Owner offspring gender and long‐term resource allocation in Chinese family firms
研究中国家族企业主子女性别对长期资源分配的影响，发现养儿子的企业主更倾向于长期投资和创新，尤其在父权地区更显著，动机是代际传承。
Abstract A long‐term orientation helps companies improve business performance and achieve sustainable competitive advantages. We use data for Chinese family firms listed on the Shanghai and Shenzhen A‐share stock markets during the years 2000 and 2018. We examine the influence of owner offspring gender on family firms' long‐term resource allocation. We find a “son effect” in long‐term resource allocation among family firms, that is, owners raising sons tend to have a longer investment horizon and are more willing to increase innovation. This “son effect” is more significant for owners who were born in patriarchal regions where the social system is controlled or governed by men. We also find that son‐raising owners' long‐term resource allocation is mainly motivated by their willingness of intergenerational inheritance. This study fills a research gap regarding the influence of owner offspring gender on corporate long‐term resource allocation, enriches the literature on the heterogeneity of executive behavior and corporate governance of family firms, and provides important implications for understanding the decision making and long‐term investments of Chinese family firms.