Family firms and research and development investment: the moderator effect of the board composition
From the perspective of agency and socio-emotional theories, the family firm's innovation behavior differs from non-family companies. We investigate the relationship be-tween the family element and Research and Development (R&D) investment, and how the moderating effect of the board composi...
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| Veröffentlicht in: | European journal of family business 2023, Vol.13 (1), p.71-91 |
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| container_title | European journal of family business |
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| creator | Briano Turrent, Guadalupe del Carmen Reyes Bastidas, Carolina Watkins Fassler, Karen Rodríguez Ariza, Lázaro |
| description | From the perspective of agency and socio-emotional theories, the family firm's innovation behavior differs from non-family companies. We investigate the relationship be-tween the family element and Research and Development (R&D) investment, and how the moderating effect of the board composition affects this relationship. Using a panel data composed by 1,284 observations-year during the period 2004-2014 from Argentina, Brazil, Chile and Mexico, empirical results show that family firms increase R&D investment when the moderating effect of the board composition is included. For instance, larger boards, the independence of the board, the COB-CEO duality and female directors motivates to a higher R&D and capital expenditures. These results confirm that board composition constitutes a monitoring mechanism of family members' actions, which leads to an increase of innovation strategies and suggest that family firms promote a long-term orientation with the purpose of preserving the wealth for next generations. This research contributes to the international literature analyzing a region not explored before and characterized by a weak institutional framework and lower rates on R&D investment compared to other emerging countries. |
| doi_str_mv | 10.24310/ejfbejfb.v13i1.16065 |
| format | Article |
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We investigate the relationship be-tween the family element and Research and Development (R&D) investment, and how the moderating effect of the board composition affects this relationship. Using a panel data composed by 1,284 observations-year during the period 2004-2014 from Argentina, Brazil, Chile and Mexico, empirical results show that family firms increase R&D investment when the moderating effect of the board composition is included. For instance, larger boards, the independence of the board, the COB-CEO duality and female directors motivates to a higher R&D and capital expenditures. These results confirm that board composition constitutes a monitoring mechanism of family members' actions, which leads to an increase of innovation strategies and suggest that family firms promote a long-term orientation with the purpose of preserving the wealth for next generations. 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| ispartof | European journal of family business, 2023, Vol.13 (1), p.71-91 |
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| source | Dialnet; DOAJ Directory of Open Access Journals; Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals |
| subjects | Agency theory Empresas familiares Family firms Investigación y desarrollo Latin America Latin América Research and development Riqueza socioemocional Socioemotional wealth Teoría de la agencia |
| title | Family firms and research and development investment: the moderator effect of the board composition |
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