서강대학교

목차

Chapter 1. Introduction 1
I. Introduction 1
Ⅰ-1. Background and Purpose of the Study 1
Ⅰ-2. Content and Structure of the Study 9
Ⅰ-2.1 Content of the Study 9
Ⅰ-2.2 Structure of the Study 10

Chapter 2. Literature Review 11
II. Theoretical Background 11
II-1. Family Succession 11
II-1.1 Definition of the Family Firm 11
II-1.2 Prior Research on Family Succession 16
II-1.2.1 Prior Research on Family Firm Succession: Process, Resources, Knowledge Transfer, and Performance 17
II-1.2.2 Extensions of Family Firm Succession Research: Managerial Decision-Making, Successor Characteristics, Succession Paths, and Innovation 22
II-1.3. Characteristics of Family Succession 29
II-1.4. Advantages and Disadvantages of Family Succession 32
II-1.5. Theories of the Family Firm 40
II-2. Legitimacy Theory 42

Chapter 3. Earnings Management 47
Ⅲ. Earnings Management 47
Ⅲ-1. Definition of Earnings Management 47
Ⅲ-2. Prior Research on Earnings Management 50
Ⅲ-3. Antecedents of Earnings Management 53
Ⅲ-4. Hypothesis Development 59
Ⅲ-4.1. Theory and Hypothesis 59
Ⅲ-4.1.1. Prior Research on Family Firms and Earnings Management 59
Ⅲ-4.1.1.1. Research from the Perspective of Agency Theory 63
Ⅲ-4.1.1.2. Research from the Perspective of Socioemotional Wealth Theory 64
Ⅲ-4.1.1.3. Research from the Perspective of Stewardship Theory 64
Ⅲ-4.1.1.4. Research from the Perspective of Stakeholder Theory, Legitimacy Theory, and Institutional Theory 64
Ⅲ-4.1.2. CEO Succession and Earnings Management 65
Ⅲ-4.1.3. Succession to a Family CEO and Earnings Management 67
Ⅲ-4.1.4. Moderating Conditions of Succession Pressure 70
Ⅲ-4.1.4.1. Moderating Effect of Family Ownership 71
Ⅲ-4.1.4.2. Moderating Effect of Pre-Succession Performance 73
Ⅲ-4.1.4.3. Moderating Effect of CEO Age 74
Ⅲ-4.1.4.4. Moderating Effect of Outside Director Ratio 76
Ⅲ-4.1.4.5. Moderating Effect of Firm Size 77
Ⅲ-5. Research Method and Results 81
Ⅲ-5.1. Sample Selection and Data Collection 81
Ⅲ-5.2. Definition and Measurement of Variables 86
Ⅲ-5.2.1. Dependent Variables 86
Ⅲ-5.2.2. Independent Variables 89
Ⅲ-5.2.3. Moderating Variables 90
Ⅲ-5.2.4. Control Variables 91
Ⅲ-5.3. Analytical Method 93
Ⅲ-5.4. Model 95
Ⅲ-5.4.1. Full Dataset: CEO Succession Effect 95
Ⅲ-5.4.2. Full Dataset: Comparison between Family and Professional Succession Types 95
Ⅲ-5.4.3. Succession-Case Dataset: Comparison among Succession Firms 96
Ⅲ-5.5. Results 97
Ⅲ-5.5.1. Descriptive Statistics and Correlation Analysis 97
Ⅲ-5.5.2. Empirical Results for Earnings Management 101
Ⅲ-5.5.3. Moderating Effects on Earnings Management in the Succession-Case Dataset 103

Chapter 4. Shareholder Return Amount 110
Ⅳ. Shareholder Return Amount 110
Ⅳ-1. Research on Shareholder Return 110
Ⅳ-2. Hypothesis Development 112
Ⅳ-2.1. Theory and Hypothesis 112
Ⅳ-2.1.1. Dividend Policy in Family Firms: Governance Signals, Family Economic Returns, and Internal Resource Preservation 113
Ⅳ-2.1.2. CEO Succession and Shareholder Return: The Logic of Financial Flexibility Preservation 117
Ⅳ-2.1.3. Family Succession and Shareholder Return: Succession Legitimacy and Family Economic Returns 118
Ⅳ-2.1.4. CEO Succession and Total Shareholder Return Amount 120
Ⅳ-2.1.5. Moderating Effect of Family Ownership 122
Ⅳ-2.1.6. Moderating Effect of Pre-Succession Performance 123
Ⅳ-2.1.7. Moderating Effect of CEO Age 124
Ⅳ-2.1.8. Moderating Effect of Outside Director Ratio 126
Ⅳ-2.1.9. Moderating Effect of Firm Size 128
Ⅳ-3. Research Method and Results 130
Ⅳ-3.1. Sample Selection and Data Collection 130
Ⅳ-3.2. Definition and Measurement of Variables 133
Ⅳ-3.2.1. Dependent Variables 134
Ⅳ-3.2.2. Independent Variables 135
Ⅳ-3.2.3. Moderating Variables 135
Ⅳ-3.2.4. Control Variables 135
Ⅳ-3.3. Analytical Method 137
Ⅳ-3.4. Model 137
Ⅳ-3.4.1. Full Dataset: CEO Succession Effect 137
Ⅳ-3.4.2. Full Dataset: Comparison between Family and Professional Succession Types 137
Ⅳ-3.4.3. Succession-Case Dataset: Comparison among Succession Firms 137
Ⅳ-3.5. Results 138
Ⅳ-3.5.1. Descriptive Statistics and Correlation Analysis 138
Ⅳ-3.5.2. Empirical Results for Shareholder Return 143
Ⅳ-3.5.3. Moderating Effects on Total Shareholder Return Amount in the Succession-Case Dataset 145
Ⅳ-3.6. Hypothesis Summary 152

Chapter 5. Conclusion 154
Ⅴ. Conclusion 154
Ⅴ-1. Discussion and Conclusion 154
Ⅴ-2. Theoretical Implications 161
Ⅴ-3. Managerial Implications 164
Ⅴ-4. Limitations and Directions for Future Research 167

Reference 172