二代参与管理是否抑制了家族企业绿色创新?

Does Second-generation Participation in Management Inhibit Green Innovation in Family Businesses?

以2010—2020年中国A股上市家族企业为样本,探究二代参与管理对家族企业绿色创新的影响及其作用机制。研究发现:二代参与管理抑制了家族企业绿色创新行为,具体表现为二代参与管理家族企业通过降低风险承担水平,进而抑制绿色创新;开放的市场化程度和较强的产品市场竞争对两者之间的关系起着正向调节作用。研究结论在变更变量测度、Heckman两阶段检验以及工具变量检验后依旧稳健。研究不仅揭示了二代参与管理对家族企业绿色创新的阻碍作用,而且为代际传承家族企业进一步优化其战略提供更为具体的建议。

Using Chinese A-share listed family businesses from 2010 to 2020 as a sample,this study explores the impact and mechanism of second-generation participation in management on green innovation in family businesses.Research has found that,firstly,the participation of the second generation in management suppresses the green innovation behavior of family businesses,which is manifested in the second generation s participation in managing family businesses by reducing the level of risk-taking,thereby inhibiting green innovation;secondly,further analysis shows that the degree of open marketization and strong product market competition have a positive moderating effect on the relationship between the two.The research conclusion remains robust after variable measurement,Heckman two-stage test,and instrumental variable test.Our research not only reveals the hindering effect of second-generation participation in management on green innovation in family businesses,but also provides more specific suggestions for intergenerational inheritance of family businesses to further optimize their strategies.