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This study uses data from Taiwan listed companies to research the relationship between family ownership, institution ownership and firm value of family corporations. This article finds that family ownership level have non-linear influence on institution ownership. On the other hand, family ownership increases because of the rise of institution ownership. Family ownership has non-linear influence on firm value. When family ownership rise, firm value will decrease. Because family ownership, institution ownership and firm value have high correlation, this article uses two-stages OLS to work out the questions of endogeneity. At last, this article uses event study to research the change of accumulate abnormal return and institution ownership when family firms become nonfamily firms. The result is that accumulate abnormal return will decrease and then increase, institution ownership will a little of rising when a family corporation become a nonfamily corporation. |
