后代
公司治理
期限(时间)
业务
经济
资源配置
中国家庭
投资(军事)
库存(枪支)
资源(消歧)
遗传(遗传算法)
劳动经济学
财务
市场经济
怀孕
法学
化学
政治
工程类
物理
基因
生物
机械工程
量子力学
生物化学
遗传学
计算机科学
计算机网络
政治学
作者
Xia Wang,Cencen Gao,Meichen Feng
摘要
Abstract A long‐term orientation helps companies improve business performance and achieve sustainable competitive advantages. We use data for Chinese family firms listed on the Shanghai and Shenzhen A‐share stock markets during the years 2000 and 2018. We examine the influence of owner offspring gender on family firms' long‐term resource allocation. We find a “son effect” in long‐term resource allocation among family firms, that is, owners raising sons tend to have a longer investment horizon and are more willing to increase innovation. This “son effect” is more significant for owners who were born in patriarchal regions where the social system is controlled or governed by men. We also find that son‐raising owners' long‐term resource allocation is mainly motivated by their willingness of intergenerational inheritance. This study fills a research gap regarding the influence of owner offspring gender on corporate long‐term resource allocation, enriches the literature on the heterogeneity of executive behavior and corporate governance of family firms, and provides important implications for understanding the decision making and long‐term investments of Chinese family firms.
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