公司治理與績效之關係：比較家族與非家族企業

The Relationship between Corporate Governance and Performance: A Comparison between Family-owned Business and Non-family-owned Business

10.3966/199553922014090802004

廖采如(Tsai-Ju Liao)；陳涵苡(Hang-Yi Chen)

家族企業 ； 公司治理 ； 代理理論 ； 資源依賴理論 ； family-owned business ； corporate governance ； the agency theory and the resource dependency theory

多國籍企業管理評論

8卷2期（2014 / 09 / 01）

181 - 204

繁體中文

由於掏空公司資產事件層出不窮，對組織造成嚴重傷害，因此公司治理機制被認為是可以保護股東與相關利益關係人的重要工具。由於家族企業與非家族企業的本質不同，本研究比較機構所有權、獨立董事、董事長與總經理內部化之公司治理機制對家族企業與非家族企業績效的影響。由於不同類型的機構所有權會帶來不同的代理關係與資源，因此更進一步區分為友好法人所有權、最終控制者的法人所有權、外部法人所有權。本研究整合代理理論與資源依賴理論，並以台灣的上市公司於2008-2011年為例，研究結果顯示：（1）友好法人所有權對家族企業與非家族企業的績效均具有正向效果；（2）最終控制者的法人所有權對家族企業無顯著效果，但是對非家族企業具有正向效果；（3）外部法人所有權對家族企業的績效無正向效果，但是對非家族企業具有正向效果；（4）獨立董事對家族企業的績效具有正向效果，但是對非家族企業無顯著效果；（5）董事長與總經理內部化對家族企業的績效無顯著效果，但是對非家族企業具有正向效果。

Since tunnelling listed corporations by controlling shareholders has been regareded as a serious problem, researches have suggested to use different types of corporate governance mechanisms to protect minority shareholders' interests and to improve firm performance. Due to the very different natures between busienss-owned and non-family-owned business, this study compares the relationships between institutional ownership ties, independent directors, the internalization of chairmans and presidents, and organizational performance of family-owned and non-family-owned business. Given the fact that different institutional ownership ties are related to different agency relationships and external resources, this study further separates institutional ownership ties into three types: prior-partner institutional ownership, ultimate-controlling-party institutional ownership, and outsider institutional ownership. This study integrates the agency theory and the resource dependency theory to compare the effect of different corporate governance mechanisms on the performance of family-owned and non-family-owned business, based on a sample of Taiwanese listed corporations from 2008-2011. The study has the following findings: (1) prior-partner institutional ownership has a positive impact on the performance of family-owned and non-family-owned business; (2) ultimate-controlling-party institutional ownership has a positive impact on the performance of non-family-owned business, rather than on that of family-owned business; (3) outsider institutional ownership has a positive impact on the performance of non-family-owned business, rather than on that of family-owned business; (4) independent directors have a positive impact on the performance of family-owned business, rather than on that of non-family-owned business; (5) the internalization of chairmans and presidents has a positive impact on the performance of non-family-owned business, rather than on that of family-owned business.

1. 王綺楓(2011)。自願設立獨立董事的決定因子及其對研發投資與公司績效的影響。組織與管理，4(2)，79-105。
   連結：
2. 李佳玲、葉穎蓉、何進滄(2005)。績效、公司治理與高階管理者離職關係之實證研究。中山管理評論，13(1)，75-106。
   連結：
3. 廖秀梅、李建然、吳祥華(2006)。董事會結構特性與公司績效關係之研究─兼論台灣家族企業因素的影響。東吳經濟商學學報，54(9)，117-160。
   連結：
4. 鍾喜梅、葉家豪(2010)。家族連結，政商關係與多角化擴張─台灣家族集團的跨時分析。組織與管理，3(1)，67-106。
   連結：
5. Agrawal, A.,Knoeber, C. R.(1996).Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.Journal of Financial and Quantitative Analysis,31(3),377-397.
6. Alvarez, S. A.,Barney, J. B.(2004).Organizing Rent Generation and Appropriation: Toward A Theory of the Entrepreneurial Firm.Journal of Business Venturing,19(5),621-635.
7. Andersion, R.,Reeb, D.(2003).Founding Family Ownership and Firm Performance: Evidense from the S&P500.Journal of Finance,58,1301-1328.
8. Beasley, M. S.(1996).An Empirical Analysis of the Relation Between the Board of Director Composition and Financial Statement Fraud.The Accounting Review,71(4),443-465.
9. Bhatala, C. T.,Moon, K. P.,Rao, R. P.(1994).Managerial Ownership. Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective.Financial Management Journal,23,38-50.
10. Bhaumik, S. K.,Gregoriou, A.(2010).Family' Ownership, Tunnelling and Earnings Management: A Review of the Literature.Journal of Economic Surveys,24(4),705-730.
11. Boyd, B.(1990).Corporate Linkages and Organizational Environment: A Test of the Resource Dependence Model.Strategic Management Journal,11(6),419-430.
12. Brickley, J. A.,Lease, R. C.,Smith, C. W.(1988).Ownership Structure and Voting on Anti Takeover Amendments.Journal of Financial Economics,20,267-291.
13. Bushee, B.(1998).The Influence of Institutional Investors on Myopic R&D Investment Behavior.Accounting Review,73,305-333.
14. Chen, J.,Blenman, L.,Chen, D. H.(2008).Does Institutional Ownership Create Values? The New Zealand Case.Quarterly Journal of Finance and Accounting,47(4),109-124.
15. Chung, K. H.,Zhang, H.(2011).Corporate Governance and Institutional Ownership.Journal of Financial and Quantitative Analysis,46(1),247-273.
16. Chung, R.,Firth, M.,Kim, J. B.(2002).Institutional Monitoring and Opportunistic Earnings Management.Journal of Corporate Finance,8,29-48.
17. Claessens, S.,Djankov, S.,Lang, L. H. P.(2000).The Seperation of Ownership and Control in East Asian Corporation.Journal of Financial Economics,58(1),81-112.
18. Demsetz, H.,Villalonga, B.(2001).Ownership Structure and Corporate Performance.Journal of Corporate Finance,7,209-233.
19. Dobrzynski, J. H.(1993).Corporate Boards May Finally Be Shaping Up.Business Week,31,26.
20. Donaldson, L.,Davis, J. H.(1991).Stewardship Theory or Agency Theory: CEO Governance and Share Holder Returns.Australian Journal of Management,16,49-64.
21. Eng, L. L.,Shackell, M.(2001).The Implications of Long-Term Performance Plans and Institutional Ownership for Firms' Research and Development Investments.Journal of Accounting, Auditing and Finance,16(2),117-139.
22. Fama, E. F.(1980).Agency Problems and the Theory of the Firm.Journal of Political Economy,88,288-307.
23. Fama, E. F.,Jensen, M. C.(1983).Agency Problems and Residual Claims.Journal of Law and Economics,26,301-326.
24. Firstenberg, P. B.,Malkiel, B. G.(1980).Why Corporate Boards Need Independent Directors?.Management Review,4,26-38.
25. Fosberg, R.(1989).Outside Directors and Managerial Monitoring.Akorn Business and Economic Review,20,24-32.
26. Graves, S. B.,Waddock, S. A.(1990).Institutional Ownership and Control :Implications for Longterm Corporate Strategy.Executive,4(1),75-83.
27. Gulati, R.(1998).Alliances and Network.Strategic Management Journal,19,293-317.
28. Hillman, A.,Cannella, A.,Paetzold, R.(2000).The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change.Journal of Management Studies,37(2),213-255.
29. Ho, S. S. M.,Wang, K. S.(2001).A Study of The Relationship Between Corporate Governance Structures and The Extent of Voluntary Disclosure.Journal of International Accounting, Auditing and Taxation,10(2),139-156.
30. Huang, B. Y.,Lin, C. M.,Huang, C. M.(2011).The Influences of Ownership Structure: Evidence from China.Journal of Developing Areas,45(1),209-227.
31. Jensen, M. C.(1993).The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems.Journal of Finance,48,831-880.
32. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,3,305-360.
33. Jiang, Y.,Peng, M.(2011).Are Family Ownership and Control in Large Firms Good, Bad, or Irrelevant?.Asia Pacific Journal of Management,28(1),15-39.
34. Liang, K. Y.,Zeger, S. L.(1986).Longitudinal Data Analysis Using Generalized Linear Models.Biometrika,73,13-22.
35. Luo, X. R.,Chung, C. N.(2012).INSEAD Working Papers Collection. Vol. 20(preceding)INSEAD Working Papers Collection. Vol. 20(preceding),未出版
36. McConnell, J. J.,Servaes, H.(1990).Additional Evidence on Equityownership and Corporate Value.Journal of Financial Economics,27,595-612.
37. Miller, D.,Le Breton-Miller, I.,Lester, R. H.(2011).Family and Lone Founder Ownership and Strategic Behaviour: Social Context, Identity, and Institutional Logics.Journal of Management Studies,48(1),1-25.
38. Nahapiet, J.,Ghoshal, S.(1998).Social Capital, Intellectual Capital and the Organizational Advantage.Academy of Management Review,23(2),242-266.
39. Ndofor, H. A.,Sirmon, D. G.,He, X.(2011).Firm Resources, Competitive Actions and Performance: Investigating a Mediated Model with Evidence from the In-Vitro Diagnostics Industry.Strategic Management Journal,32(6),640-657.
40. Patton, A.,Baker, J. C.(1987).Why Won't Directors Rock the Boat.Harvard Business Review,65(6),10-18.
41. Peng, M. W.(2004).Outside Directors and Firm Performance during Institutional Transitions.Strategic Management Journal,25(5),453-471.
42. Perry, T.,Shivdasani, A.(2005).Do Boards Affect Performance? Evidence from Corporate Restructuring.Journal of Business,78(4),1403-1431.
43. Pfeffer, J.(1973).Size, Composition, and Function of Hospital Boards of Directors: A Study of Organization-Environment Linkage.Administrative Science,18,349-364.
44. Pound, J.(1988).Proxy Contests and the Efficiency of Shareholder Oversight.Journal of Financial Economics,20,237-265.
45. Rechner, P. L.,Dalton, D. R.(1991).CEO Duality and Organization Performance: A Longitudinal Analysis.Strategic Management Journal,12,155-160.
46. Rosenstein, S.,Wyatt, J. G.(1997).Inside Directors, Board Effectiveness, and Shareholder Wealth.Journal of Financial Economics,44,229-250.
47. Silva, F.,Majluf, N.(2008).Does Family Ownership Shape Performance Outcomes.Journal of Business Research,61(6),609-614.
48. Wang, Y. J.,Hou, H.,Khan, W.(2012).Foreign Institutional Ownership and Firm Dividend Payout: The Case of Taiwan.Journal of Emerging Markets,72-80.
49. Zahra, S. A.,Pearce, A.(1989).Boards of Directors and Corporate Financial Performance: A Review and Integrated Model.Journal of Management,15(2),291-334.
50. Zald, M. N.(1967).Urban Differentiation, Characteristics of Boards of Directors and Organizational Effectiveness.American Journal of Sociology,73,261-272.
51. 林易宏(2009)。碩士論文(碩士論文)。國立彰化師範大學會計學系。
52. 孫盈哲(1996)。產業網絡與中小企業之競爭力。台灣經濟研究月刊，19(9)，56-50。
53. 張雅琳(2004)。碩士論文(碩士論文)。大葉大學會計資訊研究所。
54. 許崇源、林宛瑩、郭學平、林尚志(2003)。複雜交叉─持股之典範─力霸東森集團。貨幣觀測與信用評等，44，36-59。
55. 黃素慧、黃劭彥、洪嘉聲、林萱霈(2011)。公司治理是否能增加我國家族企業之企業價值。經營管理論叢，7(2)，13-37。
56. 劉政淮(2005)。博士論文(博士論文)。國立台北大學企業管理學系。
57. 謝錦堂(2003)。董事會的功能構造與結構特徵。全國律師，7(9)，76-87。