{"title":"研发是否在公司治理与企业价值之间起到中介作用？跨司法管辖区的家族企业证据","authors":"Ella Xu, Guangxin","doi":"10.1111/ecpo.12345","DOIUrl":null,"url":null,"abstract":"<p>This study examines the mediating effect of R&D investment on the relationship between corporate governance and enterprise value, considering ownership (i.e., family vs<i>.</i> non-family firms) and jurisdictional differences (i.e., common law vs. civil law). Using a multinational sample from 2009 to 2018, this study reveals that R&D negatively and partially mediates the relationship between corporate governance and enterprise value, with a more substantial effect in family firms within a civil law context. This supports the assumption that family firms are more conservative towards R&D investment. This study highlights the need for strategic decision-making to consider ownership differences and legal context in shaping enterprise value.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"880-902"},"PeriodicalIF":1.4000,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.12345","citationCount":"0","resultStr":"{\"title\":\"Does R&D Mediate the Link Between Corporate Governance and Enterprise Value? Evidence From Family Firms Across Jurisdictional Contexts\",\"authors\":\"Ella Xu, Guangxin\",\"doi\":\"10.1111/ecpo.12345\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This study examines the mediating effect of R&D investment on the relationship between corporate governance and enterprise value, considering ownership (i.e., family vs<i>.</i> non-family firms) and jurisdictional differences (i.e., common law vs. civil law). Using a multinational sample from 2009 to 2018, this study reveals that R&D negatively and partially mediates the relationship between corporate governance and enterprise value, with a more substantial effect in family firms within a civil law context. This supports the assumption that family firms are more conservative towards R&D investment. This study highlights the need for strategic decision-making to consider ownership differences and legal context in shaping enterprise value.</p>\",\"PeriodicalId\":47220,\"journal\":{\"name\":\"Economics & Politics\",\"volume\":\"37 3\",\"pages\":\"880-902\"},\"PeriodicalIF\":1.4000,\"publicationDate\":\"2025-04-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.12345\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economics & Politics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/ecpo.12345\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics & Politics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ecpo.12345","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
Does R&D Mediate the Link Between Corporate Governance and Enterprise Value? Evidence From Family Firms Across Jurisdictional Contexts
This study examines the mediating effect of R&D investment on the relationship between corporate governance and enterprise value, considering ownership (i.e., family vs. non-family firms) and jurisdictional differences (i.e., common law vs. civil law). Using a multinational sample from 2009 to 2018, this study reveals that R&D negatively and partially mediates the relationship between corporate governance and enterprise value, with a more substantial effect in family firms within a civil law context. This supports the assumption that family firms are more conservative towards R&D investment. This study highlights the need for strategic decision-making to consider ownership differences and legal context in shaping enterprise value.
期刊介绍：
Economics & Politics focuses on analytical political economy, broadly defined as the study of economic and political phenomena and policy in models that include political processes, institutions and markets. The journal is the source for innovative theoretical and empirical work on the intersection of politics and economics, at both domestic and international levels, and aims to promote new approaches on how these forces interact to affect political outcomes and policy choices, economic performance and societal welfare. Economics & Politics is a vital source of information for economists, academics and students, providing: - Analytical political economics - International scholarship - Accessible & thought-provoking articles - Creative inter-disciplinary analysis
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