Socioemotional wealth as a mixed gamble: : revisiting family firm R&D investments with the behavioral agency model

• Autores: Luis R. Gomez-Mejia, Joanna Tochman Campbell, Geoffrey Martin, Robert E. Hoskisson
• Localización: Entrepreneurship: Theory & Practice, ISSN-e 1540-6520, Vol. 38, Nº. 6, 2014, págs. 1351-1374
• Idioma: inglés
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• Dialnet Métricas: 9 Citas
• Resumen

  • Theoretical explanations for family firm underinvestment in R&D relative to nonfamily firms remain nascent. We revisit this question using a refinement to the behavioral agency model (BAM)�the mixed gamble�that allows us to examine the socioemotional trade-offs that R&D represents for the family firm and how this differentiates their R&D investment decision from nonfamily firms. We do so in an empirical context where R&D investment is of greatest importance�high-technology industries. Moreover, we examine three contingencies that allow us to explore heterogeneity across family firms in their R&D decisions due to their effect upon the family's socioemotional wealth mixed gamble: institutional investor ownership, related diversification, and performance hazard.