Transgenerational Succession and R&D Investment: A Myopic Loss Aversion Perspective
研究了家族企业代际传承后，继任者因被密切关注而更关注短期发展、减少研发投入的现象，并用双重差分法验证了该负向效应。
A transgenerational leadership transition is one of the most critical events in the life cycle of family firms. Drawing upon the myopic loss aversion (MLA) perspective, we argue that outgoing leaders and other company stakeholders tend to closely watch the later-generation successors immediately after a transgenerational succession, and thus the successors will focus on short-term developments and invest less in R&D activities. Employing the difference-in-differences approach, we find empirical support for our argument that transgenerational succession decreases R&D intensity. The negative effect of transgenerational succession is more pronounced when the later-generation successors suffer from a higher level of MLA.