Does the paternalism of founder-managers improve firm innovation? Evidence from Chinese non-state-owned listed firms

被引：10
作者：
Sun, Lan [1 ]
Liu, Shaobo [2 ]
Chen, Peng [1 ]
机构：
[1] Jinan Univ, Sch Econ, Dept Finance, Guangzhou, Guangdong, Peoples R China
[2] Jinan Univ, Southern China Inst Finance, Guangzhou, Guangdong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2022年 / 49卷
基金：
国家教育部科学基金资助; 中国国家自然科学基金;
关键词：
Paternalism; Firm innovation; Firm founder; Governance; Textual analysis; SOCIOEMOTIONAL WEALTH; CORPORATE GOVERNANCE; CEOS; FAMILY; PERFORMANCE; TEAM;
D O I：
10.1016/j.frl.2022.103146
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the impact of firm founders as top managers (founder-managers) on firm innovation. We first propose a text-based indicator of founder-manager paternalism to measure the emotional relationship between founder-managers and the firms they founded from the perspective of socioemotional wealth. We further investigate the role of founder-manager paternalism in firm innovation using a sample of non-state-owned listed firms in China during the period 2007-2017. The results show that founder-manager paternalism has a positive impact on firm innovation. Moreover, the findings indicate that higher levels of corporate governance may undermine the positive relationship between founder-manager paternalism and firm innovation.
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页数：14
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