or a curse? Evidence from CEO turnover in China. Corporate Governance: An International Review, 20, pp. 179–194.
Zafar, Q., Wongsurawat, W., & Camino, D. (2019). The Determinants of Leverage Decisions: Evidence from Asian Emerging Markets. Cogent Economics & Finance, 7(1), 1598836.
Zatta, F. N., Cristina, L. S., Formigoni, H., &Mamede, S. (Eds). (2020). 56th international scientific conference on economic and social development. The University of Aveiro.
Zellweger, T., Kellermanns, F., Chrisman, J., & Chua, J. (2012). Family control and family firm valuation by family CEOs: The importance of intentions for transgenerational control. Organization Science, 23(3), 851-868.
Zhao, J., Wan, C., Xu, Z., & Wang, J. (2017). Risk-Based Day-Ahead Scheduling of Electric Vehicle Aggregator Using Information Gap Decision Theory. IEEE Transactions on Smart Grid, 8(4), 1609-1618.
Zopounidis, C., & Doumpos, M. (2002). Multi-criteria decision aid in financial decision-making: methodologies and literature review. Journal of Multi-Criteria Decision Analysis, 11(4-5), 167-186.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
QR Code
QRCODE