:::

詳目顯示

回上一頁
題名:家族控制對企業創業經濟價值之影響-以創新及創投為例
作者:翁鶯娟 引用關係
作者(外文):Ying-Jiuan Wong
校院名稱:國立成功大學
系所名稱:企業管理學系碩博士班
指導教授:吳萬益
張紹基
學位類別:博士
出版日期:2008
主題關鍵詞:機構投資者創業投資活動家族控制經濟價值family controleconomic impactcorporate entrepreneurshipinstitutional investors
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:24
本文主要研究家族控制對公司創業活動經濟價值的影響。以往文獻研究指出家族控制不僅對公司有正面影響,其亦可能具不利的影響。本研究實證結果發現台灣上市公司如為家族公司所控制,則投資人對其所投資之創業活動給予較低之評價。進一步檢測現金流量權與投票權分離程度對創業投資活動經濟價值所產生之影響,實證研究發現現金流量權與投票權分離不利於創業投資活動之經濟價值,其結果顯示市場參予者認為家族控制公司可能利用創業活動以攫取個人的私利。研究結果亦顯示機構投資者可減緩家族控制對企業創業活動所產生之不利影響。創業活動宣告後之長期營運績效亦顯示家族控制公司投資於創業活動後的公司績效相對亦低於非家族
控制公司,此結果強化短期異常報酬報酬之結論-家族控制不利於創業投資活動之經濟價值。
This study investigates the relationship between family-controlled business and economic impact of corporate entrepreneurship (CE). Prior studies suggested that
family-controlled business might involve both costs and benefits, and the results so far have
been inconclusive. With a large proportion of listed corporations has a family-controlled
ownership structure, we found that such businesses in Taiwan experienced significantly more
negative stock market reactions to CE announcements. The empirical results further indicated
that the divergence of cash flow and voting rights was strongly and negatively associated with
announcement-period market reactions, suggesting that market participants may perceive
family-controlled businesses as using CE activities to pursue self-interest at the expense of
other shareholders. We also found that the participation of institutional ownership mitigated the
negative influence of family control. Moreover, the evidence of post-announcement operating
performance strengthened the finding that family control did indeed harm the value creation
of CE announcements. The conclusions were robust under various measures of family control,
and remained valid after controlling other influential factors to CE announcements.
References
Acs, Z.J., R. Morck., J. M. Shaver and B.Yeung, “The Internationalization of Small and Medium-Sized Enterprises: A Policy Perspective”, Small Business Economics, 9, 7–20 ( 1997).
Aguilera, R. V., “Corporate Governance and Director Accountability: An Institutional Comparative Perspective”, British Journal of management, 16, 39–53 (2005).
Aigbe, A., “New Product Innovations, Information Signaling and Industry Competition”, Applied Financial Economics, 12, 371–378 (2002).
Aiken, L.S. and S.G. West, Multiple Regression: Testing and Interpreting Interactions. Newbury Park, CA: Sage (1991).
Aitken, M. and A. S. Siow., “Ranking World Equity Markets on the Basis of Market Efficiency and Integrity”, The HP Handbook of World Stock, Derivative and Commodity Exchanges, Herbie Skeete, ed., pp. xlix-lv, Mondo Visione Ltd. (2003).
Ali, A., T. Y., Chen and S., Radhakrishnan. “Corporate Disclosures by Family Firms”, Journal of Accounting and Economics, 44, 238–286 (2007).
Anand, B. N. and T. Khanna. “Do Firms Learn to Create Value? The Case of Alliances”, Strategic Management Journal, 21, 295–315 (2000).
Anderson, R. and D. Reeb. “Founding-Family Ownership and Firm Performance: Evidence from the SandP 500”, Journal of Finance, 53, 1301–1328 (2003a).
Anderson, R., S. A. Mansi and D. Reeb. “Founding-Family Ownership and the Agency Cost of Debt”, Journal of Financial Economics, 68, 263–285(2003b).
Antoncic, B. and R. D. Hisrich. “Intrapreneurship: Construct Refinement and Cross-Cultural Validation”, Journal of Business Venturing, 16, 495–527 (2001).
Atiase, K. “Predisclosure Information, Firm Capitalization, and Security Price Behavior around Earnings Announcements”, Journal of Accounting Research, 23, 21–36 (1985).
Baysinger, B.D., R.D. Kosnik and T. A. Turk. “Effects of Board and Ownership Structure on Corporate RandD Strategy”, Academy of Management Journal, 34, 205–214 (1991).
Ben-Amar, W. and P. Andre. “Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada”, Journal of Business Finance Accounting, 33, 517–549(2006).
Block, Z. and I. MacMillan Corporate Venturing: Creating New Businesses within the Firm, Boston, MA: Harvard Business School Press (1993).
Booz, Allen and Hamilton, Inc. New Products Management For The 1980s, New York: Booz, Allen & Hamilton, Inc (1980).
Brown, S.J. and J. B. Warner. “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economics, 14, 3–31 (1985).
Brush, T. H., P. Bromiley and M. Hendrickx. “The Free Cash Flow Hypothesis for Sales Growth and Firm Performance”, Strategic Management Journal, 21, 455–472 (2000).
Burgelman, R. A. and M. A. Maidique. Strategic Management of Technology. Irwin, Homewood, IL (1989).
Burton, B.M., A. A. Lonie and D.M. Power. “The Stock Market Reaction to Investment Announcements: The Case of Individual Capital Expenditure Projects”, Journal of Business Finance and Accounting, 26, 681–709 (1999).
Bruton, G., D. Ahlstrom and J. Wan. “Turnaround in East Asian Firms: Evidence from Ethnic Overseas Chinese Communities”, Strategic Management Journal, 24, 519–540 (2003).
Cabrera-Suarez, K., P. D. Saa-Perez and D. G. Almeida. “The Succession Process from a Resource and Knowledge-Bases View of the Family Firm”, Family Business Review, 14(1), 37–47(2001).
Casson, M. “The Economics of the Family Firm”, Economic History Review, 47, 10–23 (1999).
Chan, S.H., J.W. Kensinger, A. J. Koewn and J.D. Marin. “Do Strategic Alliances Create Value”, Journal of Financial Economics, 46, 199–221 (1997).
Chandler, A. D. “Scale and Scope: The Dynamics of Industrial Capitalism”, Belknap Press, Cambridge(1990).
Chandler, G. N., C. Keller and D.W. Lyon. “Unraveling the Determinants and Consequences of an Innovation Supportive Culture”, Entrepreneurship Theory and Practice, 25(1), 59–76(2000).
Chaney, P.K., T. M. Devinney and R. S. Winer. “The Impact of New Product Introductions on the Market Value of Firms”, Journal of Business, 64, 573–610 (1991).
Chang, S.C., S.S. Chen, and Y. Liu. “Why Firms Use Convertibles: A Further Test of the Sequential-Financing Hypothesis”, Journal of Banking and Finance, 28, 1163–1183 (2004).
Chau, G.K. and S.J., Gray. “Ownership Structure and Corporate Voluntary Disclosure in Hong Kong and Singapore”, The International Journal of Accounting, 37,247–265 (2002).
Chesbrough, H. W. “Making sense of Corporate Venture Capital”, Harvard Business Review, 80, 90–99 (2002).
Cho, H. J. and V. Pucik. “Relationship between Innovativeness, Quality, Growth, Profitability, and Market Value”, Strategic Management Journal, 26, 555–575(2005).
Chung, I.L., K.J.Koford and I. Lee. “Stock Market Views of Corporate Multinationalism: Some Evidence from Announcements of International Joint Ventures”, The Quarterly Review of Economics and Finance, 33, 275–293(1993).
Claessens, S., S. Djankov and H. P. Lang. “The Separation of Ownership and Control in East Asian Corporations”, Journal of Financial Economics, 58, 81–112(2000).
Claessens, S., S. Djankov, J. Fan and H. P. Lang. “Disentangling the Incentive and Entrenchment Effects of Large Shareholdings”, Journal of Finance, 57, 2741–2771(2002).
Cronqvist, H. and M. Nilsson. “Agency Costs of Controlling Minority Shareholders”, Journal of Finance and Quantitative Analysis, 38(4), 695–719 (2003).
Crawford, C. “New Product Failure Rates: A Reprise”, Research Management, 30(4), 20–24 (1987).
Damanpour, F. “Organizational Innovation: A Meta-Analysis of Effects of Determinants and Moderators”, Academy of Management Journal, 34, 555–590 (1991).
Darroch, J., P. M. Morgan and W. P. Chris. “Corporate Venturing and the Rent Cycle”, Technovation, 25, 1437–1442(2005).
Davis, P. “Realizing the Potential of Family Business”, Organizational Dynamics, 12, 47–56 (1983).
Demsetz, H. “The Structure of Ownership and the Theory of the Firm”, Journal of Law and Economics, 25, 375–390 (1983).
Dharwadkar, R., G. Gerard and P. Brandes. “Privatization in Emerging Economies: An Agency Theory Perspective”, Academy of Management Review, 25, 650–669 (2000)
Dodd, P. and J. B. Warner. “On Corporate Governance: A Study of Proxy Contests”, Journal of Financial Economics, 11, 401–438 (1983).
Donckels, R. and E. Frohlich. “Are Family Businesses Really Different? European Experiences from STRATOS”, Family Business Review, 4, 149–160 (1991).
Dougherty, D. “Managing Your Core Incompetencies for Corporate Venturing”, Entrepreneurship Theory and Practice, 19, 113–35(1995).
Dyck, A. and L. Zingales. “Private Benefits of Control: An International Comparison”, Journal of Finance, 59, 537–600 (2004).
Dyer, J.H., H. Singh. “The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage”, Academy of Management Review, 23, 660–679 (1998).
Dyer, W. G.. “The family: The Missing Variable in Organizational Research”, Entrepreneurship Theory and Practice, 4, 401–416 (2003).
Eberhart, A.C., W.F. Maxwell, and A.R. Siddique. “An examination of Long-Term Abnormal Stock Return and Operating Performance following R&D Increases”, Journal of Finance, 59,.623–650 (2004).
Eisenhardt, K.M., C. B. Schoonhoven. “Resource-Based View of Strategic Alliance Formation: Strategic and Social Effects in Entrepreneurial Firms”, Organization Science 7, 136–150 (1996).
Ellington, E., R. Jones and R. Deane. “TQM Adoption Practices in the Family-Owned Business”, Family Business Review, 9, 5–14 (1996).
Eshel, I., L. Samuelson and A. Shaked. “Altruists, Egoists and Hooligans in a Local Interaction Model”, American Economic Review, 88, 157–179 (1998).
Ezzamel, M. and R. Watson. “Organizational Form, Ownership Structure and Corporate Performance: A Contextual Empirical Analysis of UK Companies”, British Journal of Management, 4, 161–176 (1993).
Faccio, M., L. Lang and L. Young. “Dividends and Expropriation”, American Economic Review, 91, 54–78 (2001).
Faccio, M. and L. Lang. “The Ultimate Ownership of Western European Corporations”, Journal of Financial Economics, 65, 365–395 (2002).
Fama, E. and M. Jensen. “Separation of Ownership and Control”, Journal of Law and Economics, 26, 301–325 (1983).
Filatotchev, I., Y. C. Lien and J. Piesse. “Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan”, Asia Pacific Journal of Management, 22, 257–283(2005).
Filatotchev, I., R. Kapelyushnikov, N. Dyomina and S. Aukutsionek. “The Effects of Ownership Concentration on Investment and Performance in Privatized Firms in Russia”, Managerial and Decision Economics, 22, 299–313(2001).
Folta, T. B. “Governance and Uncertainty: The TradeOff between Administrative and Commitment”, Strategic Management Journal, 19, 1007–1028 (1998).
Francis, J. and A. Smith. “Agency Costs and Innovation: Some Empirical Evidence”, Journal of Accounting and Economics, 19, 383–409 (1995).
Gallo, M. “The Role of Family Business and Its Distinctive Characteristic Behavior in Industrial Activity”, Family Business Review, 8, 83–97(1995).
Gedajlovic, E. R. and D. M. Shapiro. “Management and Ownership Effects: Evidence from Five Countries”, Strategic Management Journal, 19, 533–553(1998).
Gersick, K.E., J. A. Davis, M. M. Hampton and I. Lansberg. “Generation to Generation: Life Cycles of the Family Business”, Harvard Business School Press, Cambridge, MA. (1997).
Gompers, P., J. Ishii and A. Metrick. “Incentives vs. Control: An Analysis of US Dual-Class Companies”, Harvard University and The Wharton School, Working paper (2004).
Gomez-Mejia, L.R., M. Nunez-Niekel and I. Gutierrez. “The Role of Family Ties in Agency Contracts”, Academy of Management Journal, 44 (1), 81–95 (2001).
Grandori, A., Corporate Governance and Firm Organization: Microfoundations and Structural Forms, Oxford University Press, Oxford (2004).
Guth, W.D. and A. Ginsberg. “Guest Editors” Introduction: Corporate Entrepreneurship”, Strategic Management Journal, 11, 5–15 (1990).
Hamel G., Y. L. Doz and C. K. Prahalad. “Collaborate with Your Competitors and Win”, Harvard Business Review 67, 133–139 (1989).
Hansen, G.S. and C.W. Hill. “Are Institutional Investors Myopic? A Time-Series Study of Four Technology-Driven Industries”, Strategic Management Journal, 12, 1–16 (1991).
Harrigan, K. “Joint Ventures and Competitive Strategy” Strategy Management Journal, 9, 141–158(1988).
Hausman, A. “Innovativeness among Small Business: Theory and Propositions for Future Research”, Industrial Marketing Management, 34, 773–782(2005).
Hayton, J.C. “Competing in the New Economy: The Effect of Intellectual Capital on Corporate Entrepreneurship in High-Technology New Ventures”, R&D Management, 35, 137–153(2005).
Hendricks, K. and V. Singhal. “Does Implementing an Effective TQM Program Actually Improve Operating Performance? Empirical Evidence from Firms that Have Won Quality Awards”, Management Science, 43, 1258–1274 (1997).
Hertzel, M. and R. L. Smith. “Market Discounts and Shareholder Gains for Placing Equity Privately”, Journal of Finance, 48, 459–485 (1993).
Hill, C. M. L. and S. A. Snell. “External Control, Corporate Strategy and Firm Performance in Research Intensive Industries”, Strategic Management Journal, 9, 579–590(1988).
Hitt, M.A., R. E. Hoskisson, R. A. Johnson and D. D. Moesel. “The Market for Corporate Control and Firm Innovation”, Academy of Management Journal, 39, 1084–1119(1996).
Hitt M.A., R.E. Hoskisson and H Kim. “International Diversification: Effects on Innovation and Firm Performance in Product-Diversified Firms”, Academy of Management Journal, 40, 767–798(1997).
Holtz-Eakin, D., D. Joulfian and H. S. Rosen. “The Carnegie Conjecture: Some Empirical Evidence”, Quarterly Journal of Economics, 108, 413–435(1993).
Hoskisson R.E., R. A. Johnson and D. D. Moesel. “Corporate Divestiture Intensity in Restructuring Firms: Effects of Governance, Strategy and Performance”, Academy of Management Journal, 37, 1207–1251(1994).
Hubbard, R. G. and D. Palia. “Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms”, Rand Journal of Economics, 26, 782–792(1995).
Huse, M. “Accountability and Creating Accountability: A Framework for Exploring Behavioural Perspectives of Corporate Governance”, British Journal of Management, 16, 65–79(2005).
Huse, M. Boards, Governance and Value Creation: The Human Side of Corporate Governance, Cambridge University Press, Cambridge(2007).
Ikenberry, D.L. and S. Ramnath, “Underreaction to Self-Selected News Events: The Case of Stock Split”, Review of Financial Studies, 15, 489–526(2002).
James, H. “Owner as Manager: Extended Horizons and Family Firm”, International Journal of the Economics of Business, 6, 41–56(1999).
Jain, B., and O. Kini, “The Post-Issue Operating Performance of IPO Firms”, Journal of Finance, 19, 1699–1726(1994).
Jensen, M. C. and W. H. Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure”, Journal of Financial Economics, 3, 305–360(1976).
Jensen, M. C., “The Modern Industrial Revolution, Exit, and the Failure of Internal Control System”, Journal of Finance, 48, 831–881(1993).
Jensen, M. C. and C. W. Smith, Stockholder, Manager, and Creditor Interest: Application of Agency Theory. Harvard Norm Research Paper(2000).
Johnson, R., R. Hoskisson and M. Hitt “Board of Director Involvement in Restructuring: The Effect Importance of Board Versus Managerial Controls and Characteristics”, Strategic Management Journal, 14 (special issue), 33–51(1993).
Jolly, V. K., H. Kayama. “Venture Management in Japanese Companies”, Journal of Business Venturing, 5(4), 249–269(1990).
Jones, E., J. Danbolt and I. Hirst. “Company Investment Announcements and the Market Value of the Firm”, The European Journal of Finance, 10, 437–452(2004).
Kang, J. K. and R. M. Stulz. “How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues”, Review of Financial Studies, 9, 109–139(1996).
Kanter, R. “Supporting Innovation and Venture Development in Established Companies”, Journal of Business Venturing, 1, 47–60(1986).
Kelm, K., V. K. Narayanan and G. Pinches. “Shareholder Value Creation during R&D Innovation and Commercialization Stages”, Academy of Management Journal, 38, 770–786(1995).
Klemperer, P. and A. Padilla. “Do Firms” Product Lines Include too Many Varieties?”, Rand Journal of Economics, 28, 472–488(1997).
Kogut B. “Joint Ventures and the Option to Acquire”, Management Science 37, 19–33 (1991).
La Porta, R., F. Lopez-De-Silanes, A. Shleifer and R. Vishny. “Law and Finance”, Journal of Political Economy, 106, 1113–1155 (1998).
La Porta, R., F. Lopez-De-Silanes and A. Shleifer. “Corporate Ownership around the World”, Journal of Finance, 54, 471–514 (1999).
La Porta, R., F. Lopez-De-Silanes, A. Shleifer and R. Vishnyv. “Investor Protection and Corporate Valuation”, Journal of Finance, 57(3), 1147–1170 (2002).
Laverty, K. J. “Economic “Short-Termism”: The Debate, the Unsolved Issues, and the Implications for Management Practice and Research”, Academy of Management Review, 21, 825–860 (1996).
Leech D. and J. Leahy. “Ownership Structure, Control type Classifications and the Performance of Large British Companies”, Economic Journal, 101, 1418–1437 (1991)
Le, S. A., B. Walters and M. Kroll. “The Moderating Effects of External Monitors on the Relationship between R&D Spending and Firm Performance”, Journal of Business Research, 59, 278–287 (2006).
Lee, J. “Family Firm Performance: Further Evidence”, Family Business Review, 19, 103–114 (2006).
Lee, P. M. and H. M. O”Neill. “Ownership Structure and R&D Investment of U.S. and Japanese Firms: Agency and Stewardship Perspectives”, Academy of Management Journal, 6, 212–225 (2003).
Loof, H. and A. Heshmati. Knowledge Capital and Performance Heterogeneity: A Firm Level Innovation Study”, International Journal of Production Economics, 76, 61–85 (2002).
Loughran, T. and J. Ritter. “The Operating Performance of Firms Conducting Seasoned Equity Offerings”, Journal of Finance, 52, 1823–1850 (1997).
Lubatkin, M. H., W. S. Schulze, Y. Ling and R. N. Dino. “Commentary: The Effects of Parental Altruism on the Governance of Family-Managed Firms”, Journal of Organizational Behavior, 26, 313–330 (2005).
Lumpkin, G.T. and G. G. Dess. “Clarifying the Entrepreneurial Orientation Construct and Linking it to Performance”, Academy of Management Review, 21(1), 135–172 (1996).
McConnell, J. J. and T. J. Nantell. “Corporate Combinationsand common stock Returns : The Case of Joint Ventures”, Journal of Finance, 40, 519–536 (1985).
McWilliams A. and D. Siegel. “Event Studies in Management Research: Theoretical and Empirical Issues”, Academy of Management Journal, 40, 626–657 (1997).
Morck R., A. Shleifer and R.W. Vishny. “Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics, 20, 293–315 (1988).
Morck, R., D. Wolfenzon and B. Yeung. “Corporate Governance, Economic Entrenchment and Growth”, Journal of Economic Literature, 43, 655–720 (2005).
Mustakallio, M., E. Autio and S. A. Zahra. “Relational and Contractual Governance in Family Firms: Effects on Strategic Decision Making”, Family Business Review, 205–222 (2002).
O”Donoghue, T. and M. Rabin. “The Economics of Immediate Gratification”, Journal of Behavior Decision Making, 13, 233–250 (2000).
Orbay, H. and B. B.Yurtoglu. “The Impact of Corporate Governance Structures on the Corporate Investment Performance in Turkey”, Corporate governance, 14, 349–363 (2006).
Perez-Gonzalez, F. “Inherited Control and Firm Performance”, American Economic Review, 96, 1559–1588 (2006).
Porter M.E. “From Competitive Advantage to Corporate Strategy”, Harvard Business Review; 65, 43–59 (1987).
Porter, M., and M. Fuller. “Coalitions and Global Strategy”, In Competition in Global Industries, M. Porter, ed. Boston, MA: Harvard Business School Press (1986).
Reuer, J. J. and R. Ragozzino. “Agency Hazards and Alliance Portfolios”, Strategic Management Journal, 27, 27–43 (2006).
Sathe, V. “Corporate entrepreneurship: Top Managers and New Business Creation”, Cambridge, UK: Cambridge University Press (2003).
Scherer, F. M. “The Propensity to Patent”, International Journal of Industrial Organization, 1, 107–128 (1983).
Scherer, F.M. Industrial Market Structure and Economic Performance, 2nd Ed. Chicago, IL: RandMcNally College Publishing Company (1980).
Schulze, W., M. H. Lubatkin, R. Dino and A. K. Buchholtz. “Agency Relationship in Family Firms: Theory and Evidence”, Organization Science, 12, 99–116 (2001).
Schulze, W., M. H. Lubatkin and R. Dino. “Toward a Theory of Agency and Altruism in Family Firms”, Journal of Business Venturing, 18, 473–490 (2003).
Schildt, H.A., M.V.J.Maula and T. Keil. “Explorative and Exploitative Learning from External Corporate Ventures”, Entrepreneurship Theory and Practice, 493–515 (2005).
Seth, A. “Value Creation in Acquisitions: A Re-Examination of Performance Issues”, Strategic Management Journal, February,11(2), 99–115 (1990).
Shepherd, D. and S. Zahra. From Conservatism to Entrepreneurialism: The Case of Swedish Family Firms. Unpublished paper, University of Colorado, Boulder, CO (2003).
Shleifer, A. and R. Vishny. “Large Shareholders and Corporate Control”, Journal of Political Economy, 94, 461–488 (1986).
Shleifer, A. and R. Vishny. “A Survey of Corporate Governance”, Journal of Finance, 52, 737–783 (1997).
Shleifer, A. and L. Summers. “Breach of Trust in Hostile Takeovers, in A. Auberback (Ed.), Corporate Takeovers: Causes and Consequences”, University of Chicago Press (1988).
Simon, D. G. and M. A. Hitt. “Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms”, Entrepreneurship Theory and Practice, 27, 339–358 (2003).
Simon, H.A. “Altruism and Economics”, American Economic Review, 83, 156–161 (1993).
Singh, H. and C. Montgomery. “Corporate Acquisition Strategies and Economic Performance”, Strategic Management Journal, 8, 377–386 (1987).
Smith, B. F. and Amoako-Adu, Ben. “Management Succession and Financial Performance of Family Controlled Firms”, Journal of Corporate Finance, 5, 341–368 (1999).
Stark, O. and I. Falk. “Transfers, Empathy Formation, and Reverse Transfers”, American Economic Review, 88, 271–276 (1998).
Steier, L. “Variants of Agency Contracts in Family Financed Ventures as a Continuum of Familial Altruistic and Market Rationalities”, Journal of Venturing, 18, 597–618 (2003).
Stulz, R.M. “Managerial Control of Voting Rights Financing Policies and the Market for Corporate Control”, Journal of Financial Economics, 20, 25–54 (1988).
Thaler, R.H. and H.M. Shefrin. “An Economic Theory of Self-Control”, Journal of Political Economy, 89, 392–406 (1981).
Teng, B.S, “Corporate Entrepreneurship Activities through Strategic Alliances: A Resources-Based Approach toward Competitive Advantage”, Journal of Management Studies, 44, 119–142 (2007).
Tidd, J., Taurins, S. “Learn or Leverage? Strategic Diversification and Organizational Learning through Corporate Ventures”, Creativity and Innovation Management, 8, 122–129 (1999).
Titman, S., K.C. J. Wei, and F. Xie. “Capital Investments and Stock Returns”, Journal of Ffinancial and quantitative analysis, 39, 677–700 (2004).
Urban, G. L., C. Theresa, G. Steven and M. Zofia. “Market Share Rewards to Pioneering Brands: An Empirical Analysis and Strategic Implications”, Management Science, 2, 645–659 (1986).
Vernon, R. “Organizational and Institutional Reponses to International Risk”, in Herring, R. (ed.), Managing International Risk. Cambridge University Press, New York(1983).
Villalonga, B. and R. Amit. “How Do Family Ownership, Control and Management Affect Firm Value?”, Journal of Financial Economics, 80, 385–417 (2006).
Wahal, S. and J. J. McConnell. “Do Institutional Investors Exacerbate Managerial Myopia?” Journal of Corporate Finance, 6, 307–329 (2000).
Ward, J.L. Keeping the Family Healthy: How to Plan for Continuous Growth, Profitability and Family Leadership. Jossey-Bass, San Francisco (1987).
Woolridge, J. R. and C. C. Snow. “Stock Market Reaction to Strategic Investment Decisions”. Strategic Management Journal, 11, 353–363 (1990).
Weidenbaum, M. “The Chinese Family Business Enterprise”, California Management Review, 38, 141–156 (1996).
Wright, P., M. Kroll and D. Elenkov. “Acquisition Returns, Increase in Firm Size, and Chief Executive Officer Compensation: The Moderating Role of Monitoring”, Academy of Management Journal, 45, 599–608 (2002).
Wright, P., M. Kroll, A. Load and B. Van. “The Structure of Ownership and Corporate Acquisition Strategies”, Strategic Management Journal, 23, 41–53 (2002).
Yeh, Y. H. “Do Controlling Shareholders Enhance Corporate Value?”, Corporate Governance, 13, 313–325 (2005).
Yeh, Y.H. and T. Woidtke. “Commitment or Entrenchment? Controlling Shareholders and Board Composition”, Journal of Banking and Finance, 29, 1857–1885 (2005).
Yen, G.F. “Bipolar Coexistence in the Organization System of Taiwanese Family Enterprises-Perspective of System Stability”, Management Review, 13, 1–22 (1994a).
Yen, G.F. “A study on the Problems of Organizational Growth of Family Business in Taiwan: Socio-Cultural Aspect and the Phenomena of Autonomous Obstruction to Size”, Sun Yat-Sen Management Review, 2, 55–68 (1994b).
Yen T. Y.and P. Andre. “ Ownership Structure and Operating Performance of Acquiring Frms: The Case of English-Origin Coumtries”, Journal of Economic and Bisiness, 59, 380–405 (2007).
Young, M., M., Peng, D. “Ahlstrom and G., Bruton, “Governing the Corporation in Emerging Economies: A Principal – Principal Perspective”, In Best Paper Proceedings, Academy of Management Annual Meeting, August, Denver, CO (2002).
Zahra, S. A. “Corporate Entrepreneurship and Company Performance: The Case of Management Leveraged Buyouts”, Journal of Business Venturing, 10, 225–247 (1995).
Zahra, S. A. “Governance, Ownership, and Corporate Entrepreneurship: The Moderating Impact of Industry Technological Opportunities”, Academy of Management Journal, 39, 1713–1735 (1996).
Zahra, S.A., D. O. Neubaum and M. Huse. “Entrepreneurship in Medium-Size Companies: Exploring the Effects of Ownership and Governance System”, Journal of Management, 26, 947–976 (2000).
Zahra, S. A. “Entrepreneurial Risk Taking in Family Firms”, Family Business Review, 18, 23–40 (2005).
Zahra, S.A and J.G. Covin. “Contextual Influences on the Corporate Entrepreneurship–Performance Relationship: A Longitudinal Analysis”, Journal of Business Venturing, 10(1), 43–58 (1995).
Zhang, G. “Ownership Concentration, Risk Aversion and the Effect of Financial Structure on Investment Decisions”, European Economic Review, 42, 1751–1778 (1998).
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE