Heterogeneity of R&D in family firms

Byung-seong Min

Journal of Business Research, 2021, vol. 129, issue C, 88-95

Abstract: Drawing on the loss aversion framework, this research posits that the risk behaviors of family business group (FBG) affiliates are more positive than those of family standalones. Empirical results, using the case of Taiwan, confirm that the use of R&D by these affiliates is greater than that by family standalones. Further analysis, however, indicates that this greater positive effect of FBG affiliates than of family standalones is attenuated if the managerial power exercised by controlling shareholders is greater than the power driven by legal ownership. By demonstrating the heterogeneity of risk behaviors within family firms, our research adds value to the existing literature by focusing on the differences between family and nonfamily firms.

Keywords: R&D; Family business group affiliate; Family standalone; Loss aversion; Corporate governance; Emerging market (search for similar items in EconPapers)
JEL-codes: M10 M14 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:129:y:2021:i:c:p:88-95

DOI: 10.1016/j.jbusres.2021.02.040

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