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Family ownership and R&D investment: The role of growth opportunities and business group membership

机译：家族所有权和研发投资：增长机会和企业集团成员的作用

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This study examines whether the influence of family ownership on R&D investment varies depending on growth opportunities and business group membership. Using data on Korean firms over ten years (1998-2007), the study shows that family ownership is negatively related to R&D investment, but the relationship becomes positive when growth opportunities are present. The moderating effect, however, differs between independent family firms and family business groups. The positive influence that growth opportunities have on promoting R&D investment is diminished for affiliates of family business groups. These findings imply that family owners invest more in R&D when their family control goals are threatened by the loss of growth potential. The empirical results of this study and its behavioral decision-making model help to bridge the gap between the predictions of the family control perspective and agency theory in explaining R&D investment by family firms in an emerging economy. (C) 2014 Elsevier Inc. All rights reserved.
机译：这项研究调查了家族所有权对研发投资的影响是否取决于增长机会和业务组成员身份而变化。使用十年（1998-2007年）韩国企业的数据，研究表明，家族所有权与R＆D投资负相关，但是当存在增长机会时，这种关系就为正。但是，独立家族企业和家族企业集团之间的调节作用是不同的。对于家族企业集团的分支机构来说，增长机会对促进研发投资的积极影响已减弱。这些发现表明，当家庭控制目标受到增长潜力的丧失的威胁时，家庭所有者会在研发方面投入更多。这项研究的实证结果及其行为决策模型有助于弥合家族控制观点的预测与代理理论之间的差距，以解释新兴经济体中家族企业的R＆D投资。 （C）2014 Elsevier Inc.保留所有权利。

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