Qi Yong, Dong Shaoyu, Lyu Simeng, Yang Shuo
School of Business Administration, Northeastern University, Shenyang, China.
Front Psychol. 2022 Jun 14;13:901051. doi: 10.3389/fpsyg.2022.901051. eCollection 2022.
With the advancement of China's economic transformation, the impact of economic policy uncertainty on family firms has become increasingly significant. The "familism" of family firms makes them more motivated to maintain family harmony, pursue innovative activities, and the long-term development of enterprises when faced with economic policy uncertainty. In this paper, we employed the data of listed Chinese family firms from 2010 to 2018 to analyze the impact of economic policy uncertainty on family business innovation activities, analyze the inherent characteristics of family firm innovation, and find the path that enables the innovative activities of family firms and provides a valuable experience for the innovation of private enterprises in economic policy uncertainty. We provide evidence that economic policy uncertainty positively relates to family firm innovation. Moreover, the relationship is affected by factors such as directors' executive background and access to state-owned equity. Further analysis indicates that economic policy uncertainty can promote family firms' innovation activities by improving their risk-taking, internal capital market circulation, and reducing political connections.
随着中国经济转型的推进，经济政策不确定性对家族企业的影响日益显著。家族企业的“家族主义”使其在面对经济政策不确定性时，更有动力维护家族和谐、开展创新活动以及追求企业的长期发展。在本文中，我们运用2010年至2018年中国上市家族企业的数据，分析经济政策不确定性对家族企业创新活动的影响，剖析家族企业创新的内在特征，并找到促进家族企业创新活动的路径，为经济政策不确定性下民营企业的创新提供宝贵经验。我们提供的证据表明，经济政策不确定性与家族企业创新呈正相关。此外，这种关系受到董事的高管背景和国有股权获取等因素的影响。进一步分析表明，经济政策不确定性可以通过提高家族企业的风险承担、内部资本市场流通以及减少政治关联来促进其创新活动。
