Family control and stock market reactions to innovation announcements

Shao Chi Chang, Wann Yih Wu, Ying Jiuan Wong

研究成果: Article同行評審

54 引文 斯高帕斯(Scopus)

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.

原文English
頁(從 - 到)152-170
頁數19
期刊British Journal of Management
21
發行號1
DOIs
出版狀態Published - 2010 3月 1

All Science Journal Classification (ASJC) codes

  • 商業、管理和會計 (全部)
  • 策略與管理
  • 技術與創新管理

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