Notice of RetractionA study on the relationship between family ownership, institution share holdings and firm value

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

This study uses data from Taiwan listed companies to research the relationship between family ownership, institution ownership and firm value of family corporations. This article finds that family ownership level have non-linear influence on institution ownership. On the other hand, family ownership increases because of the rise of institution ownership. Family ownership has non-linear influence on firm value. When family ownership rise, firm value will decrease. Because family ownership, institution ownership and firm value have high correlation, this article uses two-stages OLS to work out the questions of endogeneity. At last, this article uses event study to research the change of accumulate abnormal return and institution ownership when family firms become nonfamily firms. The result is that accumulate abnormal return will decrease and then increase, institution ownership will a little of rising when a family corporation become a nonfamily corporation.