Family ownership and R&D investment: The role of growth opportunities and business group membership
Cited 0 times inCited 0 times in
- Family ownership and R&D investment: The role of growth opportunities and business group membership
- Choi, Young Rok; Zahra, Shaker A.; Yoshikawa, Toru; Han, Bong H.
- R&D investment; Family ownership; Growth opportunities; Business groups; Behavioral decision-making
- Issue Date
- ELSEVIER SCIENCE INC
- JOURNAL OF BUSINESS RESEARCH, v.68, no.5, pp.1053 - 1061
- 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.
- ; Go to Link
- Appears in Collections:
- SBA_Journal Papers
- Files in This Item:
can give you direct access to the published full text of this article. (UNISTARs only)
Show full item record
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.