Family CEO affect and R&D investments of family firms: The moderation effect of family ownership structure

IF 7.4 2区管理学 Q1 BUSINESS

Long Range Planning Pub Date : 2023-10-01 DOI:10.1016/j.lrp.2022.102230

Juan Bautista Delgado-García , Virginia Blanco-Mazagatos , M. Elena Romero-Merino , Celia Díaz-Portugal

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引用次数: 6

Abstract

The last decades have seen increasing interest in the determinants of heterogeneity in family firm innovation. In this study, we respond to recent calls to address the micro-level mechanisms behind innovation in family firms. Specifically, we analyze the effect of family CEO affect, namely positive and negative affective traits, on the R&D investment decisions of family firms. We also analyze the moderating effect of family ownership structure on the influence of CEO affect on these strategic decisions. Consistent with affect maintenance arguments, our findings of a sample of 142 Spanish family firms show that positive family CEO affect negatively influences the R&D investments of family firms, while negative affect positively influences these investments. The results also show that family CEO ownership and family CEO branch ownership strengthen the effects of family CEO affect on R&D investments, whereas ownership concentration in other family branches weakens these effects.

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家族CEO影响与家族企业研发投资:家族股权结构的调节作用

在过去的几十年里，人们对家族企业创新异质性的决定因素越来越感兴趣。在这项研究中，我们回应了最近关于解决家族企业创新背后的微观层面机制的呼吁。具体而言，我们分析了家族CEO效应，即正面和负面情感特征对家族企业r&d投资决策的影响。本文还分析了家族股权结构对CEO影响力对战略决策影响的调节作用。与影响维持论点一致，我们对142家西班牙家族企业样本的研究结果表明，积极的家族CEO影响对家族企业的研发投资产生负面影响，而消极的影响对这些投资产生积极影响。结果还表明，家族CEO持股和家族CEO分支机构持股强化了家族CEO对研发投资的影响，而其他家族分支机构的股权集中度则削弱了这种影响。

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

Long Range Planning Multiple-

CiteScore

13.00

自引率

7.10%

发文量

期刊介绍： Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.