This study explores whether there is excessive executive compensation in family firms and also examines the effects of top management power and institutional investors on excessive executive compensation. Based on 3,927 Taiwan-listed companies from 2008 to 2012, the empirical results show that:...

There has been a widespread public attention and academic interest on family ownerships in emerging Asian countries. Although family ownerships can lead to direct and effective monitoring of managerial discretion and lower principal-agent costs, they also want to increase corporate performance....