家族涉入管理對營運績效之影響：策略彈性的中介效果

The Performance Implication of Family Involvement in Management: The Mediating Effect of Strategic Flexibility

家族涉入對於企業經營是助力或是阻力？過去文獻上有不一致的研究結果。從代理理論觀點，家族成員同時介入所有權與經營權，降低了主理人與代理人之間的利益衝突，有助於提升企業價值。惟隨著經營環境的一日千里，家族涉入管理也易於陷入經營慣性而無法有效應變，或多數家族成員未受過專業管理教育或相關實務歷練，因而減損企業價值。由於企業經營環境的動態變化更突顯了策略彈性的重要性，因此本文依循Dyer (2006)流程模型(process model)的概念，以我國電子產業中的243家上市上櫃企業為研究對象，於2004~08之五年期間探討家族涉入管理、策略彈性與企業績效之兩階段因果關係。再者，基於家族涉入管理可能產生的負面影響，本研究以權變的角度重新檢視降低家族涉入影響績效的情境因素，俾彌補以往研究較少觸及家族介入與企業績效間之內隱過程。結果顯示：(1)策略彈性有助於提升營運績效；(2)家族涉入管理程度愈高者，其策略彈性與營運績效均愈低；(3)策略彈性在家族涉入管理程度與營運績效之間扮演中介角色；(4)高階管理團隊之獨立性與獨立董事之比例有助於正向的調和家族涉入管理程度與策略彈性之間的關係。

As today's business environment is changing faster than before, the flexibility of proactively acting on market conditions becomes increasingly critical for a firm’s survival and prosperity. Family firms, due to the lack of external pressure, are often recognized as more slow-paced in comparison to other firms. The present study thus aims to examine the extent to which family involvement in management influences performance through a strategic flexibility perspective. Furthermore, the main logic flow is deemed contingent upon the independence of the top management team and of the board of directors. In a sample of 243 publicly listed Taiwanese electronic firms over the period 2004 to 2008, the study found that (1) strategic flexibility is positively related to firm performance; (2) family involvement in management is negatively related to strategic flexibility and firm performance, respectively; (3) strategic flexibility mediates the relationship between family involvement in management and firm performance; (4) the independence of top management team or the presence of an independent board of directors softens the negative effect of family involvement in management on strategic flexibility.