题名

When Do Family CEO Successors Perform Strategic Change Heterogeneously?

并列篇名

家族繼任接班人執行策略變革何時會產生差異性？

DOI

10.6656/MR.202001_39(1).ENG103

作者

翁鶯娟(Ying-Jiuan Wong)；張恆瑜(Heng-Yu Chang)；李振宇(Cheng-Yu Lee)

关键词

Family CEO Successor ； Behavioral Agency Theory ； Family Socioemotional Wealth ； Strategic Change ； Alignment of Interests ； 家族接班人 ； 行為代理理論 ； 家族社會情感財富 ； 策略變革 ； 利益一致性

期刊名称

管理評論

卷期/出版年月

39卷1期（2020 / 01 / 01）

页次

19+103 - 121

内容语文

英文
中文摘要

Purpose - Based on the socioemotional wealth (SEW) perspective, this study investigates how family CEO successors affect strategic change. Additionally, by further incorporating behavioral agency theory, we discuss whether the relationship between a family successor and the degree of strategic change is altered by performance aspiration gaps and alignment of interests. Design/methodology/approach - This study analyzes a sample set of CEO succession events of Taiwanese firms by adopting the least squares regression analysis to test our hypotheses. Findings - The results show that family CEO successors have less intention to initiate strategic changes. However, when a firm's performance is below the aspiration level, these successors increase their intention to raise the degree of strategic change. The mitigating effect of the performance below the aspiration level is further enhanced when a firm's cash flow rights are aligned with its voting rights. Research limitations/implications - This study complements the extant research by adopting the SEW perspective to illustrate why the intention to initiate strategic change by a family successor differs from non-family ones. Also, we complement the SEW perspective by incorporating behavioral agency theory to better reveal why heterogeneous strategic change behavior of family successors is observed. Furthermore, our research echoes the importance of corporate governance mechanisms to enhance the incentives of family firms properly to operate the firm in the interests of stakeholders. Practical implications/social implications - Our findings indicate that family SEW is the predominant factor in family firms' decision-making process and is affected by contextual situations leading to heterogeneous strategic behaviors, suggesting that we need to consider not only the successor but also the situations when evaluating a family business. Originality/value - Our research highlights the complexity of family succession and provides managerial insights and recommendations.
英文摘要

研究目的：本研究以家族社會情感財富觀點探討家族接班人如何影響策略變革，並引入行為代理理論，探討績效預期缺口與利益一致性是否改變家族接班人對策略變革的影響。研究設計／方法：本研究以台灣上市、櫃公司之接班人為樣本，並採用最小平方迴歸法檢測研究假設。研究結果：研究結果發現家族接班人較少進行策略變革；績效缺口低於預期水準時減緩家族接班人不願進行策略變革的行為；當現金流量權與投票權一致性越高時，績效缺口低於預期水準的干擾效果越強。研究限制／啟發：本研究補充現有的研究，以家族社會情感財富觀點說明為何家族接班人的策略變革的意圖不同於非家族接班人。此外，本研究引入行為代理理論以補充家族社會情感財富觀點，清楚闡述為何家庭接班人的策略變革行為具異質性。我們的研究亦回應公司治理機制相關文獻，說明公司治理機制對於家族企業考量利害關係人利益的重要性。理論／實務／社會意涵：本研究發現家族社會情感財富是家族企業決策過程中的主要考量因素，並且受不同情境影響而產生不同的策略行為的結論，說明評估家族企業時不僅須考量接班人，亦須納入不同的情境因素，才能深入了解家族企業的策略行為。創見／價值：本研究除凸顯接班人對策略變革影響的複雜性外，亦提供實務建議與了解家族接班人的策略變革行為。
主题分类 社會科學 > 經濟學
社會科學 > 管理學
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被引用次数
  1. 吳昆宗,王信文(2023)。社會資本與百年家族企業突破困境－以新和春漬物醬油工廠為例。文化創意產業研究學報，13(1)，71-80。
  2. 楊敏里,翁鶯娟(2021)。Disclosures Strategy of Family Succession CEOs Prior to Stock-financed M&As。組織與管理，14(2)，23-69。
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