CEO Tenure in Taiwanese Family and Nonfamily Firms: An Agency Theory Perspective

Wen-Hsien Tsai · Jung‐Hua Hung · Yi-Chen Kuo · Lopin Kuo

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Family Business Performance and Succession Corporate Finance and Governance Human Resource and Talent Management

Abstract

This study investigated the tenure of CEOs in a sample of 304 listed companies in Taiwan; 63 firms were family controlled, 241 were not. The results show that CEO turnover is significantly lower in family firms and its relationship to corporate performance is negative. CEO ownership and board ownership are not significant in explaining the length of family CEO tenure. These findings imply that family boards can still effectively replace the CEO despite relatively low ownership. From the ownership structure perspective, this study suggested that the agency theory is applicable for nonfamily firms in Taiwan, but unsuitable for family firms.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1989Agency Theory: An Assessment and Review 1999Corporate Ownership Around the World 1988Management ownership and market valuation 2000The separation of ownership and control in East Asian Corporations 1997TOWARD A STEWARDSHIP THEORY OF MANAGEMENT 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 1990Performance Pay and Top-Management Incentives

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