Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan

Igor Filatotchev (), Yung-Chih Lien () and Jenifer Piesse ()

Asia Pacific Journal of Management, 2005, vol. 22, issue 3, 257-283

Abstract: Using a multi-industry dataset of 228 firms listed on the Taiwan Stock Exchange (TSE) this paper analyses the effects of ownership structure and board characteristics on performance in large, publicly traded firms that are controlled by founding families. After taking account of possible endogeneity problems, we do not find that family control is associated with performance measured in terms of accounting ratios, sales per issued capital, earnings per share and market-to-book value. However, share ownership by institutional investors, and foreign financial institutions in particular, is associated with better performance. Our results indicate that board independence from founding family and board members’ financial interests have a positive impact on performance. Copyright Springer Science + Business Media, Inc. 2005

Keywords: family ownership; governance; performance (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (31)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:asiapa:v:22:y:2005:i:3:p:257-283

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DOI: 10.1007/s10490-005-3569-2

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