Family firms and R&D behavior - New evidence from a large-scale survey

Research Policy

Volumn 43, Issue 1, 2014, Pages 233-244

  Schmid, Thomas ^a   Achleitner, Ann Kristin ^a   Ampenberger, Markus ^a   Kaserer, Christoph ^a  

^a TUM SCHOOL OF MANAGEMENT   (Germany)

Author keywords

Family control and management; Family firms; Opacity; R D intensity

Indexed keywords

OPACITY; SURVEYS;

CONTROL AND MANAGEMENT; FAMILY FIRMS; FINANCIAL CONSTRAINTS; FINANCIAL STATEMENTS; MANAGEMENT IS;

INDUSTRY;

EID: 84889881625     PISSN: 00487333     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.respol.2013.08.006     Document Type: Article

References (51)

1. D. Aboody, and B. Lev Information asymmetry, R&D, and insider gains Journal of Finance 55 6 2000 2747 2766
2. R.C. Anderson, A. Duru, and D.M. Reeb Founders, heirs, and corporate opacity in the United States Journal of Financial Economics 92 2 2009 205 222
3. R.C. Anderson, A. Duru, and D.M. Reeb Investment policy in family controlled firms Journal of Banking & Finance 36 6 2012 1744 1758
4. R.C. Anderson, and D.M. Reeb Founding-family ownership, corporate diversification and firm leverage Journal of Law & Economics 46 2 2003 653 680
5. J.-L. Arregle, M.A. Hitt, D.G. Sirmon, and P. Very The development of organizational social capital: attributes of family firms Journal of Management Studies 44 1 2007 73 95
6. M.M. Bange, and W.F. De Bondt R&D budgets and corporate earnings targets Journal of Corporate Finance 4 1998 153 184
7. J.B. Berk, R. Stanton, and J. Zechner Human capital, bankruptcy and capital structure Journal of Finance 65 2010 891 926
8. M. Bertrand, and A. Schoar Managing with style: the effect of managers in firm policies Quarterly Journal of Economics 118 4 2003 1169 1208
9. J.H. Block R&D-investments in family and founder firms: an agency perspective Journal of Business Venturing 27 2 2012 248 265
10. J.R. Brown, and B.C. Petersen Cash holdings and R&D smoothing Journal of Corporate Finance 17 3 2011 694 709
11. B. Bushee The influence of institutional investors on myopic R&D investment behaviour Accounting Review 73 1998 305 333
12. L.K. Chan, J. Lakonishok, and T. Sougiannis The stock market valuation of research and development expenditures Journal of Finance 56 6 2001 2431 2456
13. H.-L. Chen, and W.-T. Hsu Family ownership, board independence, and R&D investment Family Business Review 22 4 2009 347 362
14. J. Chrisman, and P. Patel Variations in R&D investments of family and non-family firms: behavioral agency and myopic loss aversion perspectives Academy of Management Journal 55 4 2012 976 997
15. I. Cockburn, and Z. Griliches Industry effects and appropriability measures in the stock market's valuation of R&D and patents American Economic Review 78 2 1988 419 423
16. C.L. Da Silva, M. Goergen, and L. Renneboog Dividend Policy and Corporate Governance 2004 Oxford University Press Oxford
17. A. Del Monte, and E. Papagani R&D and the growth of firms Research Policy 32 6 2003 1003 1014
18. D. Denis, and V. Sibilkov Financial constraints, investment, and the value of cash holdings Review of Financial Studies 23 1 2010 247 269
19. W.G. Dyer, and D.A. Whetten Family firms and social responsibility: preliminary evidence from the S&P 500 Entrepreneurship Theory & Practice 30 6 2006 785 802
20. A.C. Eberhart, W. Maxwell, and A. Siddique An examination of long-term abnormal stock returns and operating performance following R&D-increases Journal of Finance 59 2 2004 623 650
21. A. Edmans Blockholder trading, market efficiency and managerial myopia Journal of Finance 64 6 2009 2481 2513
22. J.P.H. Fan, and T.J. Wong Corporate ownership structure and the informativeness of accounting earnings in East Asia Journal of Accounting & Economics 33 3 2002 401 425
23. L. Fauver, and M.E. Fuerst Does good corporate governance include employee representation? Evidence from German corporate boards Journal of Financial Economics 82 3 2006 673 710
24. J.R. Franks, C. Mayer, P.F. Volpin, and H.F. Wagner The life cycle of family ownership: international evidence Review of Financial Studies 25 6 2012 1675 1712
25. J. Graham, C. Harvey, and M. Puri Managerial attitudes and corporate actions Journal of Financial Economics 109 1 2013 103 121
26. J. Hagedoorn, and M. Cloodt Measuring innovative performance: is there an advantage in using multiple indicators? Research Policy 32 8 2003 1365 1379
27. B.H. Hall, and J. Lerner The financing of R&D and innovation. B.H. Hall, N. Rosenberg, Handbook of the Economics of Innovation 2010 Elsevier North Holland
28. B.H. Hall, and R. Oriani Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy International Journal of Industrial Organization 24 5 2006 971 993
29. G. Hansen, and C. Hill Are institutional investors myopic? A time-series study of four technology-driven industries Strategic Management Journal 12 1 1991 1 16
30. J. Heckman Sample selection bias as a specification error. Econometrica 47 1 1979 153 161
31. B. Holmstrom Agency costs and innovation Journal of Economic Behavior and Organization 12 1989 305 327
32. S.N. Kaplan, and B.A. Minton How has CEO turnover changed? International Review of Finance 12 1 2012 57 87
33. A. Kladroba, and G. Stenke FuE-Datenreport 2012: Analysen und Vergleiche, Wissenschaftsstatistik gGmbH im Stifterverband für die Deutsche Wissenschaft 2012 Essen
34. M. Lang, K. Lins, and D. Miller Concentrated control, analyst following, and valuation: do analysts matter most when investors are protected least? Journal of Accounting Research 42 3 2004 589 623
35. K.J. Laverty Economic "short-termism": the debate, the unresolved issues, and the implications for management practice Academy of Management Review 21 3 1996 825 860
36. C. Leuz, D. Nanda, and P.D. Wysocki Earnings management and investor protection: an international comparison Journal of Financial Economics 69 3 2003 505 527
37. T.D. Little, J.A. Bovaird, and K.F. Widman On the merits of orthogonalizing powered and product terms: implications for modeling interactions among latent variables Structural Equation Modeling 13 4 2006 497 519
38. G.T. Lumpkin, and K.H. Brigham Long term orientation and intertemporal choice in family firms Entrepreneurship Theory & Practice 35 6 2011 1149 1169
39. D. Miller, I. Le Breton-Miller, and R.H. Lester Family and lone founder ownership and strategic behaviour: social context, identity, and institutional logics Journal of Management Studies 48 1 2011 1 25
40. D. Miller, I. Le Breton-Miller, R.H. Lester, and A.A. Cannella Are family firms really superior performers? Journal of Corporate Finance 13 5 2007 829 858
41. F. Munari, R. Oriani, and M. Sobrero The effects of owner identity and external governance systems on R&D investments: a study of Western European firms Research Policy 39 8 2010 1093 1104
42. F. Munoz-Bullon, and M.J. Sanchez-Bueno The impact of family involvement on the R&D intensity of publicly traded firms Family Business Review 24 1 2011 62 70
43. M.P. Narayanan Managerial incentives for short-term results Journal of Finance 40 5 1985 1469 1484
44. M.A. Petersen Estimating standard errors in finance panel data sets: comparing approaches Review of Financial Studies 22 1 2009 435 480
45. F. Scherer, and D. Harhoff Technology policy for a world of skew-distributed outcomes Research Policy 29 4/5 2000 559 566
46. W.S. Schulze, and E. Gedajloviv Whither family business? Journal of Management Studies 47 2 2010 191 204
47. W.S. Schulze, M.H. Lubatkin, and R.N. Dino Exploring the agency consequences of ownership dispersion among the directors of private family firms Academy of Management Journal 46 2 2003 179 194
48. W.S. Schulze, M.H. Lubatkin, R.N. Dino, and A.K. Buchholtz Agency relationships in family firms: theory and evidence Organization Science 12 2 2001 99 116
49. J.C. Stein Takeover threats and managerial myopia Journal of Political Economy 96 1 1988 61 80
50. B. Villalonga, and R. Amit How are U.S. family firms controlled? Review of Financial Studies 22 8 2009 3047 3091
51. H. White A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity Econometrica 48 1980 817 838