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Article: Family firms and R&D behavior - New evidence from a large-scale survey

TitleFamily firms and R&D behavior - New evidence from a large-scale survey
Authors
KeywordsFamily control and management
Family firms
Opacity
R&D intensity
Issue Date2014
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/respol
Citation
Research Policy, 2014, v. 43 n. 1, p. 233-244 How to Cite?
AbstractThis paper analyzes how founders and their families influence R&D intensity. Information on R&D comes from a large-scale, bi-annual survey among listed German firms. We find that R&D intensity is higher in firms that are actively managed by the family. The impact of family control (via voting rights) is negative, but mostly not significant. While this negative family control effect is in line with hitherto existing literature, the positive impact of family management is surprising. Indeed, this positive effect disappears if we follow previous research and use R&D information from financial statements. We show that this puzzling result is related to corporate opacity. Opaque family managed firms report too conservative R&D expenditures, especially if they face financial constraints. This leads to an under-estimation of R&D intensity in these firms if accounting figures are used. © 2013 Elsevier B.V.
Persistent Identifierhttp://hdl.handle.net/10722/210045
ISSN
2015 Impact Factor: 3.47
2015 SCImago Journal Rankings: 3.536

 

DC FieldValueLanguage
dc.contributor.authorSchmid, T-
dc.contributor.authorAchleitner, AK-
dc.contributor.authorAmpenberger, M-
dc.contributor.authorKaserer, C-
dc.date.accessioned2015-05-21T03:08:41Z-
dc.date.available2015-05-21T03:08:41Z-
dc.date.issued2014-
dc.identifier.citationResearch Policy, 2014, v. 43 n. 1, p. 233-244-
dc.identifier.issn0048-7333-
dc.identifier.urihttp://hdl.handle.net/10722/210045-
dc.description.abstractThis paper analyzes how founders and their families influence R&D intensity. Information on R&D comes from a large-scale, bi-annual survey among listed German firms. We find that R&D intensity is higher in firms that are actively managed by the family. The impact of family control (via voting rights) is negative, but mostly not significant. While this negative family control effect is in line with hitherto existing literature, the positive impact of family management is surprising. Indeed, this positive effect disappears if we follow previous research and use R&D information from financial statements. We show that this puzzling result is related to corporate opacity. Opaque family managed firms report too conservative R&D expenditures, especially if they face financial constraints. This leads to an under-estimation of R&D intensity in these firms if accounting figures are used. © 2013 Elsevier B.V.-
dc.languageeng-
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/respol-
dc.relation.ispartofResearch Policy-
dc.subjectFamily control and management-
dc.subjectFamily firms-
dc.subjectOpacity-
dc.subjectR&D intensity-
dc.titleFamily firms and R&D behavior - New evidence from a large-scale survey-
dc.typeArticle-
dc.identifier.emailSchmid, T: schmid@hku.hk-
dc.identifier.authoritySchmid, T=rp02028-
dc.identifier.doi10.1016/j.respol.2013.08.006-
dc.identifier.scopuseid_2-s2.0-84889881625-
dc.identifier.volume43-
dc.identifier.issue1-
dc.identifier.spage233-
dc.identifier.epage244-
dc.publisher.placeNetherlands-

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