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中文篇名 |
家族繼任CEO股權融資併購前之資訊揭露策略 | |
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英文篇名 |
Disclosures Strategy of Family Succession CEOs Prior to Stock-financed M&As | |
作者 | ||
中文摘要 |
本研究延伸現有社會情感財富觀點文獻,探討家族繼任CEO如何影響股權融資併購前意圖釋放好消息的資訊揭露策略,以補充現有家族企業與併購之相關文獻。本研究進一步納入家族涉入高階團隊和股權程度以及公司績效缺口,討論為何不同之家族繼任CEO在股權融資併購前釋放好消息的意圖具有差異性。研究結果發現家族繼任CEO於股權融資併購前傾向釋放好消息,而且當家族涉入程度愈高與公司績效低於預期水準愈大時,家族繼任CEO在股權融資併購前釋放好消息的意圖愈強。此外,本研究亦發現家族繼任CEO在股權融資併購前釋放好消息,正向影響併購後之公司績效,隱含家族繼任CEO釋放好消息的目的為降低資訊不對稱問題而非為攫取私人利益。 | |
英文摘要 |
This study extends the extant literature on family socioemotional wealth to complement the research regarding family businesses and M&As by discussing why the family succession CEOs manage disclosures through the release of good news before stock-financed M&As. Meanwhile, we incorporate family involvement in top management teams and ownership, as well as a firm’s performance aspiration gap, to further illustrate why the intentions of disclosure management are heterogeneous among family successors. The results show that a family succession CEO is more likely to release good news prior to stock-financed M&As. We also found that family involvement and a firm’s performance below the aspiration level enhance the family successors’ intention regarding disclosure management. Moreover, family successors who release good news generate better post-M&A performance, implying that the intention of family succession CEOs to manage disclosures is more likely to reduce information asymmetry rather than solely pursue self-interest. | |
關鍵詞 |
資訊揭露管理、家族涉入、家族繼任CEO、績效預期缺口、社會情感財富、disclosure management、family involvement、family succession CEO、performance aspiration gap、socioemotional wealth | |
刊名 | ||
期數 | ||
起訖頁 |
023-070 | |
出版單位 | ||
DOI | ||
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