The Impact of R&D Intensity on Firm Performance in Chinese Family Firms and the Moderate Role of Internationalization and Industry Competition Intensity
The Impact of R&D Intensity on Firm Performance in Chinese Family Firms and the Moderate Role of Internationalization and Industry Competition Intensity
사예명(Dept. of International Trade, Jeonbuk National University); 장진진(Dept. of International Trade, Jeonbuk National University); 장신유(Dept. of International Trade, Jeonbuk National University); 김민호(Dept. of International Trade, Jeonbuk National University)
37권 5호, 879~911쪽
초록
This study explores the relationship between research and development (R&D) investments and firm performance in family-owned businesses, using data from 2,923 Chinese listed companies from 2010 to 2023. Drawing on the resource-based view theory, agency theory, and stewardship theory, the findings reveal a positive link between R&D investments and firm performance, with family firms exhibiting a stronger connection than non-family counterparts. The analysis also highlights the moderating role of internationalization and industry competition intensity. Notably, increased competition within an industry weakens the positive effect of R&D intensity on family firm performance, while internationalization has no significant impact. These insights contribute to a deeper understanding of how R&D investments, ownership structure, and external market forces interact, offering valuable implications for both academic research and practical decision-making.
Abstract
This study explores the relationship between research and development (R&D) investments and firm performance in family-owned businesses, using data from 2,923 Chinese listed companies from 2010 to 2023. Drawing on the resource-based view theory, agency theory, and stewardship theory, the findings reveal a positive link between R&D investments and firm performance, with family firms exhibiting a stronger connection than non-family counterparts. The analysis also highlights the moderating role of internationalization and industry competition intensity. Notably, increased competition within an industry weakens the positive effect of R&D intensity on family firm performance, while internationalization has no significant impact. These insights contribute to a deeper understanding of how R&D investments, ownership structure, and external market forces interact, offering valuable implications for both academic research and practical decision-making.
- 발행기관:
- 한국산업경제학회
- 분류:
- 경제학