亲缘关系与创业导向——来自中国上市家族公司的经验证据
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摘要
以2011—2017年中国上市家族企业为样本,根据资源基础观和社会情感财富理论探讨了家族企业中的CEO亲缘关系对创业导向的影响,并分析了期望差距和制度环境对亲缘关系与创业导向之间关系的调节效应,在此基础上进一步研究了CEO亲缘关系的远近对创业导向的影响。结果表明:当家族企业CEO与控股股东存在亲缘关系时,该亲缘关系与创业导向呈现正相关关系;期望差距可以划分为期望落差和期望顺差2个维度,其中期望落差不会对主效应产生影响,而期望顺差会强化亲缘关系与创业导向之间的正向关系;良好的制度环境为家族企业提供了良好的创业环境,进一步强化了亲缘关系与创业导向之间的正向关系;与实际控制人亲缘关系越近的家族成员担任CEO,家族企业创业导向的强度会更高。从CEO的选择方面为家族企业提升自身的创业导向提供了一定的建议,并且促使家族企业关注内外部情境因素对创业导向的影响,有助于家族企业创业导向的提升与创业活动的开展。
This paper explores the relationship between kinship and entrepreneurial orientation, and the moderating roles of expectation gap and institutional environment, basing on social emotional wealth theory and resource-based view and using the data from 2011 to 2017 of family firms in China. On this basis, the paper further probes into the relationship between the gap of kinship and entrepreneurial orientation. Our results include the following:Firstly, the correlation between kinship and entrepreneurial orientation is positive. Secondly, the expected deficit has no significant influence on the relationship between kinship and entrepreneurial orientation and the expected surplus strengthens the positive relationship between kinship and entrepreneurial orientation. Thirdly, better institutional environment provides a good entrepreneurial environment for family firms, and further strengthens the positive relationship between kinship and entrepreneurial orientation. Finally, family-CEOs who have closer ties with actual controllers have stronger incentives to strengthen the entrepreneurial orientation. This paper can provide some suggestions for family firms to improve entrepreneurial orientation from the choice of CEO, and promote the family firms to pay attention to the impact of the internal and external situation factors on the entrepreneurial orientation, and have certain meaning to the promotion of entrepreneurial orientation and the development of entrepreneurial activities.
This paper explores the relationship between kinship and entrepreneurial orientation, and the moderating roles of expectation gap and institutional environment, basing on social emotional wealth theory and resource-based view and using the data from 2011 to 2017 of family firms in China. On this basis, the paper further probes into the relationship between the gap of kinship and entrepreneurial orientation. Our results include the following:Firstly, the correlation between kinship and entrepreneurial orientation is positive. Secondly, the expected deficit has no significant influence on the relationship between kinship and entrepreneurial orientation and the expected surplus strengthens the positive relationship between kinship and entrepreneurial orientation. Thirdly, better institutional environment provides a good entrepreneurial environment for family firms, and further strengthens the positive relationship between kinship and entrepreneurial orientation. Finally, family-CEOs who have closer ties with actual controllers have stronger incentives to strengthen the entrepreneurial orientation. This paper can provide some suggestions for family firms to improve entrepreneurial orientation from the choice of CEO, and promote the family firms to pay attention to the impact of the internal and external situation factors on the entrepreneurial orientation, and have certain meaning to the promotion of entrepreneurial orientation and the development of entrepreneurial activities.
引文
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王菁,程博,孙元欣.2014.期望绩效反馈效果对企业研发和慈善捐赠行为的影响[J].管理世界(,8):115-133.
许静静,吕长江.2011.家族企业高管性质与盈余质量:来自中国上市公司的证据[J].管理世界(,1):112-120.
杨林.2013.高管团队异质性、企业所有制与创业战略导向:基于中国中小企业板上市公司的经验证据[J].科学学与科学技术管理(,9):159-171.
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严若森,叶云龙.2014.家族所有权、家族管理涉入与企业R&D投入水平:基于社会情感财富的分析视角[J].经济管理,36(12):51-61.
张骁,胡丽娜.2013.创业导向对企业绩效影响关系的边界条件研究:基于元分析技术的探索[J].管理世界(,6):99-110+188.
赵晶,张书博,祝丽敏.2015.传承人合法性对家族企业战略变革的影响[J].中国工业经济(,8):130-144.
赵宜一,吕长江.2015.亲缘还是利益?家族企业亲缘关系对薪酬契约的影响[J].会计研究(,8):32-40+96.
周立新.2018.家族企业创业导向与企业成长:社会情感财富与制度环境的调节作用[J].科技进步与对策,35(2):90-95.
周萍,蔺楠.2015.创业导向企业的成长性:激励型与监督型公司治理的作用:基于中国创业板上市公司的实证研究[J].经济管理(,3):44-55.
郑丹辉,韩晓燕,李新春.2013.组织冗余与我国民营上市企业风险投资:创始人控制的调节作用[J].财经研究,39(5):62-72.
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范黎波,刘云芬,杨金海.2016.家族化管理与企业绩效:规模与家族成员所有权结构的调节效应[J].管理评论,28(5):96-106.
樊纲,王小鲁,朱恒鹏.2011.中国市场化指数各省区市场化相对进程2011年度报告[M].北京:经济科学出版社.
贺小刚,邓浩,吕斐斐,等.2017.期望落差与企业创新的动态关系:冗余资源与竞争威胁的调节效应分析[J].管理科学学报(,5):13-34.
贺小刚,连燕玲.2009.家族权威与企业价值:基于家族上市公司的实证研究[J].经济研究(,4):90-102.
贺小刚,连燕玲,吕斐斐.2016.期望差距与企业家的风险决策偏好:基于中国家族上市公司的数据分析[J].管理科学学报,19(8):1-20.
贺小刚,连燕玲,张远飞.2013.经营期望与家族内部的权威配置:基于中国上市公司的数据分析[J].管理科学学报,16(4):63-82.
黄海杰,吕长江,朱晓文.2018.二代介入与企业创新:来自中国家族上市公司的证据[J].南开管理评论(,1):6-16.
李婧,贺小刚,茆键.2010.亲缘关系、创新能力与企业绩效[J].南开管理评论(,3):117-124.
李新春,张鹏翔,叶文平.2016.家族企业跨代资源整合与组合创业[J].管理科学学报(,11):1-17.
李新春.2008.家族创业研究:一个理论研究的新范式[C].长沙:第三届中国管理学年会.
连燕玲,贺小刚,张远飞.2011.家族权威配置机理与功效:来自我国家族上市公司的经验证据[J].管理世界(,11):105-117.
连燕玲,周兵,贺小刚,等.2015.经营期望、管理自主权与战略变革[J].经济研究(,8):31-44.
林枫,薛才玲,张铭.2012.家族企业创业导向影响因素研究述评[J].商业经济与管理,1(7):57-65.
刘小元,林嵩,李汉军.2017.创业导向、家族涉入与新创家族企业成长[J].管理评论(,10):42-57.
吕斐斐,邓艳斌,贺小刚.2017.家族期望与创业坚持:参考点影响效应研究[J].南开管理评论(,5):41-55+68.
潘红波,陈世来.2017.CEO或董事长的亲缘关系与企业创新:来自家族上市公司的经验证据[J].山西财经大学学报(,1):70-82.
苏启林,朱文.2003.上市公司家族控制与企业价值[J].经济研究(,8):36-45.
王明琳,徐萌娜,王河森.2014.利他行为能够降低代理成本吗?基于家族企业中亲缘利他行为的实证研究[J].经济研究(,3):144-157.
王小鲁,樊纲,余静文.2017.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社.
王菁,程博,孙元欣.2014.期望绩效反馈效果对企业研发和慈善捐赠行为的影响[J].管理世界(,8):115-133.
许静静,吕长江.2011.家族企业高管性质与盈余质量:来自中国上市公司的证据[J].管理世界(,1):112-120.
杨林.2013.高管团队异质性、企业所有制与创业战略导向:基于中国中小企业板上市公司的经验证据[J].科学学与科学技术管理(,9):159-171.
杨林,张世超,季丹.2016.公司创业战略导向、高管团队垂直对差异与创业绩效关系研究[J].科研管理(,12):92-104.
严若森,叶云龙.2014.家族所有权、家族管理涉入与企业R&D投入水平:基于社会情感财富的分析视角[J].经济管理,36(12):51-61.
张骁,胡丽娜.2013.创业导向对企业绩效影响关系的边界条件研究:基于元分析技术的探索[J].管理世界(,6):99-110+188.
赵晶,张书博,祝丽敏.2015.传承人合法性对家族企业战略变革的影响[J].中国工业经济(,8):130-144.
赵宜一,吕长江.2015.亲缘还是利益?家族企业亲缘关系对薪酬契约的影响[J].会计研究(,8):32-40+96.
周立新.2018.家族企业创业导向与企业成长:社会情感财富与制度环境的调节作用[J].科技进步与对策,35(2):90-95.
周萍,蔺楠.2015.创业导向企业的成长性:激励型与监督型公司治理的作用:基于中国创业板上市公司的实证研究[J].经济管理(,3):44-55.
郑丹辉,韩晓燕,李新春.2013.组织冗余与我国民营上市企业风险投资:创始人控制的调节作用[J].财经研究,39(5):62-72.
Anderson R C,Reeb D M.2003.Founding-family ownership and firm performance:Evidence from the S&P 500[J].Journal of Finance,58(3):1301-1328.
Block J H.2012.R&D investments in family and founder firms:An agency perspective[J].Social Science Electronic Publishing,27(2):248-265.
Carney M.2005.Corporate governance and competitive advantage in family-controlled firms[J].Entrepreneurship Theory&Practice,29(3):249-265.
Carver C S.1998.On the self-regulation of behavior[J].Contemporary Sociology,29(2):386.
Chua J H,Chrisman J J,Sharma P.1999.Defining the family business by behavior[J].Entrepreneurship Theory&Practice,23(4):113-130.
Cruz C,Nordqvist M.2010.Entrepreneurial orientation in family firms:A generational perspective[J].Small Business Economy Journal,38(1):33-49.
Cyert R M,March J G.1963.A Behavioral Theory of the Firm[M].Hoboken:Blackwell Publishing Ltd.
Casillas J C,Moreno A M.2010.The relationship between entrepreneurial orientation and growth:the moderating role of family involvement[J].Entrepreneurship&Regional Development,22(3-4):265-291.
Crutchley C E,Garner G L,Marshall G B.2002.An examination of board stability and the long-term performance of initial public offerings[J].Financial Management,31(3):63-90.
Daily C M,Dollinger M J.1992.An empirical examination of ownership structure in family and professionally managed firms[J].Family Business Review,5(2):117-136.
Davis J H,Schoorman F D,Donaldson L.1997.Towards a stewardship theory of management[J].Academy of Management Review,22(1):20-47.
Frank H,Kessler A,Rusch T,et al.2017.Capturing the familiness of family businesses:Development of the family influence familiness scale[J].Entrepreneurship Theory&Practice,41(5):709-742.
Greve H R.1998.Performance,aspirations,and risky organizational change[J].Administrative Science Quarterly,43(1):58-86.
Gilsa V,Voordeckers W,Hagedoorn A.2008.Nurturing innovation in family firms:The influence of managerial and family characteristics[C].Maastricht:Maastricht University.
Habbershon T G,Williams M L.1999.A resource-based framework for assessing the strategic advantages of family firms[J].Family Business Review,12(1):1-25.
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