Patents, trade secrets and performance aspirations in family firms
研究了家族所有权是否影响企业对专利或商业秘密的偏好，发现家族企业更少用专利、更多用商业秘密，且当绩效低于期望时这种偏好会改变。
We investigate whether family ownership is associated with a preference for patents or trade secrets. Using a sample of S&P 500 firms, we show that family ownership is negatively associated with patenting and positively associated with the usage of trade secrets. We further show that both relationships are moderated by firm performance below the aspiration level. These results can be explained with a mixed gambles behavioral agency framework. When family firms perform below their aspiration level, prospective financial gains become relatively more important as compared to current socio-emotional wealth so that patents become more and trade secrets less attractive.