家族企業與永續性績效之關聯性

The Impact of Family Firms on Sustainability Performance

本研究以臺灣上市櫃公司為研究對象，探討家族企業的永續性績效。實證結果顯示，相較於非家族企業，家族企業有較低的永續性績效。此結果與利益掠奪假說一致，即家族企業追求家族利益極大化，此利益往往與企業活動緊密結合，而永續性活動是一個長期轉型之路，會增加企業收益之不確定性，故其較不願從事此類活動，造成其永續性績效較不佳。但進一步實證結果顯示，若由家族成員擔任總經理，將能緩和前述家族企業與永續性績效之間的負向關係。此結果與利益收斂假說與社會情感財富理論吻合，暗示家族成員擔任總經理，會使家族企業更重視家族的名聲及社會地位，故致力於提升企業的永續性績效。最後，實證結果顯示，總經理過度自信特質無法影響家族企業與永續性績效之間的關係。

This study focuses on publicly listed companies in Taiwan and explores the sustainability performance of family firms. The empirical results show that family firms have lower sustainability performance compared to non-family firms. This finding is consistent with the conflict-of-interest hypothesis and suggests that family firms aim to maximize family benefits. These benefits are often closely tied to business activities. However, engaging in sustainability activities is a long-term transformational process, which will increase the uncertainty of business profits. Therefore, family firms are less likely to engage in sustainability activities and have poorer sustainability performance.
However, the empirical results indicate that if a family member serves as the chief executive officer（CEO）, the negative relationship between family firms and sustainability performance can be mitigated. This finding is aligned with the convergence-of-interest hypothesis and the socioemotional wealth theory, indicating that family firms with family CEOs place greater importance on family reputation and social status. Thereby, they are dedicated to enhancing the company's sustainability performance. Finally, the empirical results show that CEO overconfidence have no effect on the relationship between family firms and sustainability performance.