台灣上市公司股權集中、治理型態、家族傳承類型與經營績效

This paper examines the effects of ownership concentration, types of governance, and family successions on the performance of Taiwanese listed firms. We first divided our sample firms into either concentrated or non-concentrated groups. Then we took effort in categorizing concentrated firms into three sub-groups, namely, lone-founder-managed, professionals-managed, and family-managed according to certain criteria. Lastly, we further divide family-managed firms into either first-generation or multi-generation sub-groups. The empirical results showed that, in terms of profitability, lone-founder-managed firms and first-generation family-managed firms outperformed significantly than non-concentrated firms. But, the profitability of professionals-managed and the multi-generation family-managed firms were not significantly different from those of non-concentrated firms. However, in terms of market valuation, non of those factors as ownership concentration, types of governance, and family succession has any significant effect on the firm performance.