|Title:||Corporate governance and performance in publicly listed, family-controlled firms: Evidence from Taiwan||Authors:||Filatotchev, Igor
|Keywords:||Family ownership | Governance | Performance||Issue Date:||2005||Journal Volume:||22||Journal Issue:||3||Source:||Asia Pacific Journal of Management||Abstract:||
Using a multi-industry dataset of 228 firms listed on the Taiwan Stock Exchange (TSE) this paper analyses the effects of ownership structure and board characteristics on performance in large, publicly traded firms that are controlled by founding families. After taking account of possible endogeneity problems, we do not find that family control is associated with performance measured in terms of accounting ratios, sales per issued capital, earnings per share and market-to-book value. However, share ownership by institutional investors, and foreign financial institutions in particular, is associated with better performance. Our results indicate that board independence from founding family and board members' financial interests have a positive impact on performance. ? 2005 Springer Science + Business Media, Inc.
|Appears in Collections:||國際企業學系|
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