Short-Term Security or Long-Term Orientation——The Impact of Husband and Wife Co-Governance on Corporate Strategic Risk Taking
Strategic risk taking is essential for organizations to achieve their long-term development goals.Whether the co-governance model of husband and wife partners in strategic risk decision-making of enterprises expresses itself as a containment behavior or a long-term promotion behavior is an important academic question that has not yet received much attention.Based on the data from family firms in Shanghai and Shenzhen stock markets from 2008 to 2016,this paper draws the following conclusions:Firstly,the motivation of strategic risk-taking in family firms co-governed by couples is insuffi-cient.Secondly,the regional cultural environment affects the strategic"security"of husband and wife partners.Specifical-ly,regional clannishness strengthens the relationship between spousal co—governance and strategic risk-taking,while re-gional marital openness weakens the relationship.Additionally,the stronger the checks and balances of non-family major shareholders on husband and wife partners,the higher their level of strategic risk bearing.Thirdly,further analysis indi-cates that the effect of husband and wife co—governance on strategic risk taking is influenced by family system factors,i.e.,children's involvement in management mitigates the negative effect of husband and wife co-governance on strategic risk tak-ing,and in-laws'involvement in management strengthens the couple partners'strategic risk aversion motivation.These find-ings enrich our comprehension of how family membership heterogeneity influences strategic management within the Chinese context.Specifically,the study offers a fresh lens on how marital partnerships in family enterprises shape corporate strategic risk-taking.
husband and wife co-governancestrategic risk takingfamily firms
NETL
NSTL
万方数据
