【本期主题】Family Business and Firm Value: Evidence from Stakeholder Relations with Employees

Dr. Jun-Koo KANG is Distinguished Professor of Finance at Nanyang Business School, Nanyang Technological University (NTU). He is also executive director of the Insurance Risk and Finance Research Centre and the former head of the banking & finance division at NBS. Prior to joining NTU, Dr. Kang was the MSU Federal Credit Union Endowed Chair in Financial Institutions and Investments at Michigan State University. Dr. Kang’s research interests include corporate finance and international finance, cross-border mergers and acquisitions, corporate governance, capital raising, international portfolio allocation, and banking. His research has been published in leading finance journals, such as Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Business, and Pacific-Basin Finance Journal. He currently serves as a co-editor of Pacific-Basin Finance Journal, an associate editor of International Review of Finance, Japan and the World Economy, and Asia-Pacific Journal of Financial Studies, and an editorial review board member of Journal of International Business Studies. He is also a research fellow of the Asian Institute of Corporate Governance and a former president of the Korea-America Finance Association. In a recent article by Chan, Chen, and Lee (2011), he was ranked number one in the Asia–Pacific region based on articles published in 21 leading finance journals during 1990-2008. Dr. Kang received his PhD in finance from the Ohio State University.

【报告人】JUN-KOO KANG   Professor of Finance , Nanyang Technological University    

【时   间】11月27日    上午10:00

【地   点】明德主楼0509室

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报告人简介：

We examine stakeholder relations with employees as an important channel through which family firms create value. Using employee relations ratings as the measure of employee-friendly policies, we find that compared with nonfamily firms, family firms treat their employees better and this better treatment is associated with higher firm value. The positive relation between employee treatment and firm value for family firms is robust to controlling for endogeneity bias, and also to using firms’ inclusion in Fortune’s “100 Best Companies to Work For” list to identify employee-friendly treatment. These findings suggest that employee-friendly policies help family firms create value.

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