家族企業傳承、企業社會責任與績效之關聯性

The Association among Family Firm Inheritance, Corporate Social Responsibility and Firm Performance

本文探討家族企業傳承、企業社會責任與績效之關聯性，並進一步區分家族企業傳承模式，分析於首年傳承異動，對於企業社會責任（CSR）投入之影響，進而瞭解對後續財務與市場績效之影響。實證結果為針對上市櫃家族企業之研究對象，家族企業於首年傳承異動，相較於未異動者，CSR之投入會有所減少，尤以家族成員傳承為顯著。再者，傳承異動對後續財務績效明顯有提升趨勢，主要來自家族成員傳承型態；而專業經理人之傳承，若能從事CSR活動，對後續財務績效會具有正向之加成效益，此主要來自正向CSR投入之驅動。然而，家族企業傳承異動對後續市場績效無明顯效應，即使投入於CSR活動，亦無助益於市場績效。此結果顯示繼位者於新任期需盡更多心力於企業營運，故較多資源分配於營運模式，有助於財務績效之提升，因而減少分配於CSR投入；市場投資人於家族企業傳承異動期間仍處於觀望，未即時給予正面評價。

This study examines the relationship among family firm inheritance, corporate social responsibility, and firm performance. We further analyze diverse inheritance types and their impact on CSR engagement, resulting in subsequent financial and market performance. Using listed family firms as the research sample. The results reveal that relative to non-inheriting firms, the engagement of CSR activities will remarkably decline for family firms with the initial year of inheritance, particularly for succession by family members within the same business conglomerate. Moreover, family firms with inheritance raise subsequent financial performance, mainly related to the inheritance type from family members. In contrast, the inheritance of professional managers with more engagement in CSR activities can promote higher financial performance, which is driven by positive CSR engagement. However, family firm inheritance impacts little market reaction in the subsequent period, even with more CSR engagement. Overall, these results suggest that the CEO successor of family firms may put more effort into business operations by allocating more resources to operating activities but less to CSR activities, thereby resulting in higher business performance. Market participants may retain a wait-and-see attitude towards family firm succession during the inheritance period rather than a subsequently positive evaluation.