Family nonexecutive directors, professional managers, and investment in family firms

Shengbin Wang, Junheng Jin and Haoze Li

Finance Research Letters, 2023, vol. 58, issue PD

Abstract: This study empirically analyzes the relationship between family nonexecutive directors and family business investment. It is found that family nonexecutive directors can significantly inhibit listed family firms’ capital expenditure and innovation investment. Furthermore, firms effectively introducing professional managers inhibit or mitigate the impact of family nonexecutive directors on the firm's capital expenditure and innovation investment, and a change in general manager has no moderating effect on the relationship between family nonexecutive directors and the firm's capital expenditure and innovation investment.

Keywords: Family firms; Nonexecutive directors; Capital expenditure; Innovation investment (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pd:s1544612323009418

DOI: 10.1016/j.frl.2023.104569

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