Firm-level innovation by Japanese family firms: Empirical analysis using multidimensional innovation measures
Firm-level innovation by Japanese family firms: Empirical analysis using multidimensional innovation measures
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日本家族企业的企业层面创新：使用多维创新措施的实证分析
DOI：
10.1016/j.pacfin.2018.05.012
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
K. and H. Takehara
中科院分区：
文献类型：
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作者：
Kubota;K. and H. Takehara
本研究探讨了日本家族企业的创新活动是否可以与非家族企业的创新活动区分开来。为此，我们以2003 ~ 2012年的上市家族企业为样本，对R&D强度、专利数量、专利质量和创新效率等4个企业层面的创新指标进行了研究。我们发现，在日本的家族企业的创新产出低于非家族企业，虽然在家族企业的创新投入较高。总体而言，日本家族企业的创新与非家族企业相比效率低下。我们的横截面回归分析表明，在控制了几个特征的企业，家族持股与创新措施正相关。相反，创始人CEO会增加研发投资，尽管他们的存在对专利数量和质量都不利。后代CEO倾向于采用低投入/低产出的创新策略。总之，日本家族企业的创新活动不断变化，以实现其可持续增长。
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.