家族傳承與公司績效－企業社會責任的調節作用

本研究檢驗家族傳承對公司績效的影響，同時考量企業社會責任的調節作用。由於家族企業的傳承可能使創辦人 (或家族成員) 的特定資產消失，因而降低企業績效；然而，因為企業社會責任幫助公司累積其的聲譽資本，良好企業社會責任表現所產生的知名度效果與保險效果，有助於減緩家族企業傳承對公司績效的負向影響。本研究基於2007~2018年間臺灣證券交易所上市非金融產業共831家公司的資料進行實證分析，主要實證結果發現不論是董事長傳承或執行長傳承，家族傳承傾向使公司出現較為低落的績效，然而企業社會責任表現較佳的公司，有助於減緩家族企業傳承對績效的負向影響，且繼任者具備財務法律或會計專才亦具有減緩家族傳承公司績效的惡化效果。  This research examines the effects of family firm succession on performance, and further considers the moderating effects of corporate social responsibility (CSR) performance. Since the succession of a family firm may cause the disappearance of specific assets of the founder (or family members), thereby reducing firm’s performance. However, because CSR helps the firms to accumulate reputational capital, the reputation effect and insurance effects of superior CSR performance help firm to mitigate the negative effects of family firm succession on the performance. Based on the data of 831 listed non-financial firms on the Taiwan Stock Exchange from 2007~2018, the main empirical result shows that regardless of the succession is on the board chairperson or the CEO, family firm succession tends to reduce performance. Yet, firms with better CSR performance enjoys less decrease in performance. Furthermore, the successors with professionals on financial, law or accounting also have the effect of mitigating the adverse effects on performance of family firm succession.