 Origin matters: How does institution imprint affect family business TFP?Chen Cheng, Siming Li and Jiajun Han International Review of Financial Analysis, 2022, vol. 83, issue C Abstract: Initial imprint rooted in family business origin renders us great support to identify how current institution conditions and then governance characteristics influence productivity. This study investigates an underexplored institutional imprint effect moulded amid the central planning-to-market orienting transition—the lasting influence of family business origin. Focusing on China, we find that restructured family firms have higher TFPs compared with their entrepreneurial counterparts, thanks to institutional imprint differences. The effect is causal and barely varied with CEO's professional capacity and economic policy uncertainty. The imprints of institutional environment in founding phase and incurred current behavior preferences contribute to divergent productivities, isolating the effect of intervention from the alternative explanation about resource endowment discrepancy across restructured and entrepreneurial family firms. Keywords: Family business origin; Institution environment; TFP (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:83:y:2022:i:c:s1057521922002290 DOI: 10.1016/j.irfa.2022.102272 Access Statistics for this article International Review of Financial Analysis is currently edited by B.M. Lucey More articles in International Review of Financial Analysis from Elsevier |
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