Political embeddedness, socioemotional wealth, and R&D investment in family firms: Evidence from China as a transition economy

IF 9.5 1区 管理学 Q1 BUSINESS
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引用次数: 0

Abstract

The behavioral agency model predicts that family firms underinvest in R&D to preserve socioemotional wealth. In transition economies, family firms suffer from institution voids, so political embeddedness helps them do business. In a mixed gamble analysis of publicly listed firms in China, we find that politically embedded family firms are more likely to invest in R&D than those that are not politically embedded. However, this effect is weaker when the firms are in more-competitive industries or regions with higher speed of pro-market reforms. Hence, in regions with higher pro-market reforms speed or in more-competitive industries of China, family firms should be aware that potential financial and SEW gains derived from R&D investment are less dependent on the government and that political embeddedness does not always confer advantages. Family firms need to be strategic in response to institutional changes when implementing nonmarket strategies.

家族企业的政治嵌入、社会情感财富和研发投资:来自转型经济体中国的证据
根据行为代理模型的预测,家族企业在研发方面的投资不足是为了保护社会情感财富。在转型经济体中,家族企业存在制度空白,因此政治嵌入有助于它们开展业务。在对中国上市公司进行的混合博弈分析中,我们发现政治嵌入型家族企业比非政治嵌入型家族企业更有可能进行研发投资。但是,如果企业所处的行业竞争性更强,或者所处地区的市场化改革速度更快,这种效应就会减弱。因此,在中国市场化改革速度较快的地区或竞争性较强的行业,家族企业应该意识到,研发投资所带来的潜在财务和社会经济效益收益对政府的依赖性较低,政治嵌入并不总能带来优势。家族企业在实施非市场战略时,需要对制度变革做出战略性反应。
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来源期刊
CiteScore
11.40
自引率
19.40%
发文量
53
期刊介绍: The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.
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