Family nonexecutive directors, professional managers, and investment in family firms

被引：0
|
作者：
Wang, Shengbin [1 ]
Jin, Junheng [2 ]
Li, Haoze [3 ]
机构：
[1] Xinyang Normal Univ, Sch Law & Sociol, Xinyang 464000, Henan, Peoples R China
[2] Zhongnan Univ Econ & Polit Sci, Sch Criminal Justice, Wuhan 430073, Hubei, Peoples R China
[3] Renmin Univ China, Sch Lab & Human Resources, Beijing 100872, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 58卷
关键词：
Family firms; Nonexecutive directors; Capital expenditure; Innovation investment;
D O I：
10.1016/j.frl.2023.104569
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study empirically analyzes the relationship between family nonexecutive directors and family business investment. It is found that family nonexecutive directors can significantly inhibit listed family firms' capital expenditure and innovation investment. Furthermore, firms effectively introducing professional managers inhibit or mitigate the impact of family nonexecutive directors on the firm's capital expenditure and innovation investment, and a change in general manager has no moderating effect on the relationship between family nonexecutive directors and the firm's capital expenditure and innovation investment.
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页数：7
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