從社會情感財富理論的角度可發現家族企業的董事會中若存在親屬關係，將正向強化家族控制所帶來的正向財務績效影響。然而再結合衝突的觀點切入，家族董事會的親屬關係則有可能會因為跨代成員、手足成員與姻親成員關係的干擾使得家族控制與企業財務績效之間的正向關係轉為負向、減弱正向以及強化正向的關係。本研究針對499間台灣上市櫃家族企業的董事會大股東家族擔任董事者之親屬關係進行分類。透過階層迴歸分析的結果顯示，董事會成員關係中，跨代成員的關係確實會減弱家族控制和財務績效ROA之間的正向關係，然而董事會中是否存在手足或是姻親董事的親屬關係則分別對於上述之正向關係沒有顯著的影響。本研究建議未來研究可以蒐集更多年度的資料，並聚焦在董事會親屬關係的揭露程度相對更加透明的家族董事會，以揭露的家族成員與親屬關係為基礎進行訪談，深入檢視家族成員之間的情感連結程度是否對於財務績效有影響效果。

From the perspective of socioemotional wealth theory, it is found that kinship ties in family board can positively reinforce positive effects brought by family control. However, from the perspective of conflicts, the board can be turned into chaos when moderated by kinship ties such as transgenerational ties, sibling ties and in-law ties with effect of negative effects, decreased but positive effects and increased but positive effects, respectively. This study closes the gap by using hand-collecting data of family identity of board members in 499 Taiwanese public family firms. Results from hierarchical analysis reveal critical information. Transgenerational ties indeed significantly turn positive effects from family control to financial performance represented by ROA into negative relationship, while negative and positive effects by sibling ties and in-law ties are unsupportive accordingly. Future research is suggested that panel data from multiple years and in-depth interviews on the board members can be interactively applied from the aspect of SEW in “E” to investigate relevance among kinship ties, family members’ emotional attachments and firm performance.

論文審定書 i
誌謝 ii
中文摘要 iii
Abstract iv
List of figures viii
List of tables ix
Chapter 1 Introduction 1
1.1 Definitions and features of family-owned firms and SEW theory 1
1.2 Overlapping domains and multiple roles of family members 2
1.3 Responds to former research questions: heterogeneity, family governance and SEW preservation. 3
Chapter 2 Theoretical background and hypotheses 6
2.1.1 Family firms (FF) as one of popular business management types 6
2.1.2 Socioemotional wealth (SEW) theory and preservation 6
2.1.3 Tripartite perspectives in former ownership-performance research 8
2.1.4 SEW perspective: Impacts from family ownership on firm performance 10
2.2.1 Kinship ties and SEW preservation in FFs 11
2.2.2 Family board: a vital context for kinship ties 12
2.2.3 Importance brought by transgenerational interactions for succession 14
2.2.4 Negative results by transgenerational tie: conflicts, opportunism, over confidence 16
2.2.5 When invisible blood relationship becomes visible 19
2.3.1 Sibling partnership and dispersed ownership 20
2.3.2 Unbalanced heritage results in rivalries 20
2.3.3 When a family board turns into a chaos 21
2.3.4 SEW theory: unstable emotional attachments 22
2.4.1 Social connections brought by in-law directors 23
2.4.2 Mingled in-law relationships in Taiwanese business families 25
2.4.3 Marriage as a result of similarities and differences 26
2.4.4 Negative impacts by in-law directorship tie 28
2.4.5 Positive impacts by in-law directorship tie 29
2.4.6 SEW theory perspective: social ties and identifications 30
Chapter 3 Methodology 32
3.1 Data collection 32
3.2 Sample 32
3.3 Independent variables 34
3.4 Dependent variables 35
3.5 Controls variables: 35
3.6 Moderators 36
3.7 Software 37
Chapter 4 Results 38
Chapter 5 Discussions and Conclusions 48
5.1 Discussions 48
5.2 Conclusions 50
5.3 Contributions and respond to former research 51
5.4 Limitations 52
5.5 Implications for future studies 52
5.6 Practical implications for companies 53
References 54

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