Kinship Heterogeneity,Family Involvement in Ownership and Corporate Financialization——Based on Empirical Data from Chinese Family Listed Companies
Based on the data of Chinese A-share listed family companies during 2008-2020,this paper explores the ef-fect of family senior executive kinship heterogeneity on corporate financialization and the moderating effect of family in-volvement in ownership.The results show that heterogeneity in kinship has a significant positive impact on corporate finan-cialization,and an increase in family ownership involvement weakens the positive correlation between the two.Both the ex-tended social emotional wealth and executive team myopia play partial mediating effects on the positive relationship be-tween kinship heterogeneity and corporate financialization.In family enterprises with weak Confucian and clan cultural at-mospheres,the heterogeneity in kinship has a more significant positive impact on corporate financialization.The financial-ization caused by the increased kinship heterogeneity has a significantly negative effect on the enterprise value.
family enterprisecorporate financializationheterogeneity in kinshipfamily involvement in ownership
NETL
NSTL
万方数据
