R&D investments in family and founder firms: An agency perspective

被引：404

作者：

Block, Joern H. ^{[1
,2
]}

机构：

[1] Tech Univ Munich, Scholler Chair Technol & Innovat Management, D-80333 Munich, Germany

[2] Erasmus Univ, Erasmus Sch Econ, Dept Appl Econ, NL-3000 DR Rotterdam, Netherlands

来源：

JOURNAL OF BUSINESS VENTURING | 2012年 / 27卷 / 02期

关键词：

Lone founder firms; Family firms; R&D spending; R&D productivity; Entrepreneurial orientation; Agency theory; Monitoring; ENTREPRENEURIAL ORIENTATION; INSTITUTIONAL INVESTORS; RISK-TAKING; CASH FLOW; OWNERSHIP; PERFORMANCE; COSTS; TIME; GOVERNANCE; ENTRENCHMENT;

D O I：

10.1016/j.jbusvent.2010.09.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Investments in R&D can influence a firm's ability to develop new products and to create and adopt innovative technologies that may enhance productivity. However, due to uncertainty regarding the outcome, investments in R&D may lead to an agency problem between the owners and the managers of a firm. Family and founder firms are often considered to be different in their agency situation than other firms, which may have an influence on R&D investments. This paper analyzes R&D spending in family and founder firms versus other firms. The results show that while family ownership decreases the level of R&D intensity, ownership by lone founders has a positive effect not only on R&D intensity but also on the level of R&D productivity. The paper contributes to the understanding of the role of entrepreneurship in making high risk/high return R&D decisions. (C) 2010 Elsevier Inc. All rights reserved.

引用

页码：248 / 265

页数：18

共 120 条

[1]

ACS ZJ, 1988, AM ECON REV, V78, P678

[2]

Acs ZJ, 2009, SMALL BUS ECON, V32, P15, DOI [10.1007/s11187-008-9157-3, 10.1007/s11187-013-9505-9]

[3] MARKET FOR LEMONS - QUALITY UNCERTAINTY AND MARKET MECHANISM [J].