抄録
This study investigates whether innovation activities conducted by family firms in Japan can be distinguished from those carried out by non-family firms. For this purpose, we choose a sample of listed family firms and investigate four firm-level innovation measures, namely R&D intensity, the number of patents, the quality of patents, and innovation efficiency, over a sample period of 2003 to 2012. We find that innovation output by family firms in Japan is lower than that of non-family firms, although innovation input is higher in family firms. The innovation of Japanese family firms, overall, is inefficient compared with non-family firms. Our cross-sectional regression analysis shows that family shareholding is positively associated with the innovation measures after controlling for several of the characteristics of firms. On the contrary, founder CEOs enhance R&D investment, although their presence is detrimental to both the number of patents and their quality. Descendant CEOs tend to adopt low-input/low-output innovation strategies. In sum, the innovative activities of Japanese family firms continually change to accomplish their sustainable growth.
| 本文言語 | English |
|---|---|
| 論文番号 | 101030 |
| ジャーナル | Pacific Basin Finance Journal |
| 巻 | 57 |
| DOI | |
| 出版ステータス | Published - 2019 10月 |
UN SDG
この成果は、次の持続可能な開発目標に貢献しています
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SDG 8 働きがいも経済成長も
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SDG 9 産業と技術革新の基盤をつくろう
ASJC Scopus subject areas
- 財務
- 経済学、計量経済学
フィンガープリント
「Firm-level innovation by Japanese family firms: Empirical analysis using multidimensional innovation measures」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。引用スタイル
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