Intergenerational succession and family business investment preference

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-08 DOI:10.1016/j.frl.2025.107923

Liuming Wang , Chen Cheng , Jinghao Mu

引用次数: 0

Abstract

This study employs prospect theory and investigates firm-level irrational investment decisions shaped by an economic system with imperfect governance. Focusing on China, we find that second-generation succession significantly increases family firms’ financial investment. This investment preference turns weaker when the successor is high-educated and has no siblings, or when the family firm performs worse, has better institutions, hinging on perceived gains and potential additional risk. The result is plausibly causal considering possible endogeneity issues, various variable specifications, and placebo tests.

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代际传承与家族企业投资偏好

本文运用前景理论，考察了治理不完善经济体制下企业非理性投资决策的影响。以中国为研究对象，我们发现第二代继承显著增加了家族企业的财务投入。当继承人受过高等教育且没有兄弟姐妹时，或者当家族企业表现较差，拥有更好的制度时，这种投资偏好就会减弱，这取决于预期收益和潜在的额外风险。考虑到可能的内生性问题、各种变量规格和安慰剂测试，结果似乎是因果关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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