Board chairs and R&D investment: Evidence from Chinese family-controlled firms

被引：70
作者：
Jiang, Fuxiu [1 ]
Shi, Wei [2 ]
Zheng, Xiaojia [3 ]
机构：
[1] Renmin Univ China, Sch Business, 59 Zhongguancun St, Beijing 100872, Peoples R China
[2] Univ Miami, Miami Herbert Business Sch, 5250 Univ Dr,Jenkins 414J, Coral Gables, FL 33146 USA
[3] Univ Int Business & Econ, Sch Int Trade & Econ, 10 Huixin East St, Beijing 100029, Peoples R China
来源：
JOURNAL OF BUSINESS RESEARCH | 2020年 / 112卷
关键词：
Board chair; Family firms; Innovation; Corporate governance; SOCIOEMOTIONAL WEALTH; RISK-TAKING; TECHNOLOGICAL-INNOVATION; BEHAVIORAL AGENCY; TOP MANAGEMENT; FOUNDER FIRMS; CEO DUALITY; OWNERSHIP; PERFORMANCE; INVOLVEMENT;
D O I：
10.1016/j.jbusres.2020.02.026
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study extends family firm governance research by highlighting the role of board chairs in shaping research and development (R&D) investment decisions. We argue that family firms with family members as board chairs (i.e., family chairs) make more intensive R&D investment than family firms without family chairs, because family chairs enable family owners to have direct control over firms, making these owners less concerned about potential loss of socioemotional wealth. We identify two boundary conditions-public visibility of family owners, and sales growth rate relative to social aspiration levels-that shape the influence of family chairs on R& D intensity. Our findings from 1471 Chinese family-controlled firms lend support to our theoretical arguments.
引用
收藏
页码：109 / 118
页数：10
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