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The reform of China's one-child policy allows families to have more children and thus may affect anticipation of intergenerational succession of family businesses and drive family firms to improve their corporate social responsibility (CSR). Using a difference-in-differences design, we find that the reform positively affects the CSR of family firms. We also find that the positive impact is more pronounced for family firms whose owners have fewer children, have no son, and have not yet surpassed reproductive age (older than 50), which confirms the theory that anticipation of intergenerational succession drives CSR in such firms. Moreover, we find that the positive impact is more pronounced for firms that operate in environments where CSR is more strategically important. We validate our findings by showing that the reform prompts investment in value-enhancing CSR and curtails short-termism. This study offers novel evidence that government policies conducive to intergenerational succession in family firms can lead to not only strategic CSR but also to truly ethical corporate behaviour. [ABSTRACT FROM AUTHOR]

To investigate the influence of spouses of business leaders on corporate decision-making behavior, we use data from 2003 to 2019 from Chinese listed family-controlled companies to examine the impact of entrepreneurs' wives participating in corporate management on the risk-taking of family businesses. We found that entrepreneurs' wives participating in company management significantly reduce the risk taking of family businesses, particularly when the wife is a shareholder in the company. Additionally, the wife's age, level of education, and professional experience also affect her attitude and behavior toward participating in company management. When the wife is older and has a higher degree of education, the risk taking of the enterprise decreases. However, the wife's rich professional experience can mitigate female conservatism and increase the company's risk taking. Our research has implications for understanding gender differences in the context of the extension of marital power of Chinese entrepreneurs' wives from the family to corporate decision-making and risk preferences. This helps to deepen our understanding of the role and status of women in China's family business management. [ABSTRACT FROM AUTHOR]

Employing non-family CEOs in Chinese family firms has become a universal phenomenon. The existing research mainly focuses on the direct effect of non-family CEOs on corporate operation, but ignores the capital market influence despite stock price crash has a more serious damage for family firms due to their reputation concern. To fill this research gap, this paper shed light on the important but ignored capital market effect of non-family members by exploring the role of nonfamily CEOs on stock price crash risk. Based on 12,561 firm-year observations of listed family firms in China from 2004 to 2020, this study estimates using correlation analysis, multiple regression analysis, entropy balancing matching, treatment effect model and granger causality test. The results show that family firms with non-family CEOs are negatively related with future stock price crash risk in Chinese family firms, and this relationship tends to be stronger when CEOs have more power. Further, to explore the effect mechanism, we isolate the formation of stock price crash risk into two stages: bad news generation and bad news disclosure, and find that non-family CEOs reduce bad news generation but have no impact on bad news disclosure. Additionally, nonfamily CEOs decrease stock price crash risk when governance mechanisms in family firms are weaker, industry environments are poorer and macroeconomic conditions are more positive. This study highlights the negative effect of non-family CEOs on stock price crash risk in Chinese family firms, firstly clarifies the effect mechanism based on the two stages of stock price crash formation and finds that CEO power strengthens the role of non-family CEOs in lowering stock price crash risk in family firms, which differs from previous studies. Finding of this study also have important implications for the managers and investors of family firms. Family firms are expected to increase the introduction of non-family members and strengthen supervision to formalize governance structure. Meanwhile, investors should also consider the ability and experience of top management teams in family firms. [ABSTRACT FROM AUTHOR]

Intergenerational learning plays a crucial role in family businesses, facilitating knowledge transfer and business skills across generations. This study conducted a bibliometric analysis of intergenerational learning research trends in the family business context from 2013 to 2023. The analysis utilized the VOSviewer application to map the research landscape and identify key themes. In the past 10 years, research on intergenerational learning in family businesses has been comparatively rare, with only 116 publications, or 10 per year on average. The highest number of citations occurred in 2013, 2015, and 2017, with China leading in Asian studies. Social sciences, medicine, and psychology were the prominent disciplines in this field. The analysis revealed clusters of key terms such as child, father, intergenerational, parent, research, digital divide, older adult, perspective, family, intergenerational transmission, language, role, and violence. The study also identified less-explored areas within intergenerational learning, including older adults, children, and the digital divide. Indonesia's focus on family education and cultural heritage transmission could advance research in this field. Overall, this study contributes to the comprehension of forging a legacy through intergenerational learning in the context of family businesses and establishes a foundation for future research directions. [ABSTRACT FROM AUTHOR]

The private sector contributes the majority of China's GDP, with family firms responsible for most of the contribution. Prior studies find that firms' family control is influenced by certain cultural norms, such as family ties. This study explores the underlying historical and agricultural roots of these cultural norms that influence modern businesses. Combining a set of high‐quality, nationally representative Chinese firm and household surveys with prefectural data, we first show the positive impact of rice farming on family control of local firms. We establish robust causal inferences by exploring the impact of historical agricultural legacies and discussing alternative measures, spatial autocorrelations, omitted variables, instrumental variables and self‐selection. More importantly, our results demonstrate that the rice cultivation practice enhances the local people's preferences for strong family ties. Instead of claiming a direct role of these cultural traits as in the existing literature, we recast them as cultural mediators and persistent channels through which historical rice farming can shape contemporary corporate structure. [ABSTRACT FROM AUTHOR]

Against the backdrop of an aging population, China is actively experimenting with an innovative elderly care model, so smart community elderly care has recently received widespread attention. However, the results of the implementation of the model have not yet met the expectation due to the variety of interests among the relevant participants. In this study, we identified the most core stakeholders in smart community elderly care, developed a four-party evolutionary game model including local governments, communities, service supply enterprises and households with elderly members. By applying the system dynamics method, we simulate the evolutionary paths and explore the complex interactions at the multiparticipant level in order to facilitate the transition of community elderly care services from traditional to smart, and then propose managerial insights for accelerating the construction of smart community elderly care. The results suggest that: (1) the four players in the game influence each other and are intimately related, and the benign interaction between them will further stimulate the vitality of the smart community elderly care industry; (2) appropriate improvement in policy support will strongly promote smart community elderly care, and the incentive effect on the demand side (households with elderly members) is more significant; (3) when households' preference for smart services increases, and the perceived value to communities and enterprises reaches a certain threshold, communities and enterprises will actively adopt smart solution and technology as well as develop stable portfolio strategy; (4) measures such as simultaneously increasing the level of smart and resource synergy will promote the system evolution toward smart services, and the system is more sensitive to the internal behavior of the enterprise than the external behavior between community and enterprise. [ABSTRACT FROM AUTHOR]

We posit that the dual identities of second-generation returnees present a complex situation regarding their influence on family firms' entrepreneurial risk-taking (ERT). On one hand, their status as returnees may have a positive effect on firms' ERT. On the other hand, their potential successor role may limit their ability to exert influence on ERT due to constraints imposed by the first generation, the firm and the home environment. To unravel the puzzling relationship between second-generation returnees and a family firm's ERT, we examine conditions under which second-generation returnees promote or inhibit a firm's ERT. In order to frame these conditions, we draw upon the upper echelon theory and the concept of managerial discretion. Our study of 270 family firms in China reveals that second-generation returnees holding higher managerial positions, operating in high-growing markets, or in institutionally underdeveloped regions are empowered to have a stronger positive impact on a family firm's ERT. This research contributes to our knowledge of generational involvement, returnee executives, and the upper echelon theory. [ABSTRACT FROM AUTHOR]

Purpose: Under the background of continuous sluggishness of the real economy and expansion of asset sectors, the Chinese economy exists a trend of "from the real to the virtual." Managing the corporate financialization is the key to prevent the real economy "from real to virtual." The paper explores the influence of family involvement on corporate financialization since family firms are an important proportion of real sectors. Design/methodology/approach: Based on Socioemotional Wealth Theory, this paper makes empirical study using the data of Chinese A-share listed companies from 2008 to 2022 to explore the influence of family involvement on corporate financialization, mainly from the perspectives of family engagement, family identity of CEO and family control power. Findings: These are the findings: (1) Family engagement will inhibit corporate financialization; (2) Compared with employing external managers, family members acting as CEOs will decrease corporate financialization; (3) The proportion of family ownership is negatively correlated with the level of corporate financialization. Originality/value: The originality of this paper include these: (1) Analyzing the differences in the financialization of real enterprises with different characteristics and attributes; (2) Expanding the research on the internal motivation of the financialization of the real enterprises, and supplementing the research literature on family firms and corporate financialization; (3) Exploring the internal influence mechanism of financialization of family firms under the background of Chinese culture. [ABSTRACT FROM AUTHOR]

Educational process inequality is an important branch of higher education fairness and the role difference of student leaders is one of the important phenomena of educational process inequality. Based on the employment administrative data of 2018 college graduates in a province in central China, this paper investigates the relationship between family background factors and college students serving as student cadres by using Multiple Logit Regression. The results show that the father's work unit and the father's educational level have a significant impact on college students as student leaders. The students whose father works in a unit within the system and whose father has a college degree or above were more likely to be student cadres. However, the poor students with disadvantaged family economic resources are more likely to serve as student leaders, which is contrary to the expected conclusion. Scholastic attainment can effectively adjust the positive influence of family background factors on the experience of student cadres and promote the relative equality of education process. [ABSTRACT FROM AUTHOR]

After more than four decades of China's reform and opening up, many family businesses in China are welcoming the peak of trans-generational inheritance. Therefore, more research is needed to help the second-generation successors avoid the potential negative effect of trans-generational conflicts and keep and maintain the sustainable development of their family businesses. To fill these gaps in the literature, this paper explores the impact of trans-generational conflicts on transgenerational entrepreneurial performance and investigates the moderating role of first-generation entrepreneurs' business and social networks. Based on a survey data captured from the 221 matched responses from founder and second-generation successors dyads in China, we found that both cognitive and process conflicts have negative effects on trans-generational entrepreneurial performance, and process conflict has a greater negative impact than cognitive conflict. Furthermore, we found that the first-generation entrepreneurs' business and social networks independently alleviate the negative impact of cognitive conflict on trans-generational entrepreneurial performance. By examining the three-way inaction effect, we also found that the negative effect of process conflict on trans-generational entrepreneurial performance is alleviated. Theoretical and managerial implications are also provided. [ABSTRACT FROM AUTHOR]

Based on data from China's A-share listed companies from 2008 to 2017, this paper examines the influence of the contemporary values of Confucianism, namely benevolence, righteousness, propriety, wisdom, and fidelity on the effectiveness of internal control. It indicates a significant positive correlation between the contemporary values of Confucianism and the effectiveness of internal control. Furthermore, this positive influence is noticeable in family-owned businesses but is unobserved in foreign-invested enterprises in China. In addition, the contemporary values of Confucianism enhance internal control quality through two pathways: promotion incentives and corporate reputation. In regions with lower degrees of openness, lower levels of rule of law and slower marketization, or in companies facing operational crises, the contemporary values of Confucianism have a more pronounced effect on enhancing the effectiveness of internal control. The contemporary values of Confucianism have strengthened the ability of internal control to decrease agency costs and mitigate the negative influence of internal control on risk-taking. [ABSTRACT FROM AUTHOR]

The mainstream type of intergenerational inheritance of family firms in China is typically based on the "son inheriting his father's business" model. However, the current research on the intergenerational inheritance of family businesses mainly focuses on the impact of the personal capabilities of the successor, rather than the successor's interpersonal relationships such as marriage. This paper uses literature analysis and case studies to study the impact of the successor's marriage on the family business by refining the indicators of what constitutes a well-matched marriage. The findings show that the marriage of the second generation has a significant impact on the intergenerational inheritance of the family business, as such marriage helps to expand the social capital of the second generation of the family and improve the performance of the business. [ABSTRACT FROM AUTHOR]

The current literature expands the existing knowledge of the antecedents of proactive environmental strategies (PES) in family firms from the perspectives of institutional, market and family involvement logics. However, scholars have not considered the influence of key family decision‐makers and their characteristics in this regard. Based on the ability and willingness framework, this study focuses on how founders' religiosity affects family firms' PES. Using data from the 2010 Chinese Private Enterprise Survey conducted by Chinese officials, we found that founders' religiosity drives family firms to implement PES. Altruistic and long‐term orientation are the internal mechanisms of this effect. Founders' political status enhances the positive impact of their religiosity on PES, whereas the founders' need for socioemotional wealth protection weakens the relationship between founders' religiosity and family firms' PES. We also found that Eastern and Western founders' religiosity has an asymmetric effect on family firms' PES. This study contributes to the literature on the PES of family firms, the family firm's ability and willingness framework, and family business heterogeneity. [ABSTRACT FROM AUTHOR]

China's family enterprises have entered the peak of intergenerational succession, and the succession of the second generation is bound to have a great impact on the development of these enterprises. From the perspective of the resource-based view, this paper constructs a relationship model among intergenerational succession, enterprise intellectual capital and market sustainable competitive advantage. Based on the data of a sample of 189 entrepreneurs from family firms in Zhejiang Province, we use multiple regression and structural equation modeling to explore the impact of intergenerational succession on the market sustainable competitive advantage of family firms and the mediating role of the three dimensions of the firm's intellectual capital, namely, structural capital, relational capital and human capital. The empirical results show that (1) successful succession of a family business significantly promotes the market sustainable competitive advantage of the enterprise; (2) successful succession has a significant promotion effect on the three dimensions of enterprise intellectual capital, and the three dimensions of enterprise intellectual capital play a partial mediating role between intergenerational succession and the market sustainable competitive advantage of the enterprises. This conclusion expands the research on the consequences of intergenerational succession and has important practical significance for the healthy development of family enterprises in China. [ABSTRACT FROM AUTHOR]

Embedding its own branches in private enterprises is the governance strategy that the Communist Party of China (CPC) controls the grassroots society. This study proposes a framework by incorporating the socioemotional wealth theory into neo-institutionalism to explain how are family businesses involved in the organizational network of the CPC. Findings reveal that there is an organizational isomorphism that the coverage of party organizations expanded from non-family businesses to family businesses. Furthermore, family businesses are not likely to establish party organizations when coercive pressures are low. However, this resistance strategy sharply disappears when coercive pressures are high, and joining state-backed industry associations and mimicking others' practice both are also positive factors motivating family businesses to establish party organizations, which means that the coercive, normative and mimetic mechanisms jointly shape the organizational isomorphism. This study contributes to the literature of neo-institutionalism and sheds new light on the state-society relationship in China. [ABSTRACT FROM AUTHOR]

The findings of family business research regarding the relationship between socioemotional wealth (SEW) and environmental strategies have been inconsistent. This study seeks to explain the inconsistency by distinguishing between extended SEW and restricted SEW. We argue that prior empirical studies may ignore the dual nature of SEW and prose that family firms with extended SEW are more likely to pursue proactive environmental strategies, whereas those with restricted SEW tend to adopt reactive environmental strategies. Furthermore, we integrate the SEW perspective with regulatory focus theory, proposing that promotion focus mediates the relationship between extended SEW and proactive environment strategies, while prevention focus mediates the relationship between restricted SEW and reactive environmental strategies. These hypotheses were tested with a survey of polluting family firms in China and were found to be supported. Our findings offer novel insights into family business research, as well as significant implications about how to enhance environmental performance of family firms. Managers of family firms using extended socioemotional wealth (SEW) as the reference point are more likely to choose proactive environmental strategies, while managers with restricted SEW as the reference point are more likely to choose reactive environmental strategies. This paper further studies the mechanism of how SEW influences family firms' environmental strategy choices: the promotion focus plays a partial mediation role in the relationship between extended SEW and proactive environment strategies while the prevention focus plays a partial mediation role in the relationship between restricted SEW and reactive environmental strategies. [ABSTRACT FROM AUTHOR]

Given the ubiquity of family businesses and the growing importance of ecological sustainability, it is crucial to promote family businesses to carry out green innovation activities and enhance their green innovation capability. In recent years, the prevalence of common institutional ownership in capital markets has attracted the attention of the academic community. Drawing on socioemotional wealth theory and strategic reference point theory, this paper tries to explore the impact of common institutional ownership on green innovation in family businesses. Using data from Chinese‐listed family businesses from 2009 to 2021, this paper finds that common institutional ownership can facilitate green innovation in family businesses. The higher the degree of their linkage and the greater the shareholding, the more pronounced the synergistic effect. The findings remained valid after considering the endogeneity issue and conducting robustness tests. The mechanism test suggests that common institutional ownership enhances green innovation in family businesses by improving the internal control quality and reducing financing constraints. This paper contributes to the study of how to effectively facilitate green innovation in family businesses by identifying the common institutional ownership from the perspective of external governance mechanisms. In addition, this paper enriches the research on the economic consequences of common institutional ownership. Finally, various practical implications for family businesses and policymakers may be realized, which may help family businesses to enhance their green innovation capabilities and contribute to the green transformation of society. [ABSTRACT FROM AUTHOR]

From the holistic perspective of the family-business duality, this study investigates what and how configurational patterns of human resource (HR) practices emerge from the interaction of family system-oriented and business system-oriented HR practices in the family-business systems in China. Results from a configurational approach using qualitative data from nine well-developed Chinese family businesses reveal three patterns of HR practices with corresponding integration logics: paternalism-oriented HR practices with permeation logic, accountability-oriented HR practices with compensation logic, and ownership-oriented HR practices with complementation logic. The findings indicate that these HR configurations within the family-business systems have their own characteristics that are largely different from those in the business systems. This study contributes to the configurational theories of HR systems and the HR research in family businesses. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between tax havens and charitable donations based on signaling theory and the moderating effects of family ownership and slack resources on the main effect. Multiple regression analysis is applied to a sample of publicly listed Chinese companies with outward foreign direct investment (OFDI). We find that enterprises minimize the potential impact of tax havens through charitable donations, despite the ambiguity created by the choice of tax havens. Furthermore, family firms with OFDI in tax havens are more likely to make charitable donations than non-family firms, and family firms are less likely to make charitable donations than non-family firms when they have abundant slack resources. [ABSTRACT FROM AUTHOR]

Innovation and international entrepreneurship are important paths for family businesses to achieve sustainable growth. However, there are few relevant studies on the development and inheritance of family businesses. This paper has taken China's listed family businesses from 2007 to 2020 as a sample in order to explore how investment in innovation affects international entrepreneurial performances. The study found that family businesses with high investments in innovation had lower international entrepreneurial performances. When family businesses are inherited by the firstborn or managed by multiple generations, the degree of this negative impact will increase, while heirs with overseas work experience will reduce the negative impact. The gender and overseas educational experience of the heirs will not have an impact on the negative relationship. These findings emphasize the heterogeneous role of intergenerational succession, revise some traditional inheritance views of Chinese family businesses and reveal the important role of reasonable intergenerational succession strategies in coordinating innovation and international entrepreneurship. [ABSTRACT FROM AUTHOR]

Family firms have attracted significant attention, prompting a surge of inquiry into their strategic choices. Drawing on institutional logics theory, we view the strategic choices of family firms as the interactive outcome of the dualistic system and the institutional environment. Empirical research conducted on listed family firms in China reveals that as family control increases, these firms tend to adopt conservative strategies. However, this relationship is influenced by the institutional environment. Specifically, the positive association is strengthened as marketization progresses but weakened as religious culture intensifies. These findings shed light on how the behavioural characteristics and strategic decisions of family firms, as an integral part of Chinese culture, are shaped and influenced by regional cultural institutions. We contend that during the process of marketization transformation, it is crucial to establish an internal culture within family firms that can reconcile the contradictions of internal logics. Additionally, significant importance should be placed on adapting to and leveraging the external institutional environment. [ABSTRACT FROM AUTHOR]

In the realm of China's bustling economy, a fascinating dynamic exists between family businesses and state-owned enterprises, characterized by a symbiotic relationship and collaboration. Many family firms today originate from state-owned enterprises. Hence, their earlier ownership institution can influence privatized family firms. However, the impact of this privatization on long-term strategic orientation is not clear. This study endeavors to shed light on this complex matter through meticulous examination, employing estimation and inference techniques through the use of a panel model with a discernible time trend. Combining both imprinting theory and institutional logic theory, this study finds that state ownership imprints intervene in the strategic outcomes of family firms: Privatized family firms induce a lower level of innovation as compared to non-privatized family firms. This research also finds that intergenerational succession weakens this effect while the proportion of state-owned shares strengthens it. Robustness tests, utilizing the PSM method, have been conducted to validate the credibility and reliability of the findings obtained through this study. The findings of this research serve as a testament to the ever-evolving dynamics and interconnectedness prevalent within the intricate tapestry of China's economic landscape. [ABSTRACT FROM AUTHOR]

This study investigates the impact of Chinese traditional culture on corporate social responsibility (CSR) practices in family businesses in China. Chinese traditional culture is captured by Confucianism, Taoism, or Buddhism. Multiple regression analysis was run on a panel dataset of CSR spending of family firms listed on Shanghai or Shenzhen Stock Exchanges in China for the period from 2008 to 2019, measured by R&D spending, staff expenditure, revenue, and cash donations. The empirical results show that family businesses with Buddhist and Taoist cultures invest more in R&D, better fulfilling quality responsibility. Family firms advocating Buddhism make more cash donations, taking more philanthropic responsibility. However, traditional cultures do not have statistically significant effects on employee responsibility and financial responsibility. The mcain contribution of this paper is to encourage family firms in China to adopt CSR practices suitable to the culture it advocates. [ABSTRACT FROM AUTHOR]

This study investigates the effect of nonfamily chief executive officers (CEOs) on family firms' propensity to form political connections. We combine research on corporate political activity and family business and draw from the bounded reliability theory to analyze how the presence of a nonfamily CEO is related to the hiring of politically connected managers and board members. We further examine how our base hypothesis is contingent upon the organizational and environmental factors influencing nonfamily CEOs' bounded reliability. Using the data from publicly listed Chinese family firms, support for our model was found. The study advances the understanding of family firms' political activity. [ABSTRACT FROM AUTHOR]

This study investigates how leadership by married couples affects the firm value of family businesses in the institutional context of the Chinese capital market. Marital leadership is found to significantly decrease firm value compared with other family firms, which is supported by a battery of estimation strategies. Aggravating the principal–principal problem, tunnelling behaviour and financial fraud are confirmed as potential economic mechanisms. Moreover, monitoring from the internal corporate governance and external institution environment helps marital leadership focus on shareholder wealth beyond family interest. Our findings indicate that marital leadership implies more of a collusion effect than a collaboration effect in China. [ABSTRACT FROM AUTHOR]

Do businesses owned or operated by the Chinese diaspora engage more with China than businesses owned by non-ethnic Chinese? To answer this question, ethnic Chinese owned companies listed on the Malaysian stock exchange were compared with non-Chinese owned/controlled on the extent of their business in China. Of some 800 listed companies as of December 2017, 547 or 68% are Malaysian Chinese companies. Of the latter, some 18.4%, conduct business in China compared to just 8.5% among the non-ethnic Chinese listed companies. This finding needs to be qualified first, by the fact that the companies' presence in China may not represent a major portion of their business. As some firms do not separate their China- from other Asian businesses, the extent of China engagement is likely to be underestimated. Second, while economic motives were responsible for their presence in China, "cultural citizenship" and family business patriarchs being first or second generations could help explain their affinity to China. [ABSTRACT FROM AUTHOR]

Integrating the family embeddedness perspective with research on commensality and family meals, we develop a framework that explains why some families are more likely to fuel entrepreneurship than others. Inspired by the diversity literature and the role of the Chinese Confucian culture in shaping family dynamics, we explore how two demographic (i.e., age and gender) and two knowledge-based (i.e., education and industry) sources of diversity within family households predict a family member starting a business. We further theorize that these relationships are contingent on the frequency of family meals, as family meals serve as a conduit for how family diversity affects entrepreneurship by providing the setting where socialization and interaction take place. Using data from a representative sample of 8,162 individuals via the China Family Panel Studies in the 2014 to 2018 period, our findings demonstrate that although greater age and gender diversity hamper entrepreneurship, family meals "feed the fire" of entrepreneurship for families with greater industry and education diversity. [ABSTRACT FROM AUTHOR]

This study examines the impact of intergenerational leadership on innovative capability and business performance. Applying a resource orchestration perspective to data from 531 family businesses in China, the results suggest that innovative capability is positively related to growth performance of family businesses. Furthermore, family businesses in solo control by one generation demonstrate a higher positive relationship between innovative capability and performance than those jointly controlled by two generations. This suggests that intergenerational leadership hampers the realization of the potential of innovation. [ABSTRACT FROM AUTHOR]

Extant research concludes that family firms are less likely to bribe due to reputation concerns. However, such conclusions are, to a certain extent, inconsistent with the intuition and observation that some family firms can be aggressive bribers. This study employs a restricted-extended framework of socioemotional wealth model to reconcile this inconsistency. We propose family management, on the one hand, results in reputation preservation willingness; while on the other hand, results in an abuse of trust between family members and superior ability to hide bribery secrets. Integrating the willingness and ability mechanisms leads to an inverted U-shaped relationship between family management and bribery. Further, family firm political connection and province-level anti-corruption investigation play moderation role on the inverted U-shaped main effect. An empirical analysis of Chinese listed firms from 2006 to 2017 supports our hypotheses. [ABSTRACT FROM AUTHOR]

Family firms face difficult decisions between attention to long-term growth opportunities and stable intergenerational succession in the inheritance period, as reflected by these firms' changes in emphasis on economic versus non-economic goals. Accordingly, the relationship between performance feedback and innovative activities of family firms is highly uncertain. Most previous studies on this relationship have ignored the heterogeneity in Chinese family firms' development stages, especially during the critical intergenerational inheritance period. Based on performance feedback theory, this study examines Chinese-listed family firms with second-generation involvement from 2000 to 2018, focusing on the impact of performance feedback on innovation during succession. We identified significantly different impacts at each succession stage. This body of work therefore adds to the literature on intergenerational succession and provides details on the particularity of Chinese family firms from an investment perspective. We conclude that it is important for family firms facing the dual challenges of succession and innovation to critically identify opportunities to develop and grow their business while continuing their legacies. [ABSTRACT FROM AUTHOR]

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Since 2010, China's traditional industry has entered a critical stage of development and enterprise reform and development is imminent. Product homogenization is serious in this market, so that the competition among enterprises is fierce. At the same time, international brands continue to enter the Chinese consumption market, which intensifies the competition and seriously squeezes the market share of Chinese local brands. However, the popularization and development of the Internet and the change of people's consumption concept and level make the market put forward higher requirements for the development of business operation and many traditional family enterprises have embarked on the road of transformation. It is of great significance and value to clarify the influence of internal factors of family enterprises on strategic transformation. The performance evaluation of family business strategic transition is really a multiple attribute group decision making (MAGDM) problems. In this paper, the 2-tuple linguistic neutrosophic number grey relational analysis (2TLNN-GRA) method is proposed along with on the traditional grey relational analysis (GRA) and 2-tuple linguistic neutrosophic sets (2TLNNSs). Firstly, the 2TLNNSs is introduced. Then, combine the traditional fuzzy GRA model with 2TLNNSs information, the 2TLNN-GRA method is established and the computing steps for MAGDM are built. Finally, a numerical example for performance evaluation of family business strategic transition has been given and some comparisons is used to illustrate advantages of 2TLNN-GRA method. [ABSTRACT FROM AUTHOR]

Private construction businesses have grown quickly, greatly boosting China's economic growth; nonetheless, these businesses suffer tremendous developmental uncertainty, particularly when compared to larger state-owned businesses. The traits of the top management team (TMT) may have a direct impact on how risk-taking and decision-making behaviors are exhibited by businesses, according to earlier studies. The majority of private construction companies in China are family businesses with family members making up the majority of their top executives. As a result, these companies are vulnerable to family centralization, which will definitely boost their risk-taking level. This study used a sample of private listed companies in China's construction industry from 2009 to 2019 to explore the impact of CEO traits on the risk-taking degree of enterprises. The findings show that a higher percentage of top female managers and a higher average rate of TMT member both lower the level of risk taking in private construction businesses. The level of risk taking, however, is positively impacted by the top management's higher average education level. The average tenure and overseas experience of TMTs and the degree of risk taking in private construction enterprises are not significantly correlated. Additionally, the degree of risk taking in private construction firms can vary depending on the qualities of the senior management team. [ABSTRACT FROM AUTHOR]

This study uses the data of A-share listed family firms during the period 2010-18 and employs multiple regression analysis to verify the role of family control and working capital strategy for corporate risk-taking in China. This study also explores the regulatory role of family control in the relationship between working capital strategy and corporate risk-taking of Chinese listed family firms. Results show that greater family control encourages risk-taking behavior in Chinese firms whereas conservative working capital strategy diminishes corporate risk-taking. The results also suggest a regulatory role for family control on the effects of working capital strategy for family firms' risk-taking behavior. Strong family control weakens the negative association between working capital conservatism and corporate risk-taking. This study's findings may help managers of family firms to adjust risk-taking behavior in response to changing working capital strategy. The results are robust to different measures of corporate risk-taking and working capital strategy. [ABSTRACT FROM AUTHOR]

Small tourism firms (STFs) established and operated by local families can be an engine of sustainable rural tourism. This paper stresses the intimate intertwining of family and business in rural STFs and conceptualizes their entrepreneurial success as a combination of business performance and family well-being. Integrating the resource-based view and network embeddedness theory, relationships among the STF owners' dual social networks (family and industry networks), entrepreneurial resource acquisition, and entrepreneurial success are proposed and tested with a sample of 276 STFs in rural China. The empirical analyses reveal that (1) compared with tangible and knowledge-based resources, the owners' acquisition of psychic resources has the strongest effect on entrepreneurial success; and (2) although industry networks provide more diverse access to entrepreneurial resources, family networks are superior in facilitating psychic resource acquisition, thus are especially important to the entrepreneurial success of rural STFs. Theoretical and practical implications are discussed. [ABSTRACT FROM AUTHOR]

Research Question/Issue: This study attempts to uncover a hidden benefit of shareholders' excess control rights in family firms by examining whether excess control rights can reduce the likelihood of financial misconduct in family firms, compared with nonfamily firms. Research Findings/Insights: We argue that excess control rights are especially useful for family‐owned firms, compared with firms with other types of ownership, in preventing financial misconduct. They afford family owners the ability to guard against misconduct that can damage the founder's legacy and reduce the family's socioemotional wealth. We also investigate two boundary conditions, the presence of a family member as the board chair and the family's public visibility, that validate our proposed theoretical mechanism. In these scenarios, the family owner's socioemotional wealth is particularly high and could be impacted severely by misconduct. Results from a sample of 2516 publicly traded firms in China support our theory. Theoretical/Academic Implications: Our study challenges traditional agency theory about excess control rights by exploring the potential of excess control rights to mitigate principal–agent problems and prevent financial misconduct in family firms. Practitioner/Policy Implications: Regulators who make decisions to forbid or permit excess shareholder control in publicly listed firms must be aware that excess shareholder control could deter financial misconduct in family firms. [ABSTRACT FROM AUTHOR]

As a mixed-methods research in economics and psychology, this study aimed to analyze the influence from the intergenerational succession on the financialization level including asset financialization and revenue financialization, and further test the moderating effect of the heirs’ typical growing experience according to The Imprinting Theory, based on the 2009–2020 annual data of listed family enterprises of China. There were two key findings. First, the effect of Chinese family enterprises’ intergenerational succession on asset financialization was positively significant while the effect on revenue financialization was not significant, indicating that the financialization behavior has not brought about effective financial profits. Second, among the heirs’ typical growing experiences, their parents’ entrepreneurial experience during their childhood, oversea study experience, and MBA education experience had the significantly positive moderating effects on the influence from intergeneration succession to asset financialization level of Chinese family enterprises, which was an important internal mechanism for the heirs to promote the financialization process of family enterprises. [ABSTRACT FROM AUTHOR]

From the reform and opening up to the present, family businesses have become an important pillar of my country's national economy and the most essential push power to the advancement of the Economy of China. At present, more and more family firms come to the top of the hill on the heritage over generations. Meanwhile, the right of owning the firm has changed from the inventor or creators to the descendant ones and it is a must for them to inherit to the advancement. The intergenerational inheritance of family businesses has also had a certain impact on the global economy. At present, China's real economy is in a critical period of transformation and upgrading and industrial upgrading. At the same time, the weakening of the real economy. On the contrary, with the increasing popularity and deepening development of the financial industry, a large number of non-financial companies have turned their investment goals to the financial industry to obtain high returns. Of course, the company's financialization must have its positive side, and naturally, there is also a negative side. There are opportunities for enterprises to obtain high profits, but there are also great investment and management risks. Therefore, before financial investment, we should also fully consider the business risks borne by family enterprises. In addition, because of the particularity of the ownership of family enterprises in China, there are great differences in many aspects compared with other family enterprises and non-family enterprises abroad and internationally. Therefore, there may be some differences in the impact of corporate financialization on them. This study will further study and analyze the internal factors and modes of family business intergenerational inheritance leading to enterprise financialization based on family emotional wealth theory and representative theory, combined with the process of family business intergenerational inheritance and family business financialization. In the theoretical part, it combs the literature, including the definition of intergenerational inheritance, influencing factors, and inheritance content. Through the empirical test of the intermediary effect, this paper analyzes and studies the direct impact and intermediary effect of the proportion of productive investment on the intermediary effect; the role of family business identity (most important for children), re measure explanatory variables, and use PSM, propensity score matching method to test the robustness of regression results. [ABSTRACT FROM AUTHOR]

Despite developing rapidly in the Chinese market, family firms still face financing issues. This article uses Chinese family firms that went public from 2007 to 2019 as a sample and empirically examines whether professional management of a family business affects its financing channels. Our results indicate that the degree of professional management has a significantly negative impact on the internal financing rate and a significantly positive effect on increasing the external financing rate. In addition, industry competition intensifies the positive correlation between the degree of professional management and external financing. [ABSTRACT FROM AUTHOR]

With the arbitrariness of family business decision-making and the complexity of interests become increasingly prominent, the transformation and innovation of family business are imminent. Under the above background, via analysis of data from 259 valid questionnaires from more than ten family businesses in China as a sample and with the help of the SPSS and AMOS, this study explored the impacts of identification on creativity of the family business as well as the mediating role of family business support by constructing a mediating model. The results show that the employee’s identification has a positive impact on the creativity of the family business. Besides, identification has a positive impact on family business support and family business support has a partial mediating role between identification and family business creativity. Especially, the emotional support does not have a mediating role, whereas the instrumental support has a complete mediating role between identification and family business creativity. [ABSTRACT FROM AUTHOR]

The recent promotion of Corporate Social Responsibility (CSR) by China has coincided with a marked increase in the number of its listed firms. To what extent can the disclosure of CSR reports benefit corporate productivity? This article empirically explores the impact of CSR on firm-level Total Factor Productivity (TFP) as well as the possible influence approaches and mechanisms. Following previous literature, several predictive models are built to draw the following conclusions: (1) CSR significantly promotes TFP; (2) the impact of CSR on TFP of family firms is greater than that of non-family firms; (3) CSR has a larger positive impact on firms releasing CSR reports voluntarily than on those releasing under compulsion; (4) CSR has a greater impact on private firms than on state-owned ones, while it has little effect on foreign-funded ones; (5) The impact of CSR on TFP is robust in high-tech firms, non-high-tech firms, coastal firms, non-coastal firms, industrial firms, and service firms. Besides, this article finds that financing constraints operate as a major channel for CSR to affect TFP, while firms' irregularity acts only as an important channel. Additionally, 2SLS method is employed to deal with possible endogenous problems, finding that our conclusions remain robust. [ABSTRACT FROM AUTHOR]

The modern equity incentive system, which takes shareholders' interests first as the logic of governance, is based on material reward and short-term behavior, making it difficult to fundamentally build an economic interest community between enterprises and employees. How to avoid opportunistic behavior in equity incentive and stimulate employees' prolonged sense of organizational identity for enterprise sustainability is an important governance problem of modern enterprises. Based on the theory of social embeddedness, this study uses constructing grounded theory to explore the incentive theory of Qiaojiazihao, which means an exceptional family business owned and run in Shanxi Province but well known throughout China by a family surnamed Qiao in the Qing Dynasty. Qiaojiazihao takes the Confucian community thought as its foundation of social values, the Confucian concept of righteousness and interests as its business ethics, and the social factors, such as emotion and trust, are embedded in its economic organization. The labor sharing incentive thus forms the pathway to Geo-cultural community-social identity community-economic interests community. On this basis, it abstracts the internal mechanism of value generation-system coupling-interest strengthening as the logic of the communitybased labor sharing incentive of Chinese classical enterprises. This study deepens the understanding of the equity incentive system of Chinese classical enterprises, and is enlightening for revising the institutional logic of rational calculation of equity incentive based on material interests and improving corporate governance and employee shareholding methods from the perspective of social embeddedness. Therefore, this study is helpful to understand the role of employee incentive in securing for employment stability, comprehensiveness, and loyalty. [ABSTRACT FROM AUTHOR]

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One of the most important determinants of performance for any firm is the unique bundle of resources the company possesses. To date, however, empirical results on whether "familiness" as an element of this resource bundle has a positive or negative impact on firm performance have been mixed (Dyer, 2018; Gottardo & Moisello, 2019; Oswald et al., 2009; Pitchayado et al., 2018). This paper employs structural equation modeling to examine how entrepreneurs in China's Zhejiang Province include members of their nuclear families, extended kin networks, and professional networks in their top management teams to access different bundles of family and non-family human resources, leading to variance in firm performance results. We find firms that leverage "guanxi" (a particular concept of kin, common in China but not often employed as a construct in western-based research, which encompasses both extended family members and close friends) for industry, technical, or entrepreneurial expertise enjoy certain types of higher performance results. In comparison, firms that leverage nuclear family members for management or marketing expertise achieve certain types of lower performance results. Post-hoc analysis indicates that leveraging guanxi specifically for prior entrepreneurial experience or for technical expertise leads to greater employee growth and higher subjective assessment of success. Conversely, leveraging nuclear family members for management or technical expertise leads to lower levels of these same performance variables. However, only firm size, measured by number of employees at venture founding, is predictive of revenue growth. [ABSTRACT FROM AUTHOR]

Driven by social development, family enterprises continue to grow in terms of scale and number, becoming an important force that promotes China's economic development, and how to achieve the healthy growth of family enterprises has become an inevitable topic. With the increasingly fierce market competition, more and more family businesses have changed from a single market model to cross-industry operation, trying to seek new growth points through industry diversification. Multiculturalism is the product of a particular era, and it is closely related to the great changes in society in a specific era, including new changes in the fields of family, marriage, religion, education, and race relations and even to the international context. Multiculturalism is a theoretical response to these changes and represents the current cultural research tendencies of the international academic community. Socio-emotional wealth and an innovative environment are particularly important for family businesses in a multicultural context. The article first introduces the social emotional wealth and the innovation investment of family enterprises, then focuses on the impact of the innovation environment on the innovation investment of family enterprises, and analyzes the influence mechanism of social emotional wealth and innovation environment on family innovation investment, so as to put forward corresponding countermeasures and suggestions, which also has certain guiding significance for the innovation management and practice of Chinese family enterprises. [ABSTRACT FROM AUTHOR]

• Construct an evolutionary game among enterprises and households. • Discuss the impacts of subsidy withdrawal on strategic changes. • Use multivariate sensitivity analysis to study the impact of 5 parameter changes. • Analyse the formulation of the subsidy cancellation policy. Access to affordable and clean energy is a challenge highlighted in the UN's sustainable development goals. China has implemented a large-scale subsidy policy to promote photovoltaics (PV), making it the hugest PV market. However, its subsidy policies spawned problems in the distributed photovoltaic (DPV) industry, such as poor product quality and subsidy gaps, making it impossible for the country to withhold the cancellation of these subsidies. Based on the evolutionary game theory, this study reveals the strategic changes among enterprises and households under the influence of subsidy policy withdrawal. Moreover, the impact of multiple parameter combination changes on the decision-making of the two parties is discussed in detail. The results are as follows: (1) under the basic parameters, enterprises tend to adopt a passive strategy, and households tend to choose positive participation; (2) successful DPV projects cannot be achieved without the subsidies under the current level of benefits and costs; (3) the effects of the five parameters change are discussed respectively. This study has certain reference values for the policy and strategy formulations to promote the development of DPV power plants. [ABSTRACT FROM AUTHOR]

Using the data on the religious belief of entrepreneurs in Chinese family firms, this study shows that religious entrepreneurs significantly positively affect corporate longevity, echoing the view that religious entrepreneurs can obtain managerial skills and share managerial knowledge about corporate operation through the conduit of religious attendance, and thus firms with religious entrepreneurs are more long-lived. Moreover, the development of factor markets across different provinces in China reinforces this positive relation between religious entrepreneurs and corporate longevity. Furthermore, qualitatively similar results can be found from various robustness tests, and our conclusions still stand after controlling for the potential selection bias in the research sample. Lastly, after differentiating different religious beliefs, the positive relation between religious entrepreneurs and corporate longevity is only valid for Western religious beliefs (but not for Eastern religious beliefs), and the reinforced role of the development of factor markets only stands for Eastern religious beliefs. [ABSTRACT FROM AUTHOR]