Family Firm Governance and Long-term Corporate Survival: Evidence from Korean Listed Firms

• 발행기관: 강원대학교 경영경제연구소
• 저자명: Se-Yeon Ahn
• 간행물 정보: 『아태비즈니스연구』제12권 제1호, 25~39쪽, 전체 15쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2021.03.31

영문 초록

Purpose - This study aims to examine whether family firm governance is related to long-term corporate survival. To find out whether and why family firms have higher chances of long-term survival compared to non family firms, this study analyzes the relationship between some governance characteristics that are prevalent in family firms and corporate long-term viability. Design/methodology/approach - This study utilizes a sample of 285 family firms listed on the Korea Stock Exchange (KSE) to probe the influence of governance characteristics on corporate survival. This study conducts Cox proportional hazard regression analysis to estimate the influences on the survival duration. Findings - The results indicate that firms with particular governance characteristics show higher long-term survivability. Specifically, the probability of firm’s long-term survival is increased when the CEO is the largest shareholder, which may be related to CEO’s stewardship attitudes. Research implications or Originality - This study has significance in that it examines the direct causal variables that enhance long-term corporate viability through a large scale empirical examination. Also, the study findings provide some clues as to why certain family firms outlive non-family firms.

목차

Ⅰ. Introduction

Ⅱ. Theory and Hypotheses

Ⅲ. Data and Empirical Approach

Ⅳ. Results

Ⅴ. Conclusion and Discussion

키워드

CEO Stewardship Family Firm Governance Family Firm Long-term Survival