家族企业更具有长期导向吗?——基于家族控制与传承意愿的实证检验

Are Family Enterprises More Long-term Oriented?——An Empirical Study of Family Control and Succession Intention Effect

长期导向经常被认为是家族企业取得卓越绩效的重要解释,但实证支持不多。从跨时决策和跨代创业视角对家族控制企业的长期导向行为进行检验,并对家族传承意愿在其间的影响进行分析,结果发现,家族控制总体上会显著促进企业慈善捐赠这一长期导向的行为,而对研发投入力度并无影响。进一步对不同家族传承意愿分组的检验显示,家族控制的长期价值视野的运用是有条件的。在意图家族传承的企业中,这一机制才发挥正向的作用,而当家族传承意愿缺失时,家族控制更多表现出非长期导向的行为倾向。

Long-term orientation is always regarded as an important explanation of family enterprises＇ superior performance even though with little empirical support.Based on the inter-temporal decision and transgenerational entrepreneurship perspectives,this study analyzes the long-term orientation behaviors of family controlled enterprises and examines the contingency effect of family succession intention.The result shows that family control helps improve enterprises＇ charity donation,but has no impact on long-term behaviors such as research and development investment.Subgroup analysis further reveals that the long-term value of family control is conditional.Family control is more positively related to long-term oriented behaviors in enterprises with intention to pass on to the next generation than those without this intention.Moreover,family control in enterprises without family succession intention behaves more short-term oriented.