Investment Time Horizons in Family Versus Non-Family Firms and Among Family Firms with Governance Heterogeneity: Evidence from China
-
Lina Zhu
und
Hanqing Chevy Fang
Abstract
Investment time horizons (i.e. long-term and short term) remain under researched within the context of family versus non-family firms. This phenomenon also requires taking a closer look at the governance heterogeneity among family firms as it can lead to differences among family firms in terms of the temporal nature of the investments. Drawing upon a goal-based theoretical framework, we hypothesize that family firms are more likely to engage in long-term investments; and simultaneously, less likely to engage in short-term investments compared to non-family firms. We also hypothesize that the idiosyncratic investment time horizon in family business is primarily captured by de novo or “born as” family businesses, rather than family firms privatized and transformed from state-owned firms. A longitudinal analysis of 34,079 firm-year observations from 4,101 listed firms between 2007 and 2020 yields interesting findings with significant theoretical and practical implications.
Real estate has been a reliable investment in China due to rapid and ongoing urbanization coupled with the growth of the middle class. Nevertheless, this type of investment is often considered short-term in focus (Lei, Cao, and Qi 2017). This is because many firms view it as a quick way to gain monetary returns, leading to corporate investment diverging from their primary industrial focus. For example, as early as 2006, Yunnan Baiyao, a company whose main business is traditional Chinese medicine, began venturing into the real estate market. In our sample, the proportion of non-real estate companies engaging in real estate investment reached 38.51 %.
Furthermore, the popularity of real estate investment is often driven by Chinese government policy initiatives aimed at growing the real estate industry, and as a result the industry is vulnerable to policy shifts. For instance, from 1998 to the present, China’s real estate policy regulation has alternated between relaxation and tightening seven times. Each cycle of relaxation and tightening forms a cycle. The country has experienced four such cycles: from the end of welfare housing allocation in 1998 to before the 2008 financial crisis (first cycle), from the 2008 financial crisis to the end of 2011 (second cycle), from 2012 to the end of 2013 (third cycle), and from the end of 2013 to the present (fourth cycle). Currently, we are in the fourth tightening period, which started in the second half of 2016 (see Table 9). As a result, real estate investment is considered short-term because its returns depend on external government policies, which frequently change.
History of policy shifts in China’s real estate industry.
| Industrial cycles | Market reactions |
|---|---|
| First Round of Relaxation (1998–2003) | To counter the financial crisis, housing market reforms were initiated, leading to increased demand and rapid housing price increases |
| First Round of Tightening (2003–2008, Pre-Financial Crisis) | As the economy overheated, regulators implemented strict land management and demand control measures to curb real estate investment |
| Second Round of Relaxation (2008–2009, Financial Crisis) | To counteract the 2008 financial crisis, financing restrictions for real estate companies were relaxed. The industry rebounded quickly |
| Second Round of Tightening (Late 2009-End of 2011) | In the context of an overheating economy and rising inflation, policies were tightened again, helping to control the growth rate of housing prices |
| Third Round of Relaxation (End of 2011–2012) | Under economic downward pressure, macroeconomic policies were proposed to revitalize the national economy. While the central government’s real estate policies were not significantly relaxed, local governments made policy adjustments. New rounds of interest rate cuts and reserve requirement reductions led to a market recovery in real estate |
| Third Round of Tightening (2013) | The “Five National Policies” aimed at regulating the real estate market by the previous government could not prevent the continued warming of the real estate market, with housing prices in first-tier cities continuing to surge |
| Fourth Round of Relaxation (End of 2013-First Half of 2016): | Faced with the pressures of stimulating economic growth, real estate policies were relaxed by the Chinese government. Monetary easing and the policy of monetizing shantytown renovations jointly drove housing prices to rise |
| Fourth Round of Tightening (Second Half of 2016-Present) | New real estate policies were proposed with the slogan “housing is for living, not for investment.” specifically, strict monetary policies were developed to control the flow of monetary resources into the real estate industry. The government also began to advocate for the housing rental market instead of the sales market. Lastly, financing regulations were again strengthened, increasing the difficulty of obtaining bank loans for real estate investment |
Lastly, our claim is supported by market reactions. Over the years, we have observed significant fluctuations in the market’s assessment of real estate companies. For instance, according to the Real Estate Index in China from 2002 to 2023, the Chinese real estate industry has experienced considerable ups and downs, reflecting its dynamic and sometimes unstable nature (Figure 1). This indicates that even market investors hold time-variant attitudes toward real estate companies, suggesting that real estate investments are best viewed as short-term ventures rather than long-term safe bets.
Shanghai Stock Exchange (SSE) Real Estate Index from 2006 to 2024. Note: Figure extracted from the following link https://www.tradingview.com/chart/?symbol=SSE%3A000006, accessed on July 12, 2024.
References
Aghion, P., and J. Tirole. 1994. “The Management of Innovation.” Quarterly Journal of Economics 109 (4): 1185–209. https://doi.org/10.2307/2118360.Suche in Google Scholar
Anderson, R. C., and D. M. Reeb. 2003. “Founding-Family Ownership and Firm Performance: Evidence from the S&P 500.” The Journal of Finance 58 (3): 1301–28. https://doi.org/10.1111/1540-6261.00567.Suche in Google Scholar
Azoulay, P., J. S. Graff Zivin, and G. Manso. 2011. “Incentives and Creativity: Evidence from the Academic Life Sciences.” The RAND Journal of Economics 42 (3): 527–54. https://doi.org/10.1111/j.1756-2171.2011.00140.x.Suche in Google Scholar
Berger, A. N., and G. F. Udell. 1998. “The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle.” Journal of Banking & Finance 22 (6-8): 613–73. https://doi.org/10.1016/s0378-4266(98)00038-7.Suche in Google Scholar
Berrone, P., C. Cruz, and L. R. Gómez-Mejía. 2012. “Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research.” Family Business Review 25 (3): 258–79. https://doi.org/10.1177/0894486511435355.Suche in Google Scholar
Brigham, K. H., G. T. Lumpkin, G. T. Payne, and M. A. Zachary. 2014. “Researching Long-Term Orientation: A Validation Study and Recommendations for Future Research.” Family Business Review 27 (1): 72–88. https://doi.org/10.1177/0894486513508980.Suche in Google Scholar
Burkart, M., F. Panunzi, and A. Shleifer. 2003. “Family Firms.” The Journal of Finance 58 (5): 2167–201. https://doi.org/10.1111/1540-6261.00601.Suche in Google Scholar
Cambrea, D. R., Y. Ponomareva, D. Pittino, and A. Minichilli. 2022. “Strings Attached: Socioemotional Wealth Mixed Gambles in the Cash Management Choices of Family Firms.” Journal of Family Business Strategy 13 (3): 100466. https://doi.org/10.1016/j.jfbs.2021.100466.Suche in Google Scholar
Cannella Jr, A. A., C. D. Jones, and M. C. Withers. 2015. “Family-versus Lone-Founder-Controlled Public Corporations: Social Identity Theory and Boards of Directors.” Academy of Management Journal 58 (2): 436–59. https://doi.org/10.5465/amj.2012.0045.Suche in Google Scholar
Carney, M. 2005. “Corporate Governance and Competitive Advantage in Family – Controlled Firms.” Entrepreneurship Theory and Practice 29 (3): 249–65. https://doi.org/10.1111/j.1540-6520.2005.00081.x.Suche in Google Scholar
Chen, W. R., and K. D. Miller. 2007. “Situational and Institutional Determinants of Firms’ R&D Search Intensity.” Strategic Management Journal 28 (4): 369–81. https://doi.org/10.1002/smj.594.Suche in Google Scholar
Cheng, S. 2004. “R&D Expenditures and CEO Compensation.” The Accounting Review 79 (2): 305–28. https://doi.org/10.2308/accr.2004.79.2.305.Suche in Google Scholar
Cheng, C., S. Zhang, and G. Liu. 2023. “Family Business Origin and Investment Preference: An Empirical Study of Imprinting Theory.” The British Accounting Review: 101273. https://doi.org/10.1016/j.bar.2023.101273.Suche in Google Scholar
Chrisman, J. J., and P. C. Patel. 2012. “Variations in R&D Investments of Family and Nonfamily Firms: Behavioral Agency and Myopic Loss Aversion Perspectives.” Academy of Management Journal 55 (4): 976–97. https://doi.org/10.5465/amj.2011.0211.Suche in Google Scholar
Chrisman, J. J., J. H. Chua, A. De Massis, F. Frattini, and M. Wright. 2015. “The Ability and Willingness Paradox in Family Firm Innovation.” Journal of Product Innovation Management 32 (3): 310–8. https://doi.org/10.1111/jpim.12207.Suche in Google Scholar
Chrisman, J. J., J. H. Chua, and L. P. Steier. 2011. “Resilience of Family Firms: An Introduction.” Entrepreneurship Theory and Practice 35 (6): 1107–19. https://doi.org/10.1111/j.1540-6520.2011.00493.x.Suche in Google Scholar
Chrisman, J. J., J. H. Chua, A. W. Pearson, and T. Barnett. 2012. “Family Involvement, Family Influence, and Family-Centered Non-Economic Goals in Small Firms.” Entrepreneurship Theory and Practice 36 (2): 267–93. https://doi.org/10.1111/j.1540-6520.2010.00407.x.Suche in Google Scholar
Chua, J. H., J. J. Chrisman, and E. P. Chang. 2004. “Are Family Firms Born or Made? An Exploratory Investigation.” Family Business Review 17 (1): 37–54. https://doi.org/10.1111/j.1741-6248.2004.00002.x.Suche in Google Scholar
Chua, J. H., J. J. Chrisman, and P. Sharma. 1999. “Defining the Family Business by Behavior.” Entrepreneurship Theory and Practice 23 (4): 19–39. https://doi.org/10.1177/104225879902300402.Suche in Google Scholar
Chua, J. H., J. J. Chrisman, L. P. Steier, and S. B. Rau. 2012. “Sources of Heterogeneity in Family Firms: An Introduction.” Entrepreneurship Theory and Practice 36 (6): 1103–13. https://doi.org/10.1111/j.1540-6520.2012.00540.x.Suche in Google Scholar
Corbetta, G., and C. Salvato. 2004. “Self-serving or Self-Actualizing? Models of Man and Agency Costs in Different Types of Family Firms: A Commentary on “Comparing the Agency Costs of Family and Non-Family Firms: Conceptual Issues and Exploratory Evidence”.” Entrepreneurship Theory and Practice 28 (4): 355–62. https://doi.org/10.1111/j.1540-6520.2004.00050.x.Suche in Google Scholar
Craig, J. B., C. Dibrell, and P. S. Davis. 2008. “Leveraging Family-Based Brand Identity to Enhance Firm Competitiveness and Performance in Family Businesses.” Journal of Small Business Management 46 (3): 351–71. https://doi.org/10.1111/j.1540-627x.2008.00248.x.Suche in Google Scholar
Daspit, J. J., J. J. Chrisman, T. Ashton, and N. Evangelopoulos. 2021. “Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward.” Family Business Review 34 (3): 296–322. https://doi.org/10.1177/08944865211008350.Suche in Google Scholar
Daspit, J. J., J. J. Chrisman, P. Sharma, A. W. Pearson, and R. V. Mahto. 2018. “Governance as a Source of Family Firm Heterogeneity.” Journal of Business Research 84: 293–300. https://doi.org/10.1016/j.jbusres.2017.12.041.Suche in Google Scholar
De, P. K., and P. Nagaraj. 2014. “Productivity and Firm Size in India.” Small Business Economics 42: 891–907. https://doi.org/10.1007/s11187-013-9504-x.Suche in Google Scholar
De Massis, A., D. Audretsch, L. Uhlaner, and N. Kammerlander. 2018. “Innovation with Limited Resources: Management Lessons from the German Mittelstand.” Journal of Product Innovation Management 35 (1): 125–46. https://doi.org/10.1111/jpim.12373.Suche in Google Scholar
De Vries, M. F. K. 1993. “The Dynamics of Family-Controlled Firms: The Good and the Bad News.” Organizational Dynamics 21 (3): 59–71. https://doi.org/10.1016/0090-2616(93)90071-8.Suche in Google Scholar
Dekker, J. C., N. Lybaert, T. Steijvers, B. Depaire, and R. Mercken. 2013. “Family Firm Types Based on the Professionalization Construct: Exploratory Research.” Family Business Review 26 (1): 81–99. https://doi.org/10.1177/0894486512445614.Suche in Google Scholar
Dekker, J., N. Lybaert, T. Steijvers, and B. Depaire. 2015. “The Effect of Family Business Professionalization as a Multidimensional Construct on Firm Performance.” Journal of Small Business Management 53 (2): 516–38. https://doi.org/10.1111/jsbm.12082.Suche in Google Scholar
Desai, V. M. 2016. “The Behavioral Theory of the (Governed) Firm: Corporate Board Influences on Organizations’ Responses to Performance Shortfalls.” Academy of Management Journal 59 (3): 860–79. https://doi.org/10.5465/amj.2013.0948.Suche in Google Scholar
Diaz-Moriana, V., E. Clinton, N. Kammerlander, G. T. Lumpkin, and J. B. Craig. 2020. “Innovation Motives in Family Firms: A Transgenerational View.” Entrepreneurship Theory and Practice 44 (2): 256–87. https://doi.org/10.1177/1042258718803051.Suche in Google Scholar
D’Souza, J., W. L. Megginson, B. Ullah, and Z. Wei. 2017. “Growth and Growth Obstacles in Transition Economies: Privatized versus De novo Private Firms.” Journal of Corporate Finance 42: 422–38. https://doi.org/10.1016/j.jcorpfin.2014.07.008.Suche in Google Scholar
Dyer Jr, W. G., and D. A. Whetten. 2006. “Family Firms and Social Responsibility: Preliminary Evidence from the S&P 500.” Entrepreneurship Theory and Practice 30 (6): 785–802. https://doi.org/10.1111/j.1540-6520.2006.00151.x.Suche in Google Scholar
Eng, L. L., H. Fang, X. Tian, and T. R. Yu. 2021. “Path Dependence and Resource Availability: Process of Innovation Activities in Chinese Family and Non-family Firms.” Emerging Markets Review 49: 100779. https://doi.org/10.1016/j.ememar.2020.100779.Suche in Google Scholar
Erdogan, I., E. Rondi, and A. De Massis. 2020. “Managing the Tradition and Innovation Paradox in Family Firms: A Family Imprinting Perspective.” Entrepreneurship Theory and Practice 44 (1): 20–54. https://doi.org/10.1177/1042258719839712.Suche in Google Scholar
Fang, H. C., E. Memili, J. J. Chrisman, and L. Tang. 2021. “Narrow-Framing and Risk Preferences in Family and No-Family Firms.” Journal of Management Studies 58 (1): 201–35. https://doi.org/10.1111/joms.12671.Suche in Google Scholar
Fisman, R., and Y. Wang. 2015. “Corruption in Chinese Privatizations.” Journal of Law, Economics, and Organization 31 (1): 1–29. https://doi.org/10.1093/jleo/ewu003.Suche in Google Scholar
Flammer, C., and P. Bansal. 2017. “Does a Long-Term Orientation Create Value? Evidence from a Regression Discontinuity.” Strategic Management Journal 38 (9): 1827–47. https://doi.org/10.1002/smj.2629.Suche in Google Scholar
Gentry, R., C. Dibrell, and J. Kim. 2016. “Long-Term Orientation in Publicly Traded Family Businesses: Evidence of a Dominant Logic.” Entrepreneurship Theory and Practice 40 (4): 733–57. https://doi.org/10.1111/etap.12140.Suche in Google Scholar
Gómez-Mejía, L. R., K. T. Haynes, M. Núñez-Nickel, K. J. L. Jacobson, and J. Moyano-Fuentes. 2007. “Socioemotional Wealth and Business Risks in Family-Controlled Firms: Evidence from Spanish Olive Oil Mills.” Administrative Science Quarterly 52 (1): 106–37. https://doi.org/10.2189/asqu.52.1.106.Suche in Google Scholar
Gómez-Mejía, L. R., M. Makri, and M. L. Kintana. 2010. “Diversification Decisions in Family-Controlled Firms.” Journal of Management Studies 47 (2): 223–52. https://doi.org/10.1111/j.1467-6486.2009.00889.x.Suche in Google Scholar
Gómez-Mejía, L. R., P. C. Patel, and T. M. Zellweger. 2018. “In the Horns of the Dilemma: Socioemotional Wealth, Financial Wealth, and Acquisitions in Family Firms.” Journal of Management 44 (4): 1369–97. https://doi.org/10.1177/0149206315614375.Suche in Google Scholar
Gormley, T. A., and D. A. Matsa. 2014. “Common Errors: How to (And Not to) Control for Unobserved Heterogeneity.” Review of Financial Studies 27 (2): 617–61. https://doi.org/10.1093/rfs/hht047.Suche in Google Scholar
Graham, J. R., and C. R. Harvey. 2001. “The Theory and Practice of Corporate Finance: Evidence from the Field.” Journal of Financial Economics 60 (2-3): 187–243. https://doi.org/10.1016/s0304-405x(01)00044-7.Suche in Google Scholar
Hammond, N. L., A. W. Pearson, and D. T. Holt. 2016. “The Quagmire of Legacy in Family Firms: Definition and Implications of Family and Family Firm Legacy Orientations.” Entrepreneurship Theory and Practice 40 (6): 1209–31. https://doi.org/10.1111/etap.12241.Suche in Google Scholar
He, W., and X. Yu. 2019. “Paving the Way for Children: Family Firm Succession and Corporate Philanthropy in China.” Journal of Business Finance & Accounting 46 (9-10): 1237–62. https://doi.org/10.1111/jbfa.12402.Suche in Google Scholar
Hernández-Perlines, F., J. G. Covin, and D. E. Ribeiro-Soriano. 2021. “Entrepreneurial Orientation, Concern for Socioemotional Wealth Preservation, and Family Firm Performance.” Journal of Business Research 126: 197–208. https://doi.org/10.1016/j.jbusres.2020.12.050.Suche in Google Scholar
Hitt, M. A., R. E. Hoskisson, R. A. Johnson, and D. D. Moesel. 1996. “The Market for Corporate Control and Firm Innovation.” Academy of Management Journal 39 (5): 1084–119. https://doi.org/10.5465/256993.Suche in Google Scholar
Holmstrom, B. 1989. “Agency Costs and Innovation.” Journal of Economic Behavior & Organization 12 (3): 305–27. https://doi.org/10.1016/0167-2681(89)90025-5.Suche in Google Scholar
Jaskiewicz, P., J. G. Combs, and S. B. Rau. 2015. “Entrepreneurial Legacy: Toward a Theory of How Some Family Firms Nurture Transgenerational Entrepreneurship.” Journal of Business Venturing 30 (1): 29–49. https://doi.org/10.1016/j.jbusvent.2014.07.001.Suche in Google Scholar
Ji, J., Z. Huang, and Q. Li. 2021. “Guilt and Corporate Philanthropy: The Case of the Privatization in China.” Academy of Management Journal 64 (6): 1969–95. https://doi.org/10.5465/amj.2018.0586.Suche in Google Scholar
Jin, R., and H. W. Hu. 2024. “Liability of Ownership Origin, Corporate Philanthropy, and Desire for Control in Chinese Family Firms.” Entrepreneurship Theory and Practice: 10422587231226111.10.1177/10422587231226111Suche in Google Scholar
Kotlar, J., and A. De Massis. 2013. “Goal Setting in Family Firms: Goal Diversity, Social Interactions, and Collective Commitment to Family-Centered Goals.” Entrepreneurship Theory and Practice 37 (6): 1263–88. https://doi.org/10.1111/etap.12065.Suche in Google Scholar
Kotlar, J., A. De Massis, H. Fang, and F. Frattini. 2014. “Strategic Reference Points in Family Firms.” Small Business Economics 43: 597–619. https://doi.org/10.1007/s11187-014-9556-6.Suche in Google Scholar
Labaki, R., and G. M. D’Allura. 2021. “A Governance Approach of Emotion in Family Business: Towards a Multi-Level Integrated Framework and Research Agenda.” Entrepreneurship Research Journal 11 (3): 119–58. https://doi.org/10.1515/erj-2021-2089.Suche in Google Scholar
Lambrecht, J., and J. Lievens. 2008. “Pruning the Family Tree: An Unexplored Path to Family Business Continuity and Family Harmony.” Family Business Review 21 (4): 295–313. https://doi.org/10.1177/08944865080210040103.Suche in Google Scholar
Le Breton-Miller, I., and D. Miller. 2006. “Why Do Some Family Businesses Out–Compete? Governance, Long–Term Orientations, and Sustainable Capability.” Entrepreneurship Theory and Practice 30 (6): 731–46. https://doi.org/10.1111/j.1540-6520.2006.00147.x.Suche in Google Scholar
Lei, Guangyong, Cao, Yali, Qi, Yunfei. Venture Capital, Institutional Efficiency, and Corporate Investment Preferences. Accounting Research (in Chinese), 2017, (08): 48–54+94.Suche in Google Scholar
Li, W., G. D. Bruton, X. Li, and S. Wang. 2022. “Transgenerational Succession and R&D Investment: A Myopic Loss Aversion Perspective.” Entrepreneurship Theory and Practice 46 (1): 193–222. https://doi.org/10.1177/10422587211038479.Suche in Google Scholar
Lumpkin, G. T., and K. H. Brigham. 2011. “Long–term Orientation and Intertemporal Choice in Family Firms.” Entrepreneurship Theory and Practice 35 (6): 1149–69. https://doi.org/10.1111/j.1540-6520.2011.00495.x.Suche in Google Scholar
Luo, X. R., and C. N. Chung. 2013. “Filling or Abusing the Institutional Void? Ownership and Management Control of Public Family Businesses in an Emerging Market.” Organization Science 24 (2): 591–613. https://doi.org/10.1287/orsc.1120.0751.Suche in Google Scholar
Luo, J. H., X. Li, L. C. Wang, and Y. Liu. 2021. “Owner Type, Pyramidal Structure and R&D Investment in China’s Family Firms.” Asia Pacific Journal of Management 38: 1085–111. https://doi.org/10.1007/s10490-019-09702-z.Suche in Google Scholar
Luthans, F., and C. M. Youssef-Morgan. 2017. “Psychological Capital: An Evidence-Based Positive Approach.” Annual Review of Organizational Psychology and Organizational Behavior 4: 339–66. https://doi.org/10.1146/annurev-orgpsych-032516-113324.Suche in Google Scholar
Martin, G. P., R. M. Wiseman, and L. R. Gomez-Mejia. 2016. “Going Short-Term or Long-Term? CEO Stock Options and Temporal Orientation in the Presence of Slack.” Strategic Management Journal 37 (12): 2463–80. https://doi.org/10.1002/smj.2445.Suche in Google Scholar
Mccann III, J. E., A. Y. Leon-Guerrero, and J. D. Haley Jr. 2001. “Strategic Goals and Practices of Innovative Family Businesses.” Journal of Small Business Management 39 (1): 50–9. https://doi.org/10.1111/0447-2778.00005.Suche in Google Scholar
Memili, E., and C. Dibrell, eds. 2019. The Palgrave Handbook of Heterogeneity Among Family Firms. Cham: Palgrave Macmillan.10.1007/978-3-319-77676-7Suche in Google Scholar
Miller, D., and I. Le Breton-Miller. 2005. “Managing for the Long Run.” In Lessons in Competitive Advantage from Great Family Businesses. Brighton, MA: Harvard Business Press.Suche in Google Scholar
Miller, D., I. Le Breton-Miller, R. H. Lester, and A. A. Cannella Jr. 2007. “Are Family Firms Really Superior Performers?” Journal of Corporate Finance 13 (5): 829–58. https://doi.org/10.1016/j.jcorpfin.2007.03.004.Suche in Google Scholar
Miller, D., I. Le Breton-Miller, and R. H. Lester. 2013. “Family Firm Governance, Strategic Conformity, and Performance: Institutional vs. Strategic Perspectives.” Organization Science 24 (1): 189–209. https://doi.org/10.1287/orsc.1110.0728.Suche in Google Scholar
Miroshnychenko, I., A. De Massis, D. Miller, and R. Barontini. 2021. “Family Business Growth Around the World.” Entrepreneurship Theory and Practice 45 (4): 682–708. https://doi.org/10.1177/1042258720913028.Suche in Google Scholar
Mosakowski, E., and P. C. Early. 2000. “A Selective Review of Time Assumptions in Strategy Research.” Academy of Management Review 25 (4): 796–812. https://doi.org/10.5465/amr.2000.3707728.Suche in Google Scholar
Nordqvist, M., and L. Melin. 2010. “Entrepreneurial Families and Family Firms.” Entrepreneurship & Regional Development 22 (3-4): 211–39. https://doi.org/10.1080/08985621003726119.Suche in Google Scholar
Okhmatovskiy, I., O. Suhomlinova, and L. Tihanyi. 2020. “Legacy of the State: Prior Shared Experience and Survival of Spin-Offs from Restructured State Enterprises.” Journal of Management 46 (4): 503–29. https://doi.org/10.1177/0149206318808601.Suche in Google Scholar
Ortiz-de-Mandojana, N., and P. Bansal. 2016. “The Long‐term Benefits of Organizational Resilience through Sustainable Business Practices.” Strategic Management Journal 37 (8): 1615–31. https://doi.org/10.1002/smj.2410.Suche in Google Scholar
Pan, X., and G. G. Tian. 2016. “Family Control and Loan Collateral: Evidence from China.” Journal of Banking & Finance 67: 53–68. https://doi.org/10.1016/j.jbankfin.2016.02.003.Suche in Google Scholar
Pan, X., W. Cheng, and Y. Gao. 2022. “The Impact of Privatization of State-Owned Enterprises on Innovation in China: A Tale of Privatization Degree.” Technovation 118: 102587. https://doi.org/10.1016/j.technovation.2022.102587.Suche in Google Scholar
Radu-Lefebvre, M., J. H. Davis, and W. B. Gartner. 2024. “Legacy in Family Business: A Systematic Literature Review and Future Research Agenda.” Family Business Review: 08944865231224506.10.1177/08944865231224506Suche in Google Scholar
Sampson, R. C., and Y. Shi. 2023. “Are US Firms Becoming More Short-term Oriented? Evidence of Shifting Firm Time Horizons from Implied Discount Rates, 1980–2013.” Strategic Management Journal 44 (1): 231–63. https://doi.org/10.1002/smj.3158.Suche in Google Scholar
Schierstedt, B., M. Henn, and E. Lutz. 2020. “Diversified Acquisitions in Family Firms: Restricted vs. Extended Family Priorities.” Journal of Family Business Strategy 11 (2): 100357. https://doi.org/10.1016/j.jfbs.2020.100357.Suche in Google Scholar
Sirmon, D. G., and M. A. Hitt. 2003. “Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms.” Entrepreneurship Theory and Practice 27 (4): 339–58. https://doi.org/10.1111/1540-8520.t01-1-00013.Suche in Google Scholar
Stewart, A., and M. A. Hitt. 2012. “Why Can’ta Family Business Be More like a Nonfamily Business? Modes of Professionalization in Family Firms.” Family Business Review 25 (1): 58–86. https://doi.org/10.1177/0894486511421665.Suche in Google Scholar
Strike, V. M., P. Berrone, S. G. Sapp, and L. Congiu. 2015. “A Socioemotional Wealth Approach to CEO Career Horizons in Family Firms.” Journal of Management Studies 52 (4): 555–83. https://doi.org/10.1111/joms.12123.Suche in Google Scholar
Sun, P., H. W. Hu, and A. J. Hillman. 2016. “The Dark Side of Board Political Capital: Enabling Blockholder Rent Appropriation.” Academy of Management Journal 59 (5): 1801–22. https://doi.org/10.5465/amj.2014.0425.Suche in Google Scholar
Upton, N., E. J. Teal, and J. T. Felan. 2001. “Strategic and Business Planning Practices of Fast Growth Family Firms.” Journal of Small Business Management 39 (1): 60–72. https://doi.org/10.1111/0447-2778.00006.Suche in Google Scholar
Vallejo, M. C., and D. Langa. 2010. “Effects of Family Socialization in the Organizational Commitment of the Family Firms from the Moral Economy Perspective.” Journal of Business Ethics 96: 49–62. https://doi.org/10.1007/s10551-010-0448-7.Suche in Google Scholar
Wade-Benzoni, K. A., H. Sondak, and A. D. Galinsky. 2010. “Leaving a Legacy: Intergenerational Allocations of Benefits and Burdens.” Business Ethics Quarterly 20 (1): 7–34. https://doi.org/10.5840/beq20102013.Suche in Google Scholar
Wang, T., and P. Bansal. 2012. “Social Responsibility in New Ventures: Profiting from a Long-Term Orientation.” Strategic Management Journal 33 (10): 1135–53. https://doi.org/10.1002/smj.1962.Suche in Google Scholar
Wang, H., and C. Qian. 2011. “Corporate Philanthropy and Corporate Financial Performance: The Roles of Stakeholder Response and Political Access.” Academy of Management Journal 54 (6): 1159–81. https://doi.org/10.5465/amj.2009.0548.Suche in Google Scholar
Ward, J. L. 1997. “Growing the Family Business: Special Challenges and Best Practices.” Family Business Review 10 (4): 323–37. https://doi.org/10.1111/j.1741-6248.1997.00323.x.Suche in Google Scholar
Wilson, N., M. Wright, and L. Scholes. 2013. “Family Business Survival and the Role of Boards.” Entrepreneurship Theory and Practice 37 (6): 1369–89. https://doi.org/10.1111/etap.12071.Suche in Google Scholar
Wiseman, R. M., and L. R. Gomez-Mejia. 1998. “A Behavioral Agency Model of Managerial Risk Taking.” Academy of Management Review 23 (1): 133–53. https://doi.org/10.5465/amr.1998.192967.Suche in Google Scholar
Xu, X., and Y. Wang. 1999. “Ownership Structure and Corporate Governance in Chinese Stock Companies.” China Economic Review 10 (1): 75–98. https://doi.org/10.1016/s1043-951x(99)00006-1.Suche in Google Scholar
Xu, D., K. Z. Zhou, and F. Du. 2019. “Deviant versus Aspirational Risk Taking: The Effects of Performance Feedback on Bribery Expenditure and R&D Intensity.” Academy of Management Journal 62 (4): 1226–51. https://doi.org/10.5465/amj.2016.0749.Suche in Google Scholar
Zahra, S. A., J. C. Hayton, and C. Salvato. 2004. “Entrepreneurship in Family vs. Non-family Firms: A Resource–Based Analysis of the Effect of Organizational Culture.” Entrepreneurship Theory and Practice 28 (4): 363–81. https://doi.org/10.1111/j.1540-6520.2004.00051.x.Suche in Google Scholar
Zellweger, T. 2007. “Time Horizon, Costs of Equity Capital, and Generic Investment Strategies of Firms.” Family Business Review 20 (1): 1–15. https://doi.org/10.1111/j.1741-6248.2007.00080.x.Suche in Google Scholar
Zellweger, T., and N. Kammerlander. 2015. “Family, Wealth, and Governance: An Agency Account.” Entrepreneurship Theory and Practice 39 (6): 1281–303. https://doi.org/10.1111/etap.12182.Suche in Google Scholar
Zhang, Y., H. Wang, and X. Zhou. 2020. “Dare to Be Different? Conformity versus Differentiation in Corporate Social Activities of Chinese Firms and Market Responses.” Academy of Management Journal 63 (3): 717–42. https://doi.org/10.5465/amj.2017.0412.Suche in Google Scholar
Zulfiqar, M., K. Hussain, M. U. Yousaf, N. Sohail, and S. Ghafoor. 2020. “Moderating Role of CEO Compensation in Lean Innovation Strategies of Chinese Listed Family Firms.” Corporate Governance 20 (5): 887–902. https://doi.org/10.1108/cg-03-2019-0092.Suche in Google Scholar
© 2024 Walter de Gruyter GmbH, Berlin/Boston
