時間: 3/22 (五) 10:30 am

地點: 台大管理學院一號館 405 教室

演講人: Yin-Hua Yeh

學校: Graduate Institute of Finance,National Chiao-Tung University.

講題: Family Firm Succession: The Roles of Specialized Assets and Transfer Costs

Abstract

This paper reports an average negative 56 percent buy-and-hold market-adjusted stock return of emerging market entrepreneurial/family firms during a 5-year period in which their controlling owners pass on ownership and control to their successors. The value destruction is importantly attributable to the difficulties in partitioning and transferring specialized assets across individuals and/or firm boundaries, including intangible assets such as relationships with employees and banks, or assets jointly controlled by family members and/or co-founders. The existence of these specialized assets also explains why firm ownership is concentrated and why heirs or close relatives are chosen as successors in most of the succession events.