Risk abatement as a strategy for R&D investments in family firms
研究发现，当业绩高于期望时，家族企业更倾向于进行利用性研发投资以稳定销售；业绩低于期望时，则转向探索性研发投资以追求更高但更不稳定的销售。
The behavioral agency model suggests family firms invest less in R&D than nonfamily firms to protect their socioemotional wealth. Studies support this contention but do not explain how family firms make R&D investments. We hypothesize that when performance exceeds aspirations, family firms manage socioemotional and economic objectives by making exploitative R&D investments that lead to more reliable and less risky sales levels. However, performance below aspirations leads to exploratory R&D investments that result in potentially higher but less reliable sales levels. Using a risk abatement model, our analyses of 847 firms over 10 years supports our hypotheses . Copyright © 2013 John Wiley & Sons, Ltd.