Using data from the statements issued by A-share family firms listed on Chinese stock markets between 2008 and 2019, this paper explores the impacts of family management and family succession on R&D investment. We draw on the perspective of restricted and extended socioemotional wealth and differentiate exploitative R&D and explorative R&D in a detailed study. The study finds that the proportion of family members among board members or senior executives and the kinship of the CEO or chair of the board of directors have different effects on R&D investment, indicating that a diversity exists in how family members identify their role within the company. Furthermore, the participation of the controller’s children in the enterprise can promote explorative R&D investment instead of exploitative R&D, but only during the process of intergenerational succession. The findings differ from prior research in calling attention to the facts that the impact of family management is not always homogeneous owing to the dispersion of family members into different positions, and it can be misleading to conclude that R&D investment is more conservative in family businesses without considering the structure of R&D investment.
相似文献Drawing on the perspective of socioemotional wealth, this paper explores the types of family involvement in family firms and their impacts on R&D investment intensity. Using data from the forecasts issued by A-share family firms listed on Chinese stock markets between 2008 and 2019, the study finds that the separation of ownership and control is negatively associated with R&D investment intensity in non-high-tech firms, whereas potential gains of socioemotional wealth from R&D activities by high-tech firms produce a positive influence that offsets the negative impact of the separation of ownership and control on R&D investments. It reveals the importance of gains of socioemotional wealth. In contrast to the separation of ownership and control, family involvement in management is negatively associated with firms’ R&D investment intensity in both high-tech firms and non-high-tech firms. Our results capture the diversity of family members’ identity recognition, which leads to family members’ different evaluations of the potential gains and losses of socioemotional wealth. Overall, the distinction between high-tech family firms and other family firms is shown to be significant, as is the distinction between the impacts of different types of family involvement.
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