This study investigates the relation between family firms and acquiring firm performance for our sample of Taiwanese mergers and acquisitions between 1999 and 2013. We find that cumulative abnormal returns of family acquirers on average outperform those of nonfamily acquirers by 2.17% three days around the announcement. Family acquirers obtain greater abnormal returns even after controlling for both firm characteristics such as firm size, book to market, prior return, public target and deal characteristics such as year dummy and mode of payment. Furthermore, we explore the potential impact of the deviation between voting rights and cash flow rights on family acquiring performance. In the sample of Taiwanese mergers and acquisitions, the deviation is not the significant factor to cause a negative influence. As a result, family acquirers with the advantage of eliminating agency problems may generate more benefits than nonfamily acquirers.

The topic of this diploma thesis is aimed at the analysis of corporate social responsibility in the context of the Prize for social responsibility "We do business responsibly".

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家族企業在全世界皆是商業活動中的重要組織型態。因此在過去就有許多國內外研究針對家族企業的特色以及其對績效的影響作探討，但結果相當分歧。因此，本研究希望藉由後設分析(meta analysis)研究方法將過去個別研究的結果，透過計量方法以獲得一特定結論。本研究蒐集23篇過去研究台灣家族企業績效之文獻共29個樣本，以後設分析效應量觀察台灣家族企業與非家族企業之績效是否有顯著差異；以及哪些干擾變數會影響家族企業與非家族企業的績效。在實證分析中，以敘述統計觀察，文獻結論多為家族企業績效優於非家族企業；而以後設分析的效應量觀察，發現總體效應量與個別以ROA、ROE、Tobin’s Q作為績效的效應量皆顯示家族企業的績效優於非家族企業，其中總體效應量和Tobin’s Q的效應量為統計上顯著，說明此研究範圍中家族企業績效較佳的發現。而觀察干擾變數的效應量，以ROA、ROE作為績效衡量時，文獻樣本數為顯著的干擾變數，當文獻樣本數在700以下時，家族企業績效優於非家族企業，樣本數700以上時，反之；在以ROE為績效指標時，文獻類別為具影響的干擾變數，當文獻為學術期刊時，家族企業績效遜於非家族企業，當文獻為學位論文時，反之；以Tobin’s Q作為績效指標的實證發現，以家族成員持股率為家族企業定義時，家族企業績效顯著優於非家族企業。以上實證結果證實了利益收斂假說與家族企業富不過三代之說法。 / Family firm is a significant type of business organizations in the whole world. Therefore, many researches have been done for discussing the characteristic of family firms and how family firms influence organization’s performance. However, the results are varied. Hence, the purpose of this thesis is to get a generalized conclusion about family firm’ performance by Meta analysis’s quantitative method which collect the results from past related researches. The samples of this thesis are from 23 past researches based on Taiwanese family firms. This thesis calculates Meta analysis’s effect sizes to examine the difference of performances between family firms and non-family firms and examine which are the moderator variables that impact the performances. Consequently, description statistics shows that most researches result the performances of family firms are better than non-family firms. In addition, Meta analysis also shows the same finding in total mean effect and Tobin’s Q which are statistical significances on effect size. With regard to moderator variables’ effect sizes, sample size is a moderator variable with statistical significance when ROA and ROE as performance index. While sample sizes are below 700, the performances of family firms are better than non-family firms, vice versa. Additionally, type of sample is a moderator variable when ROE as performance index. While simples are Journal articles, the performances of family firms are worse than non-family firms, vice versa. Furthermore, definition of family firm is a moderator variable as well when Tobin’s Q as performance index. While simples define family firms by family members holding rate, family firms’ performance are better. In conclusion, above findings prove that convergence of interest hypothesis and great men's sons seldom do well.

Background: Family Businesses represent the highest proportion of businesses in the world (Lin, 2012). Globalisation offers new business opportunities for growth and in-ternational diversification. Generally the internationalisation of family businesses is a well-studied field in family business research (Kontinen & Ojala, 2009). Still, there are certain shortcomings when it comes to the specific area of corporate governance adapta-tion in family firms that open subsidiaries (Calabro & Mussolino, 2011). Hence, this paper analyses the proceedings of family firms that internationalise through a subsidi-ary. From a methodological standpoint, existing studies concerned with family business internationalisation focus on quantitative research approaches. The results of these in-clude some limitations, since they cannot account for questions such as how and why family firms proceed during diversification (Kontinen & Ojala, 2009). Purpose: The purpose of this study is to investigate the rationale behind corporate gov-ernance structures in family businesses, focusing on the special case of internationalisa-tion through a subsidiary. Frame of Reference: A summary of recent research regarding the three main issues family businesses, internationalisation, and corporate governance will be given in the frame of reference. This theoretical background will serve as the basis for a solid analy-sis of our empirical data. Method: A qualitative approach with an extensive literature review and a case study based on in-depth interviews with employees of the company Väderstad-Verken AB was chosen in order to fulfil the purpose. Conclusion: The rationale behind corporate governance structures when setting up a subsidiary abroad is driven by the ambition to preserve a family firms’ stewardship ori-ented culture and its informal structures. The result of this is better collaboration, which serves the mission of the business.

Chinese compradors, official managers, and overseas Chinese capitalists have received scholarly attention of late with special notice to studying their contributions to China’s industrial modernization. This thesis shifts this emphasis to seeing these three groups of Chinese merchants as types of Chinese capitalist middlemen, whose principal efforts were in the commercial sector during the late Qing and early Republican periods. Specifically, it focuses on their activities within Shanghai’s International Settlements, where the openings for entrepreneurial innovation could be made the most of with little interference from Chinese state officials. The market created by Chinese capitalist middlemen is distinguished from the greater Chinese economy by its concentration in Shanghai’s International Settlements and its being a commercial revolution. Particularly, this thesis links entrepreneurial business history with New Institutional Economics by placing the entrepreneur at the heart of Chinese commercial development beginning in the 1860s. It investigates how the above three types of middlemen’s commercial activities impacted the structural organization of the traditional family firm, reshaping this organization into a modern operation. As the traditional Chinese family firm emerged in a political institutional framework that both favored firms’ risk reduction and official sponsorship, Chinese capitalist middlemen played a part in structurally re-organizing the family firm into the modern firm. Chinese entrepreneurial behavior arose through a social process of bridging, which occurred through Chinese middlemen’s daily interactive commercial activities in Western firms in Shanghai. In the cases of compradors, these acculturated practices were employed in their own family firms and reflected a novel risk-taking pattern wherein they engaged in new fields of enterprise. In the cases of guandu shangban enterprises, official managers evolved these firms to absorb the pricing mechanism and lower transaction costs to benefit customers and the firm’s revenue. In the cases of returned overseas Chinese capitalists, in this thesis Australian ones are examined, they capitalized their department stores’ operations through reinvesting overseas Chinese surplus income that had traditionally been returned as remittances home to China. All of them fashioned a cosmopolitan view of themselves and fostered a moral view that combined Confucian and Christian ethics giving rise to a notion of human capital as a form of commercial welfare. / Graduate

The dissertation deals with the issue of a family entrepreneurship. Family businesses play a key role in GDP production and employment in our country and worldwide, which makes them the backbone of the economy. However, they were overlooked as a topic for studying and research for a long time. Lately a number of authors started to look into them and even in the Czech Republic they were brought to attention. Two distinct systems mix in these businesses, each one oriented towards different goals. Family business's practices are therefore influenced by the meshing of a family system and a business system, which sets them apart from other types of entrepreneurships. This theses is focused on specifics of small family business in the Příbramsko region. A suitable concept for explaining a specific behavior of family businesses seems to be a so called socio-emotional wealth. One of the goals of this thesis is to evaluate the importance of individual components of the socio-emotional wealth with the help of semi- structured interviews. Small family businesses are mostly viewed in a positive way and relationships, trust, a personalized approach, a good reputation, happiness of all personnel involved and quality of products and services provided are vital for them. A big administrative load and acquiring...

Cette thèse explore l’identité organisationnelle des entreprises familiales à travers le prisme des employés non familiaux. L’identité familiale de ces entreprises constitue pour elles à la fois un atout – « action intangible » difficilement imitable – et en même temps un enjeu, puisque l’imprégnation de la famille et de ses valeurs au sein de l’entreprise pose question à mesure que sa croissance l’amène à intégrer des membres extérieurs. Cet enjeu est d’autant plus sensible que la famille dirigeante cherche souvent à maintenir son influence identitaire sur l’entreprise, leurs histoires et réputations respectives étant intimement liées. Pour autant, peu de travaux ont jusqu’à présent étudié le rôle des employés non-familiaux dans l’identité de ces entreprises. Cette thèse interroge la façon dont les employés non-familiaux contribuent à la perpétuation de l’identité familiale de l’entreprise, à travers l’étude du cas d’une entreprise familiale française. Trois résultats principaux découlent de ce travail. D’abord, l’exploration des perceptions identitaires des employés non-familiaux révèle que la famille est, à leurs yeux, indissociable des éléments caractérisant leur entreprise. Les mécanismes conduisant à ces perceptions sont ensuite examinés : incarnation, rappel, diffusion et adaptation sont identifiés comme « amenant » dans l’entreprise une image spécifique de la famille, de ses valeurs et de son rôle. Ensemble, ils constituent le processus de « familisation » de l’entreprise. Enfin, une typologie est proposée pour classer les employés non familiaux selon leurs motivations et capacité à contribuer à ces mécanismes. Deux catégories d’employés (les adoptés et les convertis) jouent un rôle déterminant dans ces mécanismes. Occupant une place prédominante dans le top management, ils utilisent cette famille comme outil de management ayant une fonction d’exemple incarnant un système de valeurs qu’ils associent à la Famille comme entité générique. Les apports théoriques et pratiques, ainsi que les limites de ces résultats sont discutés en conclusion. / This dissertation explores family firms’ organizational identity from a non-family member’s perspective. The family identity of these firms constitutes both an intangible asset, that is difficult to imitate – and a crucial stake as during their growth process, family firms incorporate external members who tend to progressively represent the majority of the payroll. This stake is even more salient as owning families aim at durably influencing their firms’ identity since the family’s and the firm’s history and reputation are interrelated. However, the role of non-family members’ in the family firm’s identity has not been directly investigated by researchers so far. My dissertation aims at filling in this gap, by investigating the way non-family members contribute to enacting the family identity of the firm. The case study I conducted in a French family firm leads me to formulate three main sets of results. First, the exploration of non-family members’ perceptions of the firm reveals that they associate what they consider to be the core attributes of the firm with the owning family. Secondly, I investigate the mechanisms leading to such perceptions and identify that the family’s image and values are “brought” into the organization through four mechanisms – embodiment, reminding, spreading and adaptation – that together constitute the overall process of “familization” of the firm. Lastly, I suggest a typology of non-family members depending on their motives for contributing to “familization” mechanisms. Two categories (the adopted and the converted) play a crucial role in these mechanisms. Moreover, I show that the top management is composed of adopted and converted, who use this specific family of owners as a managerial tool having a role-modeling function. They do it because they perceive this family as embodying an axiology that is symbolized by the Family – as a generic entity –, an axiology that they consider to be valuable in an organizational context. The theoretical and practical contributions of these results are discussed.

Fougerolles est la capitale française du kirsch. Sa production s’est semi-industrialisée dès le début du XIXe siècle. D’abord activité complémentaire de l’agriculture fougerollaise, la distillation va se développer en faisant émerger, au milieu du XIXe siècle, de véritables entrepreneurs qui vont marquer le marché des alcools de bouche en France jusqu’au milieu du XXe siècle.L’industrie de la distillation à Fougerolles s’est développée dans un marché des alcools de bouche très concurrentiel subissant régulièrement des contraintes économiques législatives et sociales et surtout , marqué par la confrontation entre les spiritueux et les boissons fermentées représentées par la boisson nationale, le vin. Cette confrontation aboutit à l’interdiction de la liqueur d’absinthe en 1915 et des liqueurs anisées au début des années 1940.Dans ce contexte et à travers l’étude historique des trajectoires socio-économiques de deux firmes familiales rurales qui ont su tirer profit du savoir-faire local et de l’évolution des techniques de distillation, nous apportons un éclairage sur leur émergence, leur stratégies de développement, leur résistance, leur résilience et la pérennisation de leurs activités industrielles et commerciales entre 1839, année de l’installation dans la commune du précurseur de l’industrie de la distillation en Haute-Saône, Abel BRESSON, et 1940 avec l’instauration du régime de Vichy qui va durcir la lutte antialcoolique en interdisant, entre autres, les liqueurs anisées et la publicité sur les alcools de bouche.Outre la dimension proprement théorique, notre thèse pourrait aussi s’inscrire dans une stratégie de redynamisation d’un territoire à travers la valorisation de son patrimoine industriel et de ses produits qui ont fait sa renommée au niveau national et international. / Fougerolles is the French capital of kirsch. Its production became semi-industrialized at the beginning of the 19th century. Distillation was first a complementary activity of agriculture in Fougerolles, then, in the middle of the 19th century, this activity grew to become a business which was to influence the market of alcoholic beverages in France until the middle of the 20th century.This distillation industry in Fougerolles grew in a highly competitive market of alcoholic beverages, which regularly suffered from economic, legislative and social constraints and, mostly, was influenced by the confrontation between spirits and fermented beverages represented by wine, the national drink. This confrontation led to the prohibition of the absinthe liqueur in 1915 and aniseed liquors in the early 1940s.In this context, and through the study of the socio-economic trajectories of two rural family firms that could take advantage of the local know-how and the evolution of distillation techniques, we highlight their emergence, their development, their resistance and their resilience and the sustainability of their industrial and commercial activities between 1839, when Abel BRESSON the pioneer of the distillation industry from Haute-Saône settled in Fougerolles, and 1940 with the establishment of the Vichy regime which toughened the anti-alcohol fight by prohibiting, among others, the sale of aniseed liquors and the advertising of alcoholic beverages.In addition to the theoretical dimension, our thesis could also be part of a strategy to revitalize a territory through the promotion of its industrial heritage and products, which have made it nationally and internationally renowned.