資源依賴理論探討臺灣集團總部與海外隸屬公司所有權之關係：國際市場距離與組織資源之效果

Insider Ownership among Business Groups and Group-affiliated Firms from a Resource-dependence Perspective: The Effects of International Market Distance and Organizational Resources

本研究以資源依賴理論為基礎，探討地理距離、文化距離與體制距離如何影響臺灣集團海外隸屬公司對集團總部的依賴程度所衍生的所有權內部化程度差異。研究以2006至2010年臺灣106家集團，共499家海外隸屬公司為樣本，結果發現：一、海外隸屬公司所有權內部化與地理距離呈現正向相關；二、海外隸屬公司所有權內部化與體制距離呈現正向相關；三、海外隸屬公司所有權內部化與文化距離為負向相關；四、海外隸屬公司的寬裕資源會弱化地理距離與所有權內部化的正向關係；五、海外隸屬公司的人力資本會弱化體制距離與所有權內部化的正向關係，以及弱化文化距離與所有權內部化的正向關係。

Based on resource-dependence theory, this study discusses how international market distances influence the equity stakes in group-affiliated firms held by business-group headquarters and the moderation effects of group-affiliated firm’s organizational resources. We use GLS random-effects models to test the hypotheses, and use 499 overseas group-affiliated firms of top 300 Taiwanese business groups from 2006 to 2010. The results reveal that the relationship between equity stakes in group-affiliated firms held by business-group headquarters and the geographic distance and relationship between equity stakes in group-affiliated firms held by business-group headquarters and the institutional distance are positive, but the relationship between equity stakes in group-affiliated firms held by business-group headquarters and the culture distance is negative. Moreover, the result of moderation effects analysis shows that: 1) more organizational slack of the group-affiliated firm will weaken the positive relationship between equity stakes in group-affiliated firms held by business-group headquarters and the geographic distance; 2) more human capital of the group-affiliated firm will weaken the positive relationship between equity stakes in group-affiliated firms held by business-group headquarters and the institutional distance.