標題 99N12-組織型態對創新價值的影響 _以家族控制為干擾因子 Organizational Form and the Economic Impacts on Innovation-The Moderating effect of Family Control
姓名 高正怡
指導教授 翁鶯娟 老師
畢業日期 2011/06
附件檔案 99N12Adobe PDF
參考連結
摘要 文獻指出專業或多角化經營的不同企業組織型態,不僅會改變公司資源的利用效率,也會影響決策的品質;另外家族控制亦是相同的課題。本研究從組織型態與多角化的相關理論出發,利用1998年到2010年台灣集中市場上市上櫃公司新產品宣告的資料,探討公司多角化程度對新產品宣告之創新價值的影響,此外;本研究亦進一步探討家族控制是否干擾多角化程度與新產品宣告創新價值間的關係。研究發現,專業化公司對創新價值有正向的影響,而發展多角化公司則對公司創新價值有負向的影響;另外,本研究亦發現,家族控制會干擾多角化對創新價值之關係,即在
參考文獻 一、中文部份
1. 朱文儀(2006) 名師一堂課 /朱文儀主講:成長策略的五大守則,經理人月刊。
2.李振宇 蘇威傑(2009) 研發承諾與營運績效:以台灣家族企業為例,組織與管理,二卷二期,197-221。
3.吳淑惠 (2002),產品多角化策略與現金流量對研究發展支出影響之研究-以電子業為例,中正大學會計學研究所碩士論文。
4.林欣亭 (2004),企業創新力,創新認知程度,經營績效,政治大學科技管理研究所碩士論文,未出版,台北市。
5.洪榮華、陳香如與林慧珍 (2007),公司治理機制對創新、多角化策略及公司績效之影響-研發密集產業之實證,中山管理評論,第15 卷,1,37-60。
6.洪榆舜(2004) 多角化政策與創新活動之價值 國立成功大學國際企業研究所碩士論文,未出版,台南市。
7.郭耀廷(2009) 企業營運內多角化對經營績效影響之研究-以臺灣上市公司為例 國立成功大學國際企業研究所碩士論文,未出版,台南市。
8.陳一如(2009) 創新能力與公司治理程度對多角化公司價值的影響:以台灣電子業為例 管理評論,第28卷,2,51-76。
9.陳一如(2010) 企業組織型式與董事會結構對策略聯盟財富效果之影響 管理評論,第29卷,3,79-102。
10.陳瓊蓉(2011) 台灣上市公司初次多角化策略之前因與後果之探討。台灣銀行季刊,第六十二卷,1,223-241。
11.鍾喜梅 葉家豪 (2010) 家族連結、政商關係與多角化擴張:台灣家族集團的跨時分析 組織與管理。第三卷,1 ,67-106 。
12.黃麗瑛(2004) 陽光效用與股票市場 —以新產品上市宣告為例 國立成功
48
大學國際企業研究所碩士論文,未出版,台南市。
13.許士軍、陳光中(1989)。台灣家族企業發展與家族結構關係。行政院國家科學委員會專題研究,未出版。
14.蘇姵伊(2007) 家族控股企業之多角化經營決策:以台灣上市公司為例 朝陽科技大學財務金融系碩士論文,未出版,台中市。
二、英文部份
1.Amihud, Y. & Lev B. (1981). Risk Reduction as a Managerial Motive for
Conglomerate Mergers. Bell Journal of Economics, 12(2), 605-617.
2.Astrachan, J. H. (2003). Commentary on the special issue: The emergence of a field. Journal of Business Venturing, 18(5), 567-573.
---- Astrachan, J. H., Zahra, S. A., & Sharma, P. (2003). Family-sponsored ventures.
3.Berger, Philip and Eli Ofek (1995), “Diversification's Effect on Firm Value,” Journal of Financial Economics, 37, 39-65.
4.Campa, Jose Manuel and Simi Kedia (2002) “Explaining the Diversification Discount,” Journal of Finance, 57, 1731-1762.
5.Casson, M. (1999). The Economics of the Family firm. Scandinavian
Economics History Review, 47, 10-23.
6.Chami, R. (1999). What’s different about family business? Working Paper,
University of Notre Dame and the International Monetary Fund.
7.Cardinal, Laura and Tim C. Opler (1995), “Corporate Diversification and Innovative Efficiency: An Empirical Study,” Journal of Accounting and Economics, 19, 365-381.
8.Chan, Louis, Josef Lakonishok and Theodore Sougiannis (2001), “The Stock Market Valuation of Research and Development Expenditures,” Journal of Finance, 56, 2431-2456.
9.Chaney, Paul K., and Timothy M. Devinney, 1992, New product innovations and stock price performance, Journal of Business Finance & Accounting 19, 677-695.
49
10.Chen, Sheng-Syan (2008), “Organizational Form and the Economic Impact of Corporate New 20.Product Strategies,” Journal of Business Finance and Accounting, 35(1-2), 71-101.
---- (2006), “The Economic Impact of Corporate Capital Expenditures: Focused Firms versus Diversified Firms,” Journal of Financial and Quantitative Analysis, 41(2), 341-355.
11.Fama, E. and M. Jensen, (1985). “Organizational Forms and Investment Decisions.”Journal of Financial Economics, Vol.14, pp. 101-119.
12.Gersick, K. E., Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generationto generation: Life cycles of the family business. Boston: Harvard Business School Press.
13.Graham, John, Michael Lemmon and Jack Wolf (2002), “Does Corporate Diversification Destroy Value?,” Journal of Finance, 58, 695-720.
14.Hill, Charles W.L. and Scott A. Snell (1988), “External Control, Corporate Strategy, and Firm Performance in Research-incentive Industries,” Strategic Management Journal, 9(6), 577-590.
15.Jensen, M. C. and W. H. Meckling (1976). ‘Theory of the firm:managerial behavior, agency costs, and ownership structure’,Journal of Financial Economics, 3, pp. 305–360.
16.Martin, John and Akin Sayrak (2003), “Corporate Diversification and Shareholder Value: Survey of Recent Literature,” Journal of Corporate Finance, 9, 37-57.
17.Markides, C. C. (1995). Diversification, Restructuring and Economic Performance. Strategic Management Journal, 16, 101-108.
18.Mathews, Richmond D. and David T. Robinson (2008), “Market Structure, Internal Capital Markets, and the Boundaries of the Firm,” Journal of Finance, 63(6), 2703-2736.
19.Matsusaka, John G. (2001), “Corporate Diversification, Value Maximization, and Organizational Capabilities,” Journal of Business, 74(3), 409-431.
50
20.Montgomery, C. A. (1994). Corporate Diversification. The Journal of
Economic Perspectives, 8(3), 163-178.
21.Jovanovic, Boyan (1993), “The Diversification of Production,” Brookings of Economic Activity: Microeconomics, 197-247.
22.Kiong, T. C. (1996). Centripetal authority, differentiated networks: The social organization of Chinese firms in Singapore. In G. G. Hamilton (Ed.), Asian business networks (pp. 133-156). New York: Walter de Gruyter.
23.Kulatilaka, Nalin and Lenos Trigeorgis (1994), “The General Flexibility to Switch: Real Options Revisited,” International Journal of Finance, 6(2), 778-798.
24.Lang, Larry H. P.and Stulz, Rene M. (1994), “Tobin’s q, Corporate Diversification and Firm Performance,” Journal of Political Economy, 102, 1248– 1280.
25.Mahrt-Smith, Jan (2006), “Organizational Structure, R&D Intensity and Firm Value,” Working paper,University of Toronto.
26.Qu, Shaoming (2003), “Essays on Technology Innovation and New Product Development Strategy,”doctoral dissertation, Graduate School of Business Administration, University of Southern California.
27.Rajan, Raghuram G., Henri Servaes and Luigi Zingales (2000), “The Cost of Diversity: The Diversification Discount and Inefficient Investment,” Journal of Finance, 55(1), 35-80.
28.Sattar, A. Mansi, and David, M. Reeb, (2002). “Corporate Diversification : What Gets Discounted ?” Journal of Finance, Vol. 5, 2167-2183.
29.Scharfstein, David S. and Jeremy C. Stein (2000), “The Dark Side of Internal Capital Markets:Divisional Rent-Seeking and Inefficient Investment,” Journal of Finance, 55(6), 2537-2564.
30.Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: Linking unique resource, management, and wealth creation in family firms. Entrepreneurship Theory and Practice, 27(3), 339-358.
31.Shao-Chi Chang, Wann-Yih Wu1 and Ying-Jiuan Wong(2010) “Family Control
51
and Stock Market Reactions to Innovation Announcements” British Journal of Management, Vol. 21, 152–170.
32.Shleifer, A. & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461-489.
33.Sjolander, Soren and Christer Oskarsson (1995), “Diversification: Exploiting the Flow of Technology-A Swedish Comparison,” International Journal of Technology Management, 10(1), 21-31.
34.Suzuki, Jun and Fumio Kodama (2004), “Technological Diversity of Persistent Innovators in Japan: Two Case Studies of Large Japanese Firms,” Research Policy, 33(3), 531-549.
35. Villalonga, B., & Amit, R. (2006).” How do family ownership, control and
management affect firm value?”, Journal of Financial Economics, 80(2), 385-417.
36.Ward, J. (1987). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. San Francisco: Jossey-Bass.
37.Weidenbaum, M. (1996). The Chinese family business enterprise. California Management Review, 38(4), 141-156.
38.Yeh, Y. H. & Lee, T. S. (2000). Corporate governance and performance: the
case of Taiwan. The Seventh Asia PacificFinance Association Annual
Conference, Shanghai(Third draft).