Non-family shareholder governance and the digital transformation of family firms: Evidence from China

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review Pub Date : 2023-03-19 DOI:10.1111/corg.12517

Shanzhong Du, Lianfu Ma, Zhuo Li, Chengcheng Ma

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引用次数: 0

Abstract

Research Question/Issue

We investigate the influence of non-family shareholder governance on Chinese family firms' digital transformation strategies.

Research Findings/Insights

We use the socioemotional wealth theory to examine the impact of non-family shareholder governance on family firms' digital transformation. We find that the influence of non-family shareholder governance by appointing directors can significantly promote the implementation of digital transformation strategies through their capital and human effects in family firms. In contrast, non-family shareholders only play a positive role in family firms' digital transformation when they are blockholders. In addition, non-family shareholder governance plays a significant role in promoting the digital transformation of family firms with entrepreneurship and a high degree of industry competition. Regarding external digital development, the Broadband China policy complements family firms' digital transformation strategies. The characteristics of the appointed directors suggest that the introduction of appointed directors, an excess of appointed directors, and the inclusion of appointed directors with digital expertise can effectively promote the digital transformation of family firms. The characteristics of controlling families show that socioemotional wealth can further optimize the relationship between non-family shareholder governance and digital transformation.

Theoretical/Academic Implications

We not only verify the rationality and effectiveness of non-family shareholder governance in combination with digital transformation strategies but also further observe the impact of the heterogeneity of directors appointed by non-family shareholders on family firms' digital transformation strategies. Thus, our study tests the influence of non-family shareholder governance on digital transformation and enriches the literature on non-family shareholder governance and family firms' strategies.

Practitioner/Policy Implications

This study offers insights to family firms regarding how to effectively promote non-family shareholders' participation in corporate governance and help family firms to achieve the goal of “everlasting foundation.”

查看原文本刊更多论文

非家族股东治理与家族企业数字化转型:来自中国的证据

研究问题我们研究非家族股东治理对中国家族企业数字化转型战略的影响。研究结果/见解我们运用社会情感财富理论研究非家族股东治理对家族企业数字化转型的影响。我们发现，非家族股东通过委派董事对家族企业治理的影响可以通过其资本效应和人力效应显著促进家族企业数字化转型战略的实施。相比之下，非家族股东只有在作为大股东时才会对家族企业的数字化转型起到积极作用。此外，非家族股东治理在促进具有创业精神和高度行业竞争的家族企业数字化转型方面发挥着重要作用。在外部数字化发展方面，"宽带中国 "政策与家族企业的数字化转型战略相辅相成。委任董事的特征表明，引入委任董事、过多委任董事以及吸收具有数字化专长的委任董事，可以有效促进家族企业的数字化转型。控股家族的特征表明，社会情感财富可以进一步优化非家族股东治理与数字化转型之间的关系。理论/学术意义我们不仅验证了非家族股东治理与数字化转型战略相结合的合理性和有效性，还进一步观察了非家族股东委派董事的异质性对家族企业数字化转型战略的影响。因此，我们的研究检验了非家族股东治理对数字化转型的影响，丰富了有关非家族股东治理与家族企业战略的文献。实践者/政策启示本研究为家族企业如何有效促进非家族股东参与公司治理提供了启示，有助于家族企业实现 "基业长青 "的目标。

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来源期刊

Corporate Governance-An International Review Multiple-

CiteScore

7.00

自引率

11.30%

发文量

期刊介绍： The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.