Keep Family Business Innovating: Revisit the Relationship Between Succession and Innovation From Ownership Succession
研究了家族企业继承人所有权高低如何影响研发投资，发现高所有权继承人更注重长期社会情感财富从而增加研发投入，低所有权继承人则相反，并探讨了家族董事人数和薪酬偏袒的调节作用。
ABSTRACT This study examines how family owner‐manager successors' ownership influences R&D investment in family businesses. Drawing on the socioemotional wealth (SEW) perspective, we theorize that successors with higher family ownership prioritize extended SEW, leading to stronger R&D investment, while those with lower family ownership prioritize restricted SEW, resulting in weaker R&D investment. Additionally, we explore how family dynamics—specifically, the number of family directors and asymmetric salary favoring family members—moderate this relationship. Our findings enhance the understanding of successor heterogeneity and its impact on innovation, offering insights for succession planning that support the long‐term sustainability of family businesses.