本文研究在經濟不確定性升高時，台灣家族企業是否相較非家族企業呈現更有利的公司價值表現。家族控制一方面可能透過長期導向、聲譽考量與穩定決策提升企業價值；另一方面，也可能因控制權集中、資訊透明度不足與少數股東保護問題而提高代理成本。由於上述兩種機制對家族企業價值的預測並不一致，本文以 2005 年至 2025 年台灣上市櫃非金融業公司之季度資料進行實證分析，並以台灣世界不確定性指數衡量外部經濟不確定性。本文檢驗經濟不確定性與家族企業指標的交乘項，以評估經濟不確定性上升時，家族企業與非家族企業的公司價值表現是否存在系統性差異。實證結果顯示，當經濟不確定性上升時，家族企業相較非家族企業具有較佳的公司價值表現。此結果在多項穩健性與內生性檢驗後仍維持一致。進一步的異質性分析顯示，該溢價主要出現在研發投入較高、財務彈性較佳、控制權較強，以及董監事持股較高的家族企業。整體而言，本文發現家族企業在經濟不確定性下的價值溢價並非所有家族企業皆享有的固定特徵，而是取決於家族控制是否結合實質經營能力、財務緩衝能力與支持長期決策的治理結構。

This paper examines whether family firms in Taiwan exhibit more favorable firm value performance than non-family firms when economic uncertainty increases. Family control may enhance firm value through long-term orientation, reputation concerns, and stable decision-making. However, it may also increase agency costs because of concentrated control, lower transparency, and weaker minority-shareholder protection. Since these two mechanisms generate competing predictions for the value of family control, this paper uses a quarterly panel of Taiwanese listed and over-the-counter non-financial firms from 2005 to 2025 to examine this issue. External economic uncertainty is measured by Taiwan’s World Uncertainty Index. The empirical analysis tests the interaction between economic uncertainty and the family-firm indicator to evaluate whether family and non-family firms differ systematically in their firm value performance when economic uncertainty rises. The results show that family firms exhibit more favorable firm value performance than non-family firms during periods of higher economic uncertainty. This result remains consistent across several robustness and endogeneity tests. Further heterogeneity analysis shows that the premium is concentrated among family firms with higher R&D intensity, greater financial flexibility, stronger control ownership, and higher board and supervisor ownership. Overall, this paper shows that the family-firm value premium under economic uncertainty is not an unconditional feature of all family firms. Instead, it depends on whether family control is accompanied by real operating capabilities, financial buffers, and governance structures that support long-term decision-making.

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