CEO tenure in Taiwanese family and nonfamily firms: An agency theory perspective

被引：85

作者：

Tsai, WH ^{[1
]}

Hung, JH

Kuo, YC

Kuo, LP

机构：

[1] Natl Cent Univ, Dept Business Adm, Chungli 320, Taiwan

[2] Van Nung Inst Technol, Dept Int Trade, Chungli 320, Taiwan

[3] St Johns & St Marys Inst Technol, Dept Business Adm, Tamsui, Taiwan

来源：

FAMILY BUSINESS REVIEW | 2006年 / 19卷 / 01期

关键词：

D O I：

10.1111/j.1741-6248.2006.00057.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigated the tenure of CEOs in a sample of 304 listed companies in Taiwan; 63 firms were family controlled, 241 were not. The results show that CEO turnover is significantly lower in family firms and its relationship to corporate performance is negative. CEO ownership and board ownership are not significant in explaining the length of family CEO tenure. These findings imply that family boards can still effectively replace the CEO despite relatively low ownership. From the ownership structure perspective, this study suggested that the agency theory is applicable for nonfamily firms in Taiwan, but unsuitable for family firms.

引用

页码：11 / 28

页数：18

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