| Summary: | 碩士 === 亞洲大學 === 財務金融學系碩士在職專班 === 107 === In Taiwan, more than 70% of listed companies are family businesses. Investors are very concerned about whether family businesses can continue to operate steadily after succession. This study uses the event study approach to investigate whether the family business succession event would create abnormal returns on the family business. The empirical results show that, overall, succession events do not significantly generate abnormal returns. This phenomenon can be attributed to the complete corporate governance and mechanism of large group companies. Moreover, we find that after the family business succession, if there was a dispute over the family property, the investor would give a significant and negative evaluation on the stock price of the sample company. However, this effect is not persistent.
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