Resumen de Socioemotional wealth as a mixed gamble: : revisiting family firm R&D investments with the behavioral agency model
Luis R. Gomez-Mejia, Joanna Tochman Campbell, Geoffrey Martin, Robert E. Hoskisson
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.
