A Study on the Impact of Institutional Ownership on Business Performance: Evidence from Family and Nonfamily Business

• Main Authors: Wang-huan Ling, 凌旺桓
• Other Authors: Jon-chi Shyu
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/76455312962262867573

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 98 === This study used the Taiwanese listed companies to examine the influence of institutional ownership on family and non-family business performances by two stage least square. Moreover, we also examine the effect of information transparency on family and non-family business performances. When the market value performance (Tobin’s Q) indicators are applied, the empirical results show that family business have worse performance. Our empirical results also indicate that financial institution ownership positively affect family business performance (TOBIN'S Q), but financial institution ownership negatively affect non-family business performance (ROA (EBDIT)). Foreign ownership has positively influence on family business performance (ROA (EBDIT)). Government ownership has negative correlation with business performance. Trust fund ownership has positively influence on family business performance (ROA (EBDIT)) and has negatively influence on family business performance (TOBIN'S Q). Domestic institution ownership is negatively related to family business performance (TOBIN'S Q). It is also negatively related to non-family business performance (ROA (EBDIT)), but positively related to non-family business performance (TOBIN'S Q). Information transparency negatively affect family business performance (TOBIN'S Q), and positively affect non-family business performance (TOBIN'S Q).