Origin matters: Institutional imprinting and family firm innovation in China |
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| Affiliation: | 1. Business School, Zhengzhou University, Zhengzhou, PR China;2. Lingnan College, Sun Yat-sen University, Guangzhou, PR China;3. School of Finance & Southern China Institute of Fortune Management Research, Guangdong University of Foreign Studies, Guangzhou, PR China;1. Academy of Mathematics and Systems Science, Chinese Academy of Science, China;2. School of Business, University of Wollongong, Australia;3. School of Sociology and Political Science, Shanghai University, China;4. School of Public Economics and Administration, Shanghai University of Finance and Economics, China;1. School of Business, Zhejiang University City College, Hangzhou, China;2. School of Management, Zhejiang University, Hangzhou, China;3. China Academy of Financial Research, Zhejiang University of Finance & Economics, Hangzhou, China;1. Monetary and Banking Research Institute, Tehran, Iran;2. Graduate School of Management and Economics, Sharif University of Technology, Tehran, Iran;3. Department of Finance, Orfalea College of Business, California Polytechnic State University, San Luis Obispo, CA 93407, USA;1. Institute of Economic Research, Hitotsubashi University, Tokyo, Japan;2. Faculty of Economics, Hosei University, Tokyo, Japan;3. Institute of Economic Research, Kyoto University, Kyoto, Japan;1. School of Business, Beijing Technology and Business University, Beijing, China;2. School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing, China |
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| Abstract: | During the early 1990s, a swathe of small state-owned enterprises (SOEs) was privatized as family businesses in China. This paper examines whether and how the origin (i.e., restructured vs. entrepreneurial) of family firms affects corporate innovation. Using the data of Chinese family firms from 2009 to 2018, we find that restructured family firms generate fewer patents generally than entrepreneurial family firms, but create more high-quality patents than their entrepreneurial counterparts. This effect is more pronounced for those family firms which had formerly been SOEs for a more extended period, without generational succession, and previously controlled by governments entirely. Further mechanism tests show that restructured family firms have a higher likelihood of hiring professional managers, are subject to less intervention from family members, and have fewer informal hierarchies, providing direct evidence for the institutional imprinting channel. Our findings suggest that the institutional imprint underlying the origin of family firms can be critical to their innovation decisions. |
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