The Impact of Internal Control Quality on Innovation Investment in Family-owned Companies——Evidence Based on A-share Listed Companies from 2019 to 2021
In the context of innovation-led economic development,family enterprises,as a special type of enterprise organization form,need good internal control to promote their own devel-opment.The paper empirically examines the impact of internal control quality on innovation invest-ment of family enterprises and its mechanism based on data of A-share listed companies from 2019 to 2021.The study finds that,firstly,internal control quality has a positive impact on family firms'innovation investment.Second,mechanism analysis shows that internal control optimization affects family firms'innovation investment by changing the degree of de-familialization intervention in fam-ily firms.Third,the heterogeneity analysis shows that the positive effect of internal control quality on innovation investment in family firms is more significant in secondary industries,low leverage levels,and small and medium-sized firms;In addition,extensive research has shown that the quality of internal control in family businesses also has an improving effect on innovation output,and has a significant promoting effect on the innovation efficiency of family businesses.
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