...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>British Journal of Management >Family Control and Stock Market Reactions to Innovation Announcements
【24h】

Family Control and Stock Market Reactions to Innovation Announcements

机译：家庭控制和股市对创新公告的反应

获取原文
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Although family firms are common around the world, studies on family-controlled business are limited. Prior studies mainly focused on the influences of family ownership on overall firm performance, and the results were mixed. In this study we attempted to explore the impacts of family ownership on innovation by examining the association of family control and stock market reactions to innovation announcements. We found that firms with greater family control experienced significantly more negative stock market reactions to innovation announcements. The results further indicated that divergence of cash flow and voting rights was strongly and negatively correlated with announcement-period abnormal returns. In addition, the findings suggested a significantly positive moderating effect of institutional ownership. The conclusions were robust under various measures of family control, and remained valid after controlling other influential factors for stock market reactions to innovation announcements.
机译：尽管家族企业在世界各地都很普遍，但是关于家族控制企业的研究却很有限。先前的研究主要集中在家族所有权对公司整体绩效的影响上，结果好坏参半。在本研究中，我们试图通过研究家族控制与股票市场对创新公告的反应之间的联系，来探索家族所有权对创新的影响。我们发现，拥有更大家族控制权的公司在股票市场上对创新公告的负面反应明显更多。结果进一步表明，现金流量和投票权的差异与公告期的异常收益之间存在强烈的负相关关系。此外，研究结果表明机构所有权的显着积极调节作用。该结论在各种家庭控制措施下都是可靠的，并且在控制其他影响股市对创新公告反应的因素后仍然有效。

著录项

  • 来源
    《British Journal of Management》 |2010年第1期|p.152-170|共19页
  • 作者

    Shao-Chi Chang; Wann-Yih Wu; Ying-Jiuan Wong;

  • 作者单位

    Institute of International Business, College of Management, National Cheng Kung University, No. 1, University Road, Tainan City, Taiwan;

    Department of Business Administration, College of Management, National Cheng Kung University, Taiwan, and;

    Department of Business Administration, College of Management, National Cheng Kung University, Taiwan, and|Department of International Business, College of Management, Chang Jung Christan University, Tainan, Taiwan;

  • 收录信息
  • 原文格式 PDF
  • 正文语种
  • 中图分类
  • 关键词

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号