The soft landing: Does intrafamily succession matter for corporate risk-taking?
The soft landing: Does intrafamily succession matter for corporate risk-taking?
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DOI：
10.1016/j.pacfin.2023.101967
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发表时间：
2023-02
影响因子：
4.6
通讯作者：
Xiaojia Zheng;B. Zhu;Ge Yang
中科院分区：
文献类型：
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作者：
Xiaojia Zheng;B. Zhu;Ge Yang
继承被认为是家族企业面临的一个关键挑战。为了管理继承风险，以家族内部继承为目标的创始人可能会提前采取风险规避策略。本文以中国A股上市家族企业为研究样本，发现有明显家族继承人的家族企业比没有继承人的家族企业更倾向于规避风险：前者的研发投入更少，债务更低，现金持有量更多，收益波动性更小。在市场化程度更高的企业、家族控制更强的企业或面临更激烈市场竞争的企业中，这些影响较弱。进一步的分析表明，当继承人参与家族企业时，家族内部继承的风险承担会更强。除研发投资外，男性继任者的企业比女性继任者的企业更厌恶风险。通过说明创始人主动控制企业风险以提高家族继承人的风险承受能力，本文不仅对家族继承文献做出了贡献，而且扩展了企业风险决策决定因素的文献。
Succession has been recognized as one key challenge to family firms. To manage succession risks, founders aiming for intrafamily succession might adopt risk-averse strategies in advance. Using a sample of A-share listed family firms in China, we find that family firms with apparent family successors are indeed more risk-averse than those without such successors: the former group has fewer investments in research and development (R&D), lower debt, more cash holdings, and less volatile earnings than the latter. These effects are weaker for firms in a more market-oriented environment, firms with stronger family control, or firms faced with more intense market competition. Further analyses show that the reduced risk-taking for intrafamily succession is stronger when successors have been involved in family businesses. Firms with male successors are also more risk-averse than those with female successors except in R&D investments. By illustrating that founders proactively curb firm risks to increase risk capacity for family successors, this paper not only contributes to the literature on family succession, but also extends the literature about determinants of corporate risk-taking decisions.