Trade Secret Protection and R&D Investment of Family Firms
研究发现加强商业秘密保护与家族企业增加研发投资相关，且家族控制权会强化这种正向关系，在高科技行业更明显。
Family firms are known for their reluctance to invest in R&D. We show that strengthened trade secret protection is associated with higher R&D investment by family firms. More specifically, we show that the association between the strength of trade secret protection through the U.S. Uniform Trade Secrets Act and R&D investment is positively moderated by family control. Our results further show that the positive moderation of family control on the association between the strength of trade secret protection and R&D investment varies with the industry context, being stronger in high-tech industries and weaker in discrete product industries.