How Does"De-familization"Affect Innovation Investment?——The Moderating Effect of Party Organization and Information Transparency
Based on the perspectives of organization theory and socio-emotional wealth theory,the article empirically examines how"de-familization"of family firms affects corporate innovation investment,using A-share listed family firms in China from 2012 to 2019 as a research sample.The results show that family firms that have"de-familized"are more willing to increase their innova-tion investment,and that both party organization and information transparency positively moderate the relationship between"de-fa-milization"and innovation investment,and the findings remain valid after robustness and endogeneity tests.Further study shows that"de-familization"enhances firms'innovation investment by reducing connected transaction and mitigating agency conflicts within family firms.The findings of the paper help family firms to better choose their transformation methods and provide a basis for further research on the mechanism between"de-familying"and firms'innovation investment.
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