Chairman Change in Family and Non-Family Firms: The Evidence of Founder Succession from Entrepreneurial Firms

長江後浪推前浪？家族企業與非家族企業董事長職位變動之比較

10.6545/JFS.2014.22(4).4

周淑卿(Shu-Ching Chou)；徐渝雯(Wu-Wen Hsu)

董事長替換 ； 董事長職位傳承 ； 家族企業 ； 第二代 ； Chairman change ； succession ； family firms ； second generation

財務金融學刊

22卷4期（2014 / 12 / 31）

77 - 113

英文

本研究分析台灣企業董事長替換因素及替換後公司績效。結果顯示，當公司經營績效愈好、董事長兼任總經理及為家族企業時，董事長替換可能性較低。發生併購及董事會人數較高的企業，董事長替換機率較高。家族企業通常選擇在績效好的時候交棒給親屬或第二代，由親屬繼任董事長的家族企業，公司績效低於未發生董事長替換之企業。

We analyze factors that affect chairman change and succession performance of Taiwanese firms. Our results show that firms with better performance, firms with CEOchair duality, and family firms have a low probability of chairman change. On the other hand, firms that engage in mergers and acquisitions or possess a large board size have a high probability of chairman change. Chairman succession in family firms occurs when firm performance is favorable. Our results show that the performance of family firms with the chairman position taken over by relatives is lower than that of family firms without chairman replacement.

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