R&D investments in family and founder firms: An agency perspective |
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Authors: | Joern H. Block |
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Affiliation: | Technische Universität München, Schöller Chair in Technology and Innovation Management, Arcisstr. 21, D-80333 Munich, Germany; Erasmus University Rotterdam, Erasmus School of Economics, Department of Applied Economics, P.O. Box 1738, 3000 DR Rotterdam, The Netherlands; Erasmus Research Institute of Management (ERIM) |
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Abstract: | Investments in R&D can influence a firm's ability to develop new products and to create and adopt innovative technologies that may enhance productivity. However, due to uncertainty regarding the outcome, investments in R&D may lead to an agency problem between the owners and the managers of a firm. Family and founder firms are often considered to be different in their agency situation than other firms, which may have an influence on R&D investments. This paper analyzes R&D spending in family and founder firms versus other firms. The results show that while family ownership decreases the level of R&D intensity, ownership by lone founders has a positive effect not only on R&D intensity but also on the level of R&D productivity. The paper contributes to the understanding of the role of entrepreneurship in making high risk/high return R&D decisions. |
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Keywords: | Lone founder firms Family firms R& D spending R& D productivity Entrepreneurial orientation Agency theory Monitoring |
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