Socioemotional Wealth as a Mixed Gamble: Revisiting Family Firm R&D Investments With the Behavioral Agency Model

被引：362

作者：

Gomez-Mejia, Luis R. ^{[1
]}

Campbell, Joanna Tochman ^{[2
]}

Martin, Geoffrey ^{[3
]}

Hoskisson, Robert E. ^{[4
]}

Makri, Marianna ^{[5
]}

Sirmon, David G. ^{[6
]}

机构：

[1] Univ Notre Dame, Mendoza Coll Business, Notre Dame, IN 46556 USA

[2] Univ Arkansas, Sam M Walton Coll Business, Fayetteville, AR 72701 USA

[3] Melbourne Business Sch, Carlton, Vic, Australia

[4] Rice Univ, Jones Grad Sch Business, Houston, TX USA

[5] Univ Miami, Sch Business Adm, Coral Gables, FL 33124 USA

[6] Univ Washington, Foster Sch Business, Seattle, WA 98195 USA

来源：

ENTREPRENEURSHIP THEORY AND PRACTICE | 2014年 / 38卷 / 06期

关键词：

INSTITUTIONAL INVESTORS; DIVERSIFICATION STRATEGY; OWNERSHIP STRUCTURE; RISK-TAKING; TECHNOLOGICAL-INNOVATION; EXECUTIVE-COMPENSATION; FINANCIAL PERFORMANCE; SHAREHOLDER ACTIVISM; CORPORATE GOVERNANCE; EMPIRICAL-ANALYSIS;

D O I：

10.1111/etap.12083

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Theoretical explanations for family firm underinvestment in R&D relative to nonfamily firms remain nascent. We revisit this question using a refinement to the behavioral agency model (BAM)the mixed gamblethat allows us to examine the socioemotional trade-offs that R&D represents for the family firm and how this differentiates their R&D investment decision from nonfamily firms. We do so in an empirical context where R&D investment is of greatest importancehigh-technology industries. Moreover, we examine three contingencies that allow us to explore heterogeneity across family firms in their R&D decisions due to their effect upon the family's socioemotional wealth mixed gamble: institutional investor ownership, related diversification, and performance hazard.

引用

页码：1351 / 1374

页数：24

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