Family Involvement and Post-IPO Investment Policy
基于代理理论和社会情感财富理论，研究了家族企业与非家族企业在IPO后投资政策上的差异，发现家族企业在流动性、总投资和研发上投资不足，但在资本支出上过度投资，且研发支出降低股东价值，收购支出则相反。
Drawing from agency theory and socioemotional wealth considerations, we evaluate the extent post-IPO investment policy choices and their economic consequences differ for family firms relative to nonfamily firms. Our results suggest that family firms underinvest in post-IPO liquidity, total investment spending, and R&D expenditures, relative to similar non-family firms. On the other hand, family firms overinvest in capital spending and underinvest in acquisition spending relative to nonfamily firms with dispersed but not concentrated ownership structures. Furthermore, while increases in R&D spending decrease shareholder value in family firms, the reverse is the case with acquisition spending.