An Empirical Research of Relations between CEO Successor Characteristics and Financial Performance

• Main Authors: WANG, PINGYI, 王秉宜
• Other Authors: LI, HE-LONG
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/74069769437351305672

碩士 === 國立高雄應用科技大學 === 會計系 === 102 === Abstract Although family-owned business has been widely researched, very few studies investigate the relationship between successor’s characteristics and financial performance. Drawing on the succession and holdings theories, this article investigates how the CEO’s successor’s background and share holdings influence the performance of companies. The article argues that CEO success by family members with working experiences before succession will positively affects the firm’s performances. Using a stepwise logistic regression with a bootstrap procedure on a sample of nonfinancial firm listed in the Taiwan Stock Exchange, the results indicate that the characteristics of family member successors does influence the company to perform better than ones hired professional agents as CEO, companies directed by CEO’s with prior working experiences also has a better financial outcomes than ones without working experiences other than the company inherited.