题名

總經理雙元性、家族控制與研發投資

并列篇名

CEO Duality, Family Control and R&D Investment

作者

王綺楓(Chi-Feng Wang)；翁鶯娟(Ying-Jiuan Wong)

关键词

總經理雙元性 ； 家族控制 ； 研發投資 ； CEO Duality ； Family Control ； R&D Investment

期刊名称

商略學報

卷期/出版年月

5卷3期（2013 / 09 / 01）

页次

153 - 168

内容语文

繁體中文
中文摘要

本研究應用多種理論基礎，將以往學者用以探討總經理雙元性影響公司整體績效的理論基礎，延伸至探討總經理雙元性對研發投資決策的影響。實證結果顯示，總經理雙元性的存在，有助研發決策的形成，此外，實證結果亦顯示，公司所有權為家族所控制時，將對總經理雙元性與研發投資之間的關係產生負向的調節效果。本研究提供重要的商務意涵，亦即，若公司欲投資研發創新活動時，應考慮由董事長兼任總經理，從而加速創新研發決策的形成。然而，當公司為家族所控制時，則不利於董事長兼任總經理時對研發決策的制定。
英文摘要

Drawing on various theoretical perspectives, this study applies the theoretical base that is used to investigate the CEO duality-performance relationship to examine the effect of CEO duality on R&D investment. We find that CEO duality has a positive impact on R&D investment. We also find family control negatively moderate the relationship between CEO duality and R&D investment. Our study not only highlights the importance of board structure in affecting the decisions of corporate R&D investment, but also shows the possibility of family control in changing the fixed relationship between board structure and R&D spending.
主题分类 基礎與應用科學 > 資訊科學
社會科學 > 經濟學
社會科學 > 管理學
参考文献
  1. 林欣美、郭麗華、蘇迺惠(2008)。國際化程度、董事會結構、精練法人監督對盈餘管理之影響：以台灣資訊電子業為例。臺大管理論叢，19(1)，157-186。
    連結：
  2. 洪榮華、陳香如、林慧珍(2007)。公司治理機制對創新、多角化策略及公司績效之影響─研發密集產業之實證。中山管理評論，15(1)，37-60。
    連結：
  3. Shepherd, D. and Zahra, S. A., 2003. From Conservatism to Entrepreneurialism: The Case of Swedish Family Firms, Working Paper, University of Colorado.
  4. Acs, Z. J.,Morck, R.,Shaver, J. M.,Yeung, B.(1997).The Internationalization of Small and Medium-sized Enterprises: A Policy Perspective.Small Business Economics,9(1),7-20.
  5. Acs, Z. J.,Preston, L.(1997).Small and Medium-sized Enterprises, Technology and Globalization: Introduction to a Special Issue on Small and Medium-sized Enterprises in the Global Economy.Small Business Economics,9(1),1-6.
  6. Allen, M.,Panian, S.(1982).Power, Performance and Succession in the Large Corporation.Administrative Science Quarterly,27(4),538-547.
  7. Anderson, R. C.,Duru, A.,Reeb, D. M.(2012).Investment Policy in Family Controlled Firms.Journal of Banking and Finance,36(6),1744-1758.
  8. Anderson, R. C.,Reeb, D. M.(2003).Founding-family Ownership and Firm Performance: Evidence from the S&P 500.The Journal of Finance,58(3),1301-1327.
  9. Andras, T. L.,Srinivasan, S. S.(2003).Advertising Intensity and R&D Intensity: Differences across Industries and Their Impact on Firms Performance.International Journal of Business and Economics,2(2),81-90.
  10. Bange, M. M.,De Bondt, W. F. M.(1998).R&D Budgets and Corporate Earnings Target.Journal of Corporate Finance,4(2),153-184.
  11. Barker, V. L.,Mueller, G. C.(2002).CEO Characteristic and Firm R&D Spending.Management Science,48(6),782-801.
  12. Barnhart, S. W.,Rosenstein, S.(1998).Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis.The Financial Review,33(4),1-16.
  13. Baysinger, B. D.,Kosnik, R. D.,Turk, T. A.(1991).Effects of Board and Ownership Structure on Corporate R&D Strategy.Academy of Management Journal,34(1),205-214.
  14. Bhagat, S.,Welch, I.(1995).Corporate Research and Development Investments: International Comparisons.Journal of Accounting and Economics,19(2-3),443-470.
  15. Block, J. H.(2012).R&D Investments in Family and Founder Firms: An Agency Perspective.Journal of Business Venturing,27(2),248-265.
  16. Boyd, B.(1990).Corporate Linkages and Organizational Environment: A Test of the Resource Dependence Model.Strategic Management Journal,11(6),419-430.
  17. Boyd, B. K.(1995).CEO Duality and Firm Performance: A Contingency Model.Strategic Management Journal,16(4),301-312.
  18. Boyd, B. K.(1994).Board Control and CEO Compensation.Strategic Management Journal,15(3),335-344.
  19. Braun, M.,Sharma, A.(2007).Should the CEO Also Be Chair of the Board? An Empirical Examination of Family-controlled Public Firms.Family Business Review,20(2),111-126.
  20. Brunello, G.,Graziano, C.,Parigi, B. M.(2003).CEO Turnover in Insider-dominated Boards: The Italian Case.Journal of Banking and Finance,27(6),1027-1051.
  21. Bruton, G. D.,Ahlstrom, D.,Wan, J. C. C.(2003).Turnaround in East Asian Firms: Evidence from Ethnic Overseas Chinese Communities.Strategic Management Journal,24(6),519-540.
  22. Cardinal, L. B.,Opler, T. C.(1995).Corporate Diversification and Innovative Efficiency: An Empirical Study.Journal of Accounting and Economics,19(2-3),365-381.
  23. Casson, M.(1999).The Economics of the Family Firm.Scandinavian Economic History Review,47(1),10-23.
  24. Chang, S. C.,Wu, W. Y.,Wong, Y. J.(2010).Family Control and Stock Market Reactions to Innovation Announcements.British Journal of Management,21(1),152-170.
  25. Chen, H. L.,Hsu, W. T.(2009).Family Ownership, Board Independence and R&D Investment.Family Business Review,22(4),347-362.
  26. Choi, S. B.,Park, B. I.,Hong, P.(2012).Does Ownership Structure Matter for Firm Technological Innovation Performance? The Case of Korean Firms.Corporate Governance: An International Review,20(3),267-288.
  27. Chung, K. H.,Pruitt, S. W.(1994).A Simple Approximation of Tobin's Q.Financial Management,23(3),70-74.
  28. Cochran, P. L.,Wood, R. A.,Jones, T. B.(1985).The Composition of Boards of Directors and Incidence of Golden Parachutes.Academy of Management Journal,28(3),664-671.
  29. Cohen, W. M.,Levinthal, D. A.(1990).Absorptive Capacity: A New Perspective on Learning and Innovation.Administrative Science Quarterly,35(1),128-152.
  30. Coles, J. L.,Daniel, N. D.,Naveen, L.(2006).Managerial Incentives and Risk-taking.Journal of Financial Economics,79(2),431-468.
  31. Daily, C. M.,Dalton, D. R.(1997).Separate but not Independent: Board Leadership Structure in Large Corporations.Corporate Governance: An International Review,5(3),126-136.
  32. Daily, C. M.,Dalton, D. R.(1993).Board of Directors Leadership and Structure: Control and Performance Implications.Entrepreneurship Theory and Practice,17(3),65-81.
  33. Daily, C. M.,Dollinger, M. J.(1993).Alternative Methodologies for Identifying Family- versus Nonfamily-managed Businesses.Journal of Small Business Management,31(2),79-90.
  34. Donaldson, L.(1990).The Ethereal Hand: Organizational Economics and Management Theory.Academy of Management Review,15(3),369-381.
  35. Donaldson, L.,Davis, J. H.(1994).Boards and Company Performance: Research Challenges the Conventional Wisdom.Corporate Governance: An International Review,2(3),151-160.
  36. Donckels, R.,Frohlich, E.(1991).Are Family Businesses Really Different? European Experiences from STRATOS.Family Business Review,4(2),149-160.
  37. Eddleston, K. A.,Kellermanns, F. W.(2007).Destructive and Productive Family Relationships: A Stewardship Theory Perspective.Journal of Business Venturing,22(4),545-565.
  38. Ellington, E.,Jones, R. T.,Deane, R.(1996).TQM Adoption Practices in the Family-owned Business.Family Business Review,9(1),5-14.
  39. Fama, E. F.(1980).Agency Problems and the Theory of the Firm.Journal of Political Economy,88(2),288-307.
  40. Fama, E. F.,Jensen, M. C.(1983).Separation of Ownership and Control.Journal of Law and Economics,26(2),301-325.
  41. Fernández, Z.,Nieto, M. J.(2006).Impact of Ownership on the International Involvement of SMEs.Journal of International Business Studies,37(3),340-351.
  42. Finkelstein, S.,D'Aveni, R. A.(1994).CEO Duality as a Double-edged Sword: How Boards of Directors Balance Entrenchment Avoidance and Unity of Command.Academy of Management Journal,37(5),1079-1108.
  43. Francis, J.,Smith, A.(1995).Agency Costs and Innovation: Some Empirical Evidence.Journal of Accounting and Economics,19(2-3),383-409.
  44. Geringer, J. M.,Beamish, P. W.,Dacosta, R. C.(1989).Diversification Strategy and Internationalization: Implications for MNE Performance.Strategic Management Journal,10(2),109-119.
  45. Gersick, K. E.,Davis, J. A.,Hampton, M. M.,Lansberg, I.(1997).Generation to Generation: Life Cycles of the Family Business.Cambridge, MA:Harvard Business School Press.
  46. Ghosh, A.,Moon, D.,Tandon, K.(2007).CEO Ownership and Discretionary Investments.Journal of Business Finance and Accounting,34(5-6),819-839.
  47. Gillan, S. L.(2006).Recent Developments in Corporate Governance: An Overview.Journal of Corporate Finance,12(3),381-402.
  48. Gómez-Mejía, L. R.,Haynes, K. T.,Núñez-Nickel, M.,Jacobson, K. J. L.,Moyano-Fuentes, J.(2007).Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills.Administrative Science Quarterly,52(1),106-137.
  49. Gómez-Mejía, L. R.,Makri, M.,Kintana, M. L.(2010).Diversification Decisions in Family-controlled Firms.Journal of Management Studies,47(2),223-252.
  50. Grant, R. M.(2002).Contemporary Strategy Analysis: Concepts, Techniques, Applications.Malden, MA:Blackwell.
  51. Greene, W. H.(2000).Econometric Analysis.Upper Saddle River, NJ:Prentice Hall.
  52. Gujarati, D.(2003).Basic Econometrics.New York:McGraw-Hill.
  53. Hambrick, D. C.,Finkelstein, S.(1987).Managerial Discretion: A Bridge between Polar Views of Organizational Outcomes.Research in Organizational Behavior,9(2),369-406.
  54. Heckman, J. J.(1979).Sample Selection Bias as a Specification Error.Econometrica,47(1),153-161.
  55. Hermalin, B. E.,Weisbach, M. S.(1988).The Determinants of Board Composition.The Rand Journal of Economics,19(4),589-606.
  56. Hermalin, B. E.,Weisbach, M. S.(1991).The Effects of Board Composition and Direct Incentives on Firm Performance.Financial Management,20(4),101-112.
  57. Hill, C. W. L.,Snell, S. A.(1988).External Control, Corporate Strategy and Firm Performance in Research Intensive Industries.Strategic Management Journal,9(6),579-590.
  58. Hitt, M. A.,Hoskisson, R. E.,Johnson, R. A.,Moesel, D. D.(1996).The Market for Corporate Control and Firm Innovation.Academy of Management Journal,39(5),1084-1119.
  59. Hitt, M. A.,Hoskisson, R. E.,Kim, H.(1997).International Diversification: Effects on Innovation and Firm Performance in Product-diversified Firms.Academy of Management Journal,40(4),767-798.
  60. Hoskisson, R. E.,Hitt, M. A.(1988).Strategic Control Systems and Relative R&D Investment in Large Multiproduct Firms.Strategic Management Journal,9(6),605-621.
  61. Hoskisson, R. E.,Hitt, M. A.,Johnson, R. A.,Grossman, W.(2002).Conflicting Voices: The Effects of Institutional Ownership Heterogeneity and Internal Governance on Corporate Innovation Strategies.Academy of Management Journal,45(4),697-716.
  62. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,3(4),305-360.
  63. Jiang, Y.,Peng, M.W.(2011).Are Family Ownership and Control in Large Firms Good, Bad or Irrelevant?.Asia Pacific Journal of Management,28(1),15-39.
  64. Judge, W. Q., Jr.,Zeithaml, C. P.(1992).Institutional and Strategic Choice Perspectives on Board Involvement in the Strategic Decision Process.Academy of Management Journal,35(4),766-794.
  65. Kanter, R. M.(1997).Strategies for Success in the New Global Economy.Strategy and Leadership,25(6),20-26.
  66. Katila, R. A.,Ahuja, G.(2002).Something Old, Something New: A Longitudinal Study of Search Behavior and New Product Introduction.Academy of Management Journal,45(6),1183-1194.
  67. Kellermanns, F. W.,Eddleston, K. A.,Sarathy, R.,Murphy, F.(2012).Innovativeness in Family Firms: A Family Influence Perspective.Small Business Economy,38(1),85-101.
  68. Kiel, G. C.,Nicholson, G. J.(2003).Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance.Corporate Governance: An International Review,11(3),189-205.
  69. Kim, H.,Kim, H.,Lee, P. M.(2008).Ownership Structure and the Relationship between Financial Slack and R&D Investments: Evidence from Korean Firms.Organization Science,19(3),404-418.
  70. Kor, Y. Y.(2006).Direct and Interaction Effects of Top Management Team and Board Compositions on R&D Investment Strategy.Strategic Management Journal,27(11),1081-1099.
  71. Kotabe, M.,Srinivasan, S. S.,Aulakh, P. S.(2002).Multinationality and Firm Performance: The Moderating Role of R&D and Marketing Capabilities.Journal of International Business Studies,33(1),79-97.
  72. Kothari, S. P.,Laguerre, T. E.,Leone, A. J.(2002).Capitalizing versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays.Review of Accounting Studies,7(4),355-382.
  73. Kroll, M.,Walters, B. A.,Le, S. A.(2007).The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneurial Firms.Academy of Management Journal,50(5),1198-1216.
  74. Kuo, Y. P.,Hung, J. H.(2012).Family Control and Investment-cash Flow Sensitivity: Moderating Effects of Excess Control Rights and Board Independence.Corporate Governance: An International Review,20(3),253-266.
  75. La Porta, R.,Lopez-De-Silanes, F.,Shleifer, A.(1999).Corporate Ownership around the World.The Journal of Finance,54(2),471-514.
  76. Lam, T. Y.,Lee, S. K.(2008).CEO Duality and Firm Performance: Evidence from Hong Kong.Corporate Governance,8(3),299-316.
  77. Lee, P. M.,O'Neill, H. M.(2003).Ownership Structures and R&D Investments of U.S. and Japanese Firms: Agency and Stewardship Perspectives.Academy of Management Journal,46(2),212-225.
  78. Lu, J. M.,Beamish, P. W.(2004).Internationalization Diversification and Firm Performance: The S-curve Hypothesis.Academy of Management Journal,47(4),598-609.
  79. Lubatkin, M. H.,Schulze, W. S.,Ling, Y.,Dino, R. N.(2005).The Effects of Parental Altruism on the Governance of Family-managed Firms.Journal of Organizational Behavior,26(3),313-330.
  80. Mallette, P.,Fowler, K. L.(1992).Effects of Board Composition and Stock Ownership on the Adoption of Poison Pills.Academy of Management Journal,35(5),1010-1035.
  81. Miller, D.,Le Breton-Miller, I.(2006).Family Governance and Firm Performance: Agency, Stewardship and Capabilities.Family Business Review,19(1),73-87.
  82. Moorman, C.,Slotegraaf, R. J.(1999).The Contingency Value of Complementary Capabilities in Product Development.Journal of Marketing Research,36(2),239-257.
  83. Morck, R.,Shleifer, A.,Vishny, R. W.(1989).Alternative Mechanisms for Corporate Control.American Economic Review,79(4),842-852.
  84. Morck, R.,Wolfenzon, D.,Yeung, B.(2005).Corporate Governance, Economic Entrenchment and Growth.Journal of Economic Literature,43(3),655-720.
  85. Munari, F.,Oriani, R.,Sobrero, M.(2010).The Effects of Owner Identity and External Governance Systems on R&D Investments: A Study of Western European Firms.Research Policy,39(8),1093-1104.
  86. Palmon, O.,Wald, J. K.(2002).Are Two Heads Better than One? The Impact of Changes in Management Structure on Performance by Firm Size.Journal of Corporate Finance,8(3),213-226.
  87. Perel, M.(2002).Corporate Courage Breaking the Barrier to Innovation.Research-technology Management,45(3),9-17.
  88. Pérez-González, F.(2006).Inherited Control and Firm Performance.American Economic Review,96(5),1559-1588.
  89. Porter, M.(1985).Capital Disadvantage: America's Falling Capital Investment System.Harvard Business Review,70(5),65-82.
  90. Rhoades, D. L.,Rechner, P.,Sundaramurthy, C.(2001).A Meta Analysis of Board Leadership Structure and Financial Performance: Are "Two Heads Better than One"?.Corporate Governance,9(4),311-319.
  91. Sanders, W. G.,Carpenter, M. A.(1998).Internationalization and Firm Governance: The Roles of CEO Compensation, Top Team Composition and Board Structure.Academy of Management Journal,41(2),158-178.
  92. Scherer, F. M.(1984).Innovation and Growth: Schumpeterian Perspectives.Cambridge, MA:MIT Press.
  93. Scherer, F. M.(1980).Industrial Market Structure and Economic Performance.Chicago, IL:Rand McNally College Publishing Company.
  94. Schulze, W. S.,Lubatkin, M. H.,Dino, R. N.(2003).Toward a Theory of Agency and Altruism in Family Firms.Journal of Business Venturing,18(4),473-490.
  95. Shleifer, A.,Vishny, R. W.(1997).A Survey of Corporate Governance.The Journal of Finance,52(2),737-783.
  96. Shleifer, A.,Vishny, R. W.(1986).Large Shareholders and Corporate Control.Journal of Political Economy,94(3),461-488.
  97. Steier, L.(2003).Variants of Agency Contracts in Family Financed Ventures as a Continuum of Familial Altruistic and Market Rationalities.Journal of Venturing,18(5),597-618.
  98. Villalonga, B.,Amit, R.(2006).How Do Family Ownership, Control and Management Affect Firm Value?.Journal of Financial Economics,80(2),385-417.
  99. Weidenbaum, M.(1996).The Chinese Family Business Enterprise.California Management Review,38(4),141-156.
  100. Wiseman, R. M.,Gómez-Mejía, L. R.(1998).A Behavioral Agency Model of Managerial Risk Taking.Academy of Management Review,23(1),133-153.
  101. Wu, H. L.(2008).How Do Board-CEO Relationships Influence the Performance of New Product Introduction? Moving from Single to Interdependent Explanations.Corporate Governance: An International Review,16(2),77-89.
  102. Yeh, Y. H.,Woidtke, T.(2005).Commitment or Entrenchment? Controlling Shareholders and Board Composition.Journal of Banking and Finance,29(7),1857-1885.
  103. Yermack, D.(1996).Higher Market Valuation of Companies with a Small Board of Directors.Journal of Financial Economics,40(2),185-211.
  104. Young, C. S.,Tsai, L. C.,Hsieh, P. G.(2008).Voluntary Appointment of Independent Directors in Taiwan: Motives and Consequences.Journal of Business Finance and Accounting,35(9-10),1103-1137.
  105. Zahra, S. A.(2005).Entrepreneurial Risk Taking in Family Firms.Family Business Review,18(1),23-40.
  106. Zahra, S. A.,Neubaum, D. O.,Huse, M.(2000).Entrepreneurship in Medium-size Companies: Exploring the Effects of Ownership and Governance System.Journal of Management,26(5),947-976.
  107. Zellweger, T. M.,Kellermanns, F. W.,Chrisman, J. J.,Chua, J. H.(2012).Family Control and Family Firm Valuation by Family CEOs: The Importance of Intentions for Transgenerational Control.Organization Science,23(3),851-868.
被引用次数
  1. 侯介澤,吳俊磊,王朝賢(2023)。獨立董事社會網絡與公司信用評等之關聯性。東吳經濟商學學報，107，33-62。
print cancel