女承父业对组合创业的影响:基于我国家族企业上市公司数据的证据

The Impact of Daughter Succession on Portfolio Entrepreneurship:Evidence from the Data of Listed Companies in Chinese Family Businesses

女承父业中,女性继任者会由于社会角色偏见而陷入代际锁定,还是会打破社会角色偏见推动组合创业?基于社会角色理论和计划行为理论,探索女性继任者在继承家族企业时面临的社会角色偏见困境及其独特的策略选择偏好,分析其对家族企业组合创业的影响。基于2008—2019年中国家族企业上市公司的数据,发现女承父业对家族企业的组合创业有显著正向影响。女性继任者的社会教育经历特征、利益相关者的力量(父辈的社会网络关系、董事会稳定性)调节着女承父业与组合创业间的关系。

In the intergenerational inheritance of Chinese family businesses, more and more daughters are succeeding in the family business. Female successor is likely to follow her father’s business philosophy more closely, it is easier to manage corporate strategy within the framework of her father’s management strategy. However, family businesses practice shows a completely different side. After the daughter succeeded, the business scope of the family business quickly broke through her father’s framework, and they led the enterprise to start a portfolio entrepreneurship. This study attempts to explore will daughter succession be trapped into intergenerational locking by social role bias, or will they break down social role bias to promote portfolio entrepreneurship?Based on social role theory and theory of planned behavior, this study takes China’s family listed companies as the research object, uses random effect model to analysis on the data of Chinese family listed companies from 2008 to 2019.This study explores the dilemma of social role bias faced by daughters succeeding family businesses and their unique strategic choice preferences, as well as the impact on family businesses portfolio entrepreneurship. It is found that daughter succession has a significant positive impact on portfolio entrepreneurship. Daughters’ social educational experience and the power of stakeholders which including fathers’ social networks and board stability, moderated the relationship between daughter succession and portfolio entrepreneurship.When female successors succeed, they will be challenged by social role bias, and they will be motivated to adopt realistic strategies to break through the dilemma of social role bias, and the possibility of choosing portfolio entrepreneurship will increase. When female successors are socially educated in more institutionally diverse environments, they will have more human capital advantages and gender role awareness, strengthen the motivation and ability of portfolio entrepreneurship. The fathers’ social networking will increase the institutional homogeneity pressure of female successors and reduce the sensitivity of entrepreneurial information of female successors. When boards are more stable, female successors are more subject to subservient pressures of strategic consensus and non-profit scrutiny of social emotional wealth. The power of stakeholders will weaken the choice of entrepreneurial strategy by female successors.Future research can explore the deep theoretical mechanism based on the Chinese cultural context. As a unique phenomenon of family business succession, there will be a greater research trend in the future.