家族企业的研发“悖论”——一个行为决策模型与实证分析

The Paradox of Family Firms′ R&D Investments——A Behavioral Decision-Making Model and Empirical Test

发展家族企业的行为决策模型,分解不同的社会情感财富维度作为决策参照点,并结合制度环境解释家族企业的研发投入。分析全国私营企业调查数据发现:家族所有权与家族成员出任CEO之间的交互作用对企业研发投入产生负向影响,家族所有权与企业家传承意向之间的交互作用对企业研发投入产生正向影响。制度不确定性削弱了上述交互效应。

This paper advances a behavioral decision-making model of family firms by adopting diverse dimensions of socioemotional wealth as reference points and including institutional context. Based on the analysis of national survey data, results show that there is a negative interaction effect of family CEO and family ownership on R&D investments, and there is a positive interaction effect of owners′ succession intention and family ownership on R&D investments. Institutional uncertainty weakens above interaction effects.