题名

Disclosures Strategy of Family Succession CEOs Prior to Stock-financed M&As

并列篇名

家族繼任CEO股權融資併購前之資訊揭露策略

DOI

10.3966/199687602021081402003

作者

翁鶯娟(Ying-Jiuan Wong)；楊敏里(Min-Li Yang)

关键词

disclosure management ； family involvement ； family succession CEO ； performance aspiration gap ； socioemotional wealth ； 資訊揭露管理 ； 家族涉入 ； 家族繼任CEO ； 績效預期缺口 ； 社會情感財富

期刊名称

組織與管理

卷期/出版年月

14卷2期（2021 / 08 / 01）

页次

23 - 69

内容语文

英文
中文摘要

This study extends the extant literature on family socioemotional wealth to complement the research regarding family businesses and M&As by discussing why the family succession CEOs manage disclosures through the release of good news before stock-financed M&As. Meanwhile, we incorporate family involvement in top management teams and ownership, as well as a firm's performance aspiration gap, to further illustrate why the intentions of disclosure management are heterogeneous among family successors. The results show that a family succession CEO is more likely to release good news prior to stock-financed M&As. We also found that family involvement and a firm's performance below the aspiration level enhance the family successors' intention regarding disclosure management. Moreover, family successors who release good news generate better post-M&A performance, implying that the intention of family succession CEOs to manage disclosures is more likely to reduce information asymmetry rather than solely pursue self-interest.
英文摘要

本研究延伸現有社會情感財富觀點文獻，探討家族繼任CEO如何影響股權融資併購前意圖釋放好消息的資訊揭露策略，以補充現有家族企業與併購之相關文獻。本研究進一步納入家族涉入高階團隊和股權程度以及公司績效缺口，討論為何不同之家族繼任CEO在股權融資併購前釋放好消息的意圖具有差異性。研究結果發現家族繼任CEO於股權融資併購前傾向釋放好消息，而且當家族涉入程度愈高與公司績效低於預期水準愈大時，家族繼任CEO在股權融資併購前釋放好消息的意圖愈強。此外，本研究亦發現家族繼任CEO在股權融資併購前釋放好消息，正向影響併購後之公司績效，隱含家族繼任CEO釋放好消息的目的為降低資訊不對稱問題而非為攫取私人利益。
主题分类 社會科學 > 管理學
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