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The Relationship between Family Control and Firm Performance:the Mediating Effect of R&D Investment

Author: ZhouYan
Tutor: ChenLing
School: Zhejiang University
Course: Business management
Keywords: Family business R&D investment Board independence Firmperformance
CLC: F272.5
Type: Master's thesis
Year: 2014
Downloads: 86
Quote: 0
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Abstract


Although there are abundant literature discussing the relationship between family control and firm performance, no general consensus has been achieved yet. Based on practical observation and following a theory-based perspective, this paper reveals the non-economic impact of the control family on the firm’s R&D investment, and proposes a possible mechanism describing how family control influences firm performance.Following the "family control-R&D investment-firm performance" framework, this article tries to answer the question that how family business deals with the tradeoff between economic and non-economic goals, since preservation of socioemotional wealth of the control family may affect the firm performance. Empirical results from an unbalanced panel data of listed family firms from2008to2010illustrate several interesting findings. First, there is a positive relation between family control and firm performance, indicating a competitive advantage generated by family business from the perspective of SEW. Second, family ownership has a positive impact on the R&D investment and the ratio of independent directors on board positively moderates the process. Third, R&D investment partly mediates the positive relationship between family ownership and firm performance. While the data shows no significant relation between family management and R&D investment.Overall, these findings extend current understanding of family business area by integrating governance theory and SEW perspective. Concerning on the non-economic impact that family exerted on firms, this paper clarifies the relationship between family control, R&D investment and firm performance, and examines the moderating effect of board independence. Moving forward, we advise that researches on distinct behaviors of family business may better capture the heterogeneity within this category, and thus the performance difference among them.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making > Economic Evaluation
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