| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP10445
|
| DP10445 The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation |
| Massimo Massa; Po-Hsuan Hsu
|
| 发表日期 | 2015-03-01
|
| 出版年 | 2015
|
| 语种 | 英语
|
| 摘要 | According to conventional wisdom, family ownership, which signals a lack of social capital and trust in an economy, may impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist institutions that promote innovation. Using a comprehensive sample of U.S. family-owned public firms and patents for the period from 1998 to 2010, we show that family ownership plays multiple roles in promoting innovation and its influence can be attributed to reduced financial constraints, a greater commitment to long-term value, and improved corporate governance. Causality is confirmed through an instrumental variable analysis, a difference-in-difference analysis based on an exogenous regulatory shock and a matched sample analysis. |
| 主题 | Financial Economics
|
| 关键词 | Family firms
Innovation
Intangible investment
|
| URL | https://cepr.org/publications/dp10445
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539277
|
推荐引用方式
GB/T 7714 |
Massimo Massa,Po-Hsuan Hsu. DP10445 The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation. 2015.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
