A Case Study of Corporate Governance and Succession in Family Business
|關鍵字:||家族企業;公司治理;財富效果;事件研究法;Family Bussiness;Corporate Governance;Wealth effect;Even Study|
Family business is an important organizational among Taiwan entrepreneurs. However, in recent years, they are gradually facing the crisis of succession problem. The average age of family business owners is over 60, but only some of them have a comprehensive succession planning. Most previous studies investigated the factor to success in family business, but as the corporate governance system, and the succession process of stock price changes and volatility of the discussion is very few. This research is based on case study research and event study, as secondary data were collected and analyzed. Based on result, our research suggestions are as follows: First, through the emotion and the system were established, it can reduce its shortcomings. Second, in order to protect investors, the Government should as soon as possible pass the third reading of the "Law on the Foundation" and strengthen the system of information disclosure. Third, after the succession, investors will have negative abnormal returns in the short term, but the market price has fully reflected all the past and present information, resulting in cumulative abnormal returns can not be sustained for a long time. Finally, although the wealth effect and stock price volatility of the family business are inconsistent, the return and risk are still associated with each other. Therefore, this study suggests that investors still draw up different investment strategies based on their own attributes and other available informations.
|Appears in Collections:||Thesis|